Cherry Hill NJ Probate & Estate Administration Law Blog

Talking about an estate plan isn't something that's easy. Instead, it takes time and compassion to have these discussions. If you want to discuss their estate plan with your aging parents, remember that this might not something that they can easily or quickly. In some cases, they may dodge the questions you have because they haven't made an estate plan.

Only around 42% of Americans have a will set up. The individuals who don't have one are leaving everything up to chance. They aren't letting anyone know what their wishes are for their assets. Instead, they are letting the state's laws dictate what happens.

All adults should have an estate plan in place just in case something happens to you. The problem is that many young adults think that they have plenty of time to create their plans so they don't take action. While they might be right, there is still a chance that the worst could happen. Then, their loved ones are left without a plan.

The process of creating an estate plan must be personalized. Everyone can't use the same template because every situation and circumstance is different. For example, a person who is single will have a much different estate plan than a person who is married and has children.

When your small business is dependent upon you for daily actions and activities, you need to ensure that you have a plan in place just in case something happens to you. A business that is dependent on an owner will likely go under if that owner passes away suddenly. This can mean a tragic outcome for your company, and it might also be a tragedy for your family members if they're counting on the company for income.

One of the most important steps you can take is to have a succession plan in place. This provides the steps your company will take in order to transition it to the new normal. You have to determine whether you are going to transfer the company to another person, such as a family member, or whether you are going to have it sold to an outside entity. No matter which plan you set, you must ensure that there are instructions for how the company will run in your absence.

Being an estate administrator means that you are responsible for paying the bills of the estate. Sometimes, the heirs think that they have to be the ones who take care of these bills; however, this isn't the case. Unscrupulous bill collectors might try to trick them into paying, but they should only tell the creditors to contact the administrator for payment.

It is a good idea to find out what bills the estate has as soon as possible. You have to divide them into two categories – final bills and administrative expenses. The final bills are the ones that will only have to be paid once. The administrative expenses are the recurring bills that will need to be paid for as long as the estate is still in probate.