Cherry Hill NJ Probate & Estate Administration Law Blog

As much as it hurts to think about, there are times when people need to disinherit someone from their estate plan. This is often seen as an extreme measure, but it is one that can be warranted. You might have other options that enable you to pass assets to them.

One of the reasons why you might want to disinherit someone is because you don't feel they will be responsible with the inheritance. This might be because of criminal activity, drug use or any other reason.

Estate administrators have a lot of do when they are trying to close an estate. It is imperative that they do so in the appropriate manner so that they don't harm the estate, delay the closing or face troubles themselves for failing to meet their obligations for this duty. There are several things that they need to do.

One duty of the estate administrator is filing the final income tax return. This is due on the standard tax due date for the tax year in which the person passed away. If the person was married when they passed away, this 1040 is still filed as a joint return for this final year. You have to know whether medical bills need to be considered on this, and you should find out if the person has to pay a federal estate tax. In 2019, only estates worth more $11.4 million are subject to the federal estate tax, which is filed using Form 706.

Digital assets are sometimes very important to people. This can include everything from your massive collection of ebooks and movies to your social media accounts. You should ensure that you have a plan in place for these after you pass away. If you don't, they might become inaccessible and useless. You can't think only about things that you purchased. Also, take the time to plan for things like family pictures and other similar things.

One thing that you might not realize is that without having your username and password for many of these websites, your loved ones might not be able to access anything. This could leave them without being able to enjoy the things you've collected. If you have websites or any other assets online, write them down, and make a plan for them.

One of the most important things that you have to decide as part of your estate planning, particularly if you are a single parent, is who will care for your children if you pass away. The person you choose will need to have the guardianship designation. This is a legal document that gives them the power to do anything that you would normally do for the children, including making decisions about education and health care.

It is imperative that you choose a person who will be able to handle the duties of raising your children. Typically, younger children will require people who have more energy to care for them, so be sure to consider this when you are deciding on a guardian. You also need someone who is going to respect your wishes regarding your children's upbringing.