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Cherry Hill NJ Probate & Estate Administration Law Blog

Set your power of attorney for your finances

People who have considerable assets need to think about a plan for what they are going to do if they aren't able to make decisions by themselves. One of the options that you have is to establish a power of attorney designation. This sets up a way for your financial affairs to be handled while you can't make those choices. You just have to make sure that you handle this arrangement in the best manner that meets your needs. We can work with you to make that happen.

You have to be sure that you do this in an appropriate manner. Your power of attorney needs to be set up so that you are able to regain control again if you recover from your incapacitation. This is important since you don't want to have to continue living under someone else's rule once you can make your own decisions again. We can help you ensure that you are protected.

Sibling rivalry might appear after the death of a parent

There are many things that might lead to discontent when the final wishes of a deceased loved one are read. Some heirs might think that the will is unfair, which can cause problems with the individuals who are still living. When this occurs, trying to figure out ways to cope with the situation is a challenge.

Some people think that they are going to receive more than what they ultimately do. This is what may spark the problem. For example, if one child cares for an ailing parent in a way that takes up quite a bit of their time, they might think that they should have a larger share of the estate than the children who didn't provide any care. This is likely not how the will is set up, so these caregivers might think that they are being given the short end of the stick.

How a '5 x 5 power' in a trust can help your heirs

People who are creating an estate plan will sometimes decide that they are going to include trusts in that plan so that they can transfer assets over to their heirs more easily. This often comes with many benefits, including easy transfer and the ability to protect both the beneficiary and assets, depending on the type of trust.

One thing that some people worry about when they are creating an estate plan is turning over a lot of money to someone who might not be ready to handle the responsibility. In these cases, the grantor can choose to set terms on how the beneficiary will receive the assets from the trust. This can be through certain milestones, such as age, graduation, marriage or having children.

Estate administration duties require careful handling

The legalese in estate plans can sometimes make them difficult to interpret. Still, if you are the estate administrator, you need to understand what's going on so you can ensure that the decedent's wishes are followed. It isn't always easy to carry out the administrative duties, so we are here to help you understand the estate plan's instructions and your specific duties. To avoid legal repercussions, it is important to get everything done the proper way from the start.

Many things in an estate plan are straightforward and easy to accomplish. For example, you need to find the assets and heirs. Unless there are otherwise hidden or people who have left without a trace, you should be able to find who and what you need. Of course, there are options available if you are having trouble in this area.

Create the estate plan that cares for your loved ones

Estate planning is something that many adults don't want to have to think about very often. Unfortunately, there are many things that you might miss if you are trying to rush through the process. It is imperative that you take the time to think carefully about every component of the plan so that you can ensure it is what you want for your assets.

Throughout the process of coming up with the plan, you need to ensure that you fully understand what is going on. Each component must be considered individually. This is the only way that you can make sure that it accurately addresses your wishes.

Discuss charitable estate plan components with your heirs

There are many aspects of your life that you need to think about when you are creating your estate plan. Not only do you need to consider where you want assets to go when you pass away, but you also have to think about what you need to happen if you are ever unable to make decisions for yourself. We can work with you to come up with a step-by-step method for getting everything handled.

When you are trying to decide where your assets will go, don't forget to decide if you have any charities or nonprofits that you want to support when you are gone. You can do this through a trust if there is one that you feel should have a portion of your estate.

Tips for handling a will contest

When a loved one passes away, you are likely going to experience a range of emotions. This can make it difficult to think clearly and make important decisions; however, if your loved one's estate plan isn't the one that you were aware of, you might have to make a big decision now. Do you allow the estate plan to close out without alerting anyone about the issue or do you contest it?

If you are leaning toward contesting it, there are some points that you have to consider. These might help you decide what you are going to do.

  • Probate litigation can tear families apart. Make sure that you are fully prepared to deal with having to cut ties with some family members. They might not understand why you are calling the estate plan into question. Some might even say that you are just being greedy.
  • Be prepared for the battle. Your character might be called into question. There may be some difficult conversations about why you are contesting the will. You may have to fight to show why the current estate plan isn't the valid one.
  • Your emotions might suffer. This is going to be a difficult process. Even though you feel like you are well within your rights to contest the will, you might feel a range of emotions. This can range from elated that you are taking action to upset that you are having to go through this.

Get your estate plan made to start the new year off right

Estate planning is a vital duty of being an adult. The first of the year is a good time to get this taken care of so you start the year off knowing that you've done what you could to protect your family if something happens to you. When you are doing this, make sure that you think carefully about what you are planning.

You need to set up a plan for what is going to happen to minor children if you have any. You can set up a guardianship and trusts to help care for them. You also need to ensure that you are getting things in order to pass out your assets to the people you want to have them.

Make plans for your end-of-life care while you can

It isn't easy to think about becoming incapacitated, but it is something that is very necessary. What if you are unconscious after a car wreck or suffer a debilitating condition that takes away your ability to make your wishes known? In both of these situations, you will be at the mercy of others to decide what is best for you. If this doesn't sound like an ideal situation to you, now is a good time to sit down and get your living will set.

A living will provides instructions for medical professionals about your wishes regarding specific aspects of care. You can cover as many or as few topics as you want in the document. Some of the more common are regarding organ donation, life support and resuscitation. You can also include information about intravenous hydration and nutrition, pain relief and specific treatments and tests. For example, you might not believe in the use of blood products, which should be relayed in the living will.

Estate administrators have serious duties to handle

Being the administrator of an estate is a huge undertaking. You should ensure that you are fully prepared for this when a person asks if you can take on this responsibility. The duties have to be in accordance with the laws so that the estate can close out without delays or increased expenses. We know that you might need some assistance with this aspect of your position. We are here to provide assistance throughout the case.

One of the first things that you are going to have to do when the decedent passes away is to notify the heirs of the estate that you have taken on the duties of the administrator. This lets them know where to go if they need anything, but it also helps you ensure that you have contact information for anyone who has an interest in the estate.

Law Offices of Nancy M. Rice
Representing clients in Ocean City and communities throughout New Jersey.

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Law Offices of Nancy M. Rice
1236 Brace Road, Suite F
CHERRY HILL, NJ 08034

Phone: 856-673-0048
Fax: 856-673-0052
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Law Offices of Nancy M. Rice
Linwood Professional Plaza
2021 New Road, Unit #9
Linwood, NJ 08221

Phone: 609-398-3447
Fax: 856-673-0052
Map & Directions

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