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Posts tagged "Estate Planning"

Estate bills still need to be paid during probate

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.

Tips for letting your family know about your estate plan

Creating your estate plan is only part of what you need to do to ensure that your loved ones are taken care of when you pass away. Once you have the plan in order, you need to talk to your family members to let them know what your estate plan says. This gives them a chance to get clarification of anything they aren't sure about.

What should you include in a living will?

When you are setting up your estate plan, you can't think about only where your assets will go. You also need to consider what you want in your final days. Some people reach a state of incapacity before they pass away. This makes it impossible for them to make decisions about their care. Instead, they are going to count on loved ones to do this for them. Having a living will in place can make this time easier for your loved ones.

Understand the purpose of a letter of instruction

When you think of an estate plan, you likely think about wills and trusts. But, there is another document that you need to prepare for your loved ones – the letter of instruction. This isn't legally binding, but it outlines important information that can benefit your family members when you die. You can leave one for everyone to read or you can leave individual letters for specific people.

Plan for handing your digital assets to loved ones

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.

Choosing the best guardian for your children

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.

Powers of attorney are crucial estate plan components

Thinking about the end of your life on Earth isn't a pleasant thought for most people. One thing that you need to do is ensure that you have things set so that you can be cared for if you aren't able to make decisions on your own. You can handle this situation now by putting powers of attorney designations into your estate plan. We know that it can be challenging to make this type of decision.

Service members should have an estate plan in place

People who are serving this country in the military can face some dangerous situations. Considering only the nature of the job, you can certainly understand that there is a chance that the person might eventually die in the line of duty. It is imperative that anyone who is serving has an estate plan in place so they know things are taken care if something happens to them. This is especially important if they have children.

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

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Rice & Quattrone, PC
Linwood Professional Plaza
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Linwood, NJ 08221

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Fax: 856-673-0052
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