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Carefully plan how you administer your loved one's estate

The loss of a loved one is a traumatizing event in a person's life. In some cases, you know that the person is going to pass away soon. Other cases come as a total shock. No matter which one of these your loved one's death falls into, you might be the person who is faced with handling the estate.

Estate administration is a big responsibility. You have to be ready to make some decisions about what is going to happen with certain aspects of the estate. We recently discussed how the estate has to pay for some debts after a decedent's death. Knowing which debts must be paid and where the payment can come from is imperative.

The last thing that you need when you are administering an estate is to know that you are going to have to make tough decisions. Each decision you make during the case has the possibility of negatively or positively impacting the heirs to the estate. Improper handling of the estate administration process can mean that you cost the estate time and money, which can then impact the beneficiaries.

While these cases aren't very common, you might have to deal with someone challenging a will. This is a difficult situation for everyone involved, but it is important that someone who feels the estate plan isn't valid for a legally accepted reason has the option of exploring the circumstances.

No matter what, you need to make sure that you are acting in the best interests of the estate. This isn't always easy, but it is your duty as the administrator. We can help you learn about your duties and take steps to help you fulfill these.

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

LOCATIONS

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

Phone: 856-673-0048
Fax: 856-673-0052
Map & Directions

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

Cherry Hill Office

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