Estate Administration

Financial obligations are a top priority during estate administration. Personal representatives must identify creditors and provide them with written notice so that they have an opportunity to file a claim against the estate. They also frequently need to retain estate funds for the purpose...

The aftermath of a loved one’s death can be a time of grief, disorientation and anxiety. It can be made worse if the person that the loved one chose to be the executor of their estate (or the person appointed by the probate court...

When someone close to you passes away, managing their estate can feel like a heavy task since it involves many steps and decisions that you may not have expected. Estate administration is the process of gathering what the person owned, paying any remaining debts...

As the executor of your loved one’s estate, you are responsible for managing their affairs. That includes settling any outstanding debts. Handling creditor claims is a significant part of the estate administration process, and mismanaging this responsibility can lead to personal liability. That said,...

Starting probate quickly after a loved one passes away can offer many benefits. In New Jersey, the probate process ensures the court supervises the distribution of the deceased’s assets, payment of debts, and resolution of any disputes. You can make the process easier and...

Coping with the loss of a family member or close friend is challenging, and handling their estate can add to the stress. The situation becomes particularly complicated when their loved one’s assets are not enough to pay off all debts and fulfill the bequests...

When a loved one passes away and leaves assets to underage beneficiaries, estate administrators in Cherry Hill and Linwood, NJ face unique challenges. After all, minors do not have the legal capacity to manage their assets and properties. This guide will help you understand...

When a loved one passes away, the last thing you want to worry about is whether the person in charge of settling their estate is doing their job correctly. Unfortunately, executor misconduct is more common than you might think. As someone planning for the...

Most of the time, being an executor is no walk in the park. Aside from completing tasks related to administering the estate, the role involves other duties that require extensive patience, time and thoroughness. All in all, these responsibilities can be overwhelming and a...

An executor plays a critical role in estate planning. After your passing, they assume the legal responsibility of handling and distributing your assets according to your wishes. Choosing the right person for this significant role is essential to ensuring the administration process is smooth...

An executor is responsible for administering the estate of a deceased individual and executing the wishes outlined in their will, if one has been left behind. Given their prominent role in the probate process, the law requires executors to act in the best interests...

Recent IRS regulations direct that if you inherited an IRA or 401(k) from someone who died in 2020 or after, and the decedent died after age 72, you (the beneficiary) must start taking Required Minimum Distributions (“RMDs”) right away! When the inherited IRA rules...

When you accept an appointment as an estate executor in New Jersey, you should understand that the role comes with many responsibilities. Another thing to consider is how those close to the deceased are likely counting on you to manage their loved one’s estate....

Many people like to add testamentary trusts to their New Jersey estate plans. These trusts allow you to make special provisions for one or perhaps even all your surviving loved ones. For example, grandparents often create testamentary trusts to distribute assets to their grandkids....

Executors have a lot of responsibilities when they’re handling an estate, and complications can make the entire process more difficult. The passing of a beneficiary during the probate process can extend the probate process even further, and add new duties to the executor’s list....

Most senior citizens dread the thought of moving into a long-term care facility or nursing home. But they and their loved ones might worry that they are no longer safe living alone at home. What can be done to resolve the situation? For many...

The executor of a will takes on a big responsibility. Once they accept that responsibility, however, they’re expected to behave responsibly. They even take an oath that they will administer the estate according to the law and the decedent’s wishes. Most of the time,...

Health care professionals must comply with specific rules to protect people’s health information. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) lays out the regulations. However, there may come a time when you need someone else to access your medical details. A...

Planning for the chance that you need long-term health care is among the most complicated of all estate planning tasks. Get it wrong, and you could see your entire estate disappear into the hands of health care providers, leaving nothing for your children. Medicaid...

Benjamin Franklin once famously wrote, “In this world nothing can be said to be certain, except death and taxes.” American humorist Will Rogers followed it up by saying, “The only difference between death and taxes is that death doesn’t get worse every time Congress...

It’s common for individuals to confuse the words heir and beneficiary. This is especially the case if an executor has been tasked with handling their first New Jersey estate administration case. There is a difference between the two terms though. An heir is someone...

Many people tend to use the terms “heir” and “beneficiary” interchangeably, but these are actually very different terms. It is important that people who are handling the estate administration duties understand what the differences are, so they can use the proper terminology as they...

When you have a loved one who is writing an estate plan, they have to determine who is going to administer it. The person they name must be able to make decisions based on the current laws and the wishes of the creator. This...

The estate administration process is one that is mystifying to some people. If you know that you will have to handle this duty, you need to make sure that you understand it completely before you have to do the job. Make sure that you...

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...

One of the main duties of an estate administrator is paying the debts of the estate. This is done with money in the estate since the bills shouldn’t be passed down unless they are on something that is held jointly with someone else. There...

The death of a loved one is likely going to have a 5 impact on your emotions, but you can’t forget that there are certain things that have to be done after the death. One of these is dealing with the estate of the...

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...

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...

Finding out that you are the administrator over a loved one’s estate usually comes at a time when your mind is reeling from their death. It is easy to become overwhelmed when you are thrust into this spot, especially when you find out suddenly...

There are many things that you have to think about when a loved one passes away. If you are over that person’s estate, there are many different tasks to complete. Obviously, making the final arrangements and getting through the funeral are priorities in the...

The estate administrator has a number of jobs to do before the estate can be closed out. One of these is paying for the debts that the estate has incurred. There are specific limitations and orders that come with this duty, so anyone who...

Your loved one’s estate might be a big responsibility for you after that person passes away. This is especially true if you are the administrator over their estate. This position requires that you handle quite a few duties. Unfortunately, these come at a time...

Making your estate plan is a serious event in your life. You have to make sure that you have your affairs in order before you pass away. On top of creating a will, establishing trusts and leaving instructions for your final days, you have...

Many people think that when they die, their debts die with them. This is exactly what happens for some individuals who don’t have an estate to leave behind, but the debts of people who do have assets when they die will have to be...

Estate administration is something that is difficult to handle for some people. These duties come at a time when you are dealing with the loss of a loved one. This is why some people choose someone not related to them to handle these duties....

Naming the executor of your estate is a big decision. It is easy to just jot down the first person who comes to mind. However, the person you name has very specific duties to perform. If they can’t do those in accordance with the...

The administrators of an estate have a lot of responsibilities. Ensuring that you meet the responsibilities head-on is necessary because you need to get the estate handled. You are facing another challenge if you were close to the person who passed away because you...

The administrator of an estate has a lot of duties to fulfill. We recently discussed the duties of the administrator when the decedent has debts. This is only one consideration that the administrator has to think about. We understand how it might be a...

When someone dies, there might be a need to go through the probate process. This is necessary if the person had significant assets that need to be handled. The probate process involves the administration of the decedent’s estate by the person the named executor...

Over your life, you worked hard to build wealth and gather assets. You might not want to leave them behind when you pass simply so they can go to waste. If you know that your heirs aren’t great with money or you think they...

If you are a New Jersey resident working on your estate plan, you might wonder how limited your choice of executor is. The law doesn’t put that many limitations on your choice, and it doesn’t limit your executor to those who live in the...

In recent weeks, we’ve talked several times about the administration of your estate after you pass away, but in some cases, you might need assistance administering your finances while you are still alive. If you are ever incapacitated by injury or health issues, even...

Most people know that the death certificate is a piece of paper that officially declares the death of someone. The certificate is issued, sometimes by the funeral home, to the family or executor of an estate. As with almost any piece of legal paper,...

Not every will has to be probated in New Jersey, but any will that involves assets that were solely owned in the decedent’s name must pass through probate. This is true in New Jersey no matter what the value of the estate might be....

A few weeks ago, we talked about how to ensure your will is valid. But what if you aren’t the one writing the will? What if you are the person appointed to execute the will on behalf of the decendent? At a time when...

When you find out you’ve been named as the executor for a loved one’s estate, you may initially think it’s not going to be too hard. All you have to do is read the will and pass out the items accordingly, right? In reality,...

When a loved one passes away, there are a lot of things that you have to think about. Some of the things that you will have to do might seem complex. One thing that you should be prepared for is how to handle your...

There are many terms that you must know when working through estate administration or when drafting a will in New Jersey, from beneficiary to fiduciary. While these are more common, one you may not have heard as often is “residue.” When it comes to...

A loved one’s death may be the end of his or her life, but it is only the beginning of tasks that need to be completed by family members left behind. You may feel as though you spent all of your energy planning and...

The majority of estate-planning discussions center on an individual’s assets. Sometimes, it is not until a loved one has passed away that family members turn their attention to his or her debts. Whatever debts the decedent has that survive his or her death are...

Deciding who will be the executor of your New Jersey estate may seem like a simple decision, but it should be given more than a passing thought. This person will be responsible for many tasks — not just the distribution of your property. Therefore,...

The majority of New Jersey residents are aware that a will establishes how and to whom a person’s estate will be distributed after death. A will guides estate administration. Not having a will complicates matters and puts the distribution of assets squarely in the...

During the estate planning process, many decisions need to be made. One of the most critical decisions for many New Jersey residents will be the choice of an executor. The executor handles the administration of the decedent’s estate such as paying creditors, locating assets...

A New Jersey couple purchased some IRA’s back in the 1980’s at a local bank. Then, around close to 22 years later, the husband, whose wife has since passed away, has been attempting to cash them. What happened next is the nightmare of every...

After a loved one has died, it can be difficult to know what to do next. Many people in New Jersey may have heard of the notion of “estate administration,” but may have little to no idea what it entails or how to start....

New Jersey residents would most likely agree that the last thing most people want to think about when they have lost a loved one is paperwork. Unfortunately, at some point, it will be necessary for the family to deal with their loved one’s estate....

One aspect of estate planning that some New Jersey residents struggle with is the decision of who to name as personal representatives to oversee their wills. This can be especially difficult for those who do not have family members close to them and wonder...

When planning your estate, where you own property can be a big issue if you happen to have assets located in more than one state. This is frequently an issue when someone owns a residence in one place, such as New Jersey, and another...

If an individual dies unexpectedly, what happens to their unpaid credit card debt? As with most debts, credit card companies will usually attempt to get compensation from the cardholder’s estate. New Jersey residents, as in other states, with an estate plan may benefit from...

Those who are acting as executors of an estate will likely benefit from understanding what to do as part of their responsibilities. Estate administration in New Jersey and elsewhere entails a multitude of duties and responsibilities, which when accomplished correctly, may help maximize assets...