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Estate Administration Archives

Who administers the estate if there is intestacy in New Jersey?

Not every person in New Jersey takes the necessary steps to have a comprehensive estate plan and formulates a valid will. When a person dies without a will, this is known as intestacy. For many people, this can be a problematic situation because the decedent might have had many children, complex family situations and valuable assets. When this arises, there are laws in the state to dictate who can apply for administration of the estate.

Is probate important when crafting an estate plan?

For a New Jersey resident who is preparing an estate plan, a frequently overlooked part of the process is probate. Many people who take the steps to craft an estate plan do not fully grasp the importance of probate. It is vital for people who would like the distribution of assets to go smoothly and according to their estate plan that they are fully cognizant of probate and its different aspects.

Certain types of trusts in an estate plan can help protect wealth

It is important for New Jersey residents to ensure they protect their assets in the future by understanding the key aspects of estate planning. This applies to everyone, but it is especially important for those who have generated wealth and have a business they would like to pass on to their heirs. For those who have a business and are concerned about the inheritance tax and how their heirs will move forward after the testator has passed on, there are certain strategies that can be beneficial.

How is a valid will created in New Jersey?

Most people in New Jersey will be aware of the importance of will planning as they cobble together an estate plan. However, a great many will not be fully cognizant of what makes the will legal in the first place. It is a frequent occurrence for a will to be called into question or for there to be a will contest because the testator failed to take the steps to make it a valid will. To avoid this eventuality and the issues that go along with it, it is imperative to know how to make a will that is valid.

Preparing estate planning documents based on political realities

A common concern for New Jersey residents who have significant assets in their portfolio as they craft their estate plan is wealth protection. Part of that is keeping track of how the government is dealing with various issues that will affect them. This includes the health care plan that has been presented by Republicans and if there will be tax cuts. Those who are wealthy are currently holding off on estate planning because of these current issues.

Legal help with estate administration in New Jersey is vital

Losing a loved one is difficult in an emotional and personal way and this can be compounded by the financial ramifications and issues that must be navigated when dealing with a loved one's estate. New Jersey residents who are thinking about the inevitable future will undoubtedly want to prepare with organized estate planning. For this, it is essential to have advice from an experienced legal professional.

Overview of the probate process in New Jersey

For those who have no experience with estate administration, the probate process in New Jersey can be a bit daunting. Most people go their whole lives with limited exposure and participation in any kind of judicial experience, outside of jury duty perhaps. So, when New Jersey residents find themselves going through the probate process, they will likely have quite a few questions.

Navigating your way through the probate system in New Jersey

There aren't too many people in New Jersey, outside of attorneys and those in the finance industry, who are likely to have a great deal of familiarity with the probate system. However, this is one area of the law that almost everyone will probably encounter at some point in life. When loved ones die, leaving behind a will that delineates the distribution of their assets and establishes other terms in regards to their property, most cases will go through the probate court system.

"Payable on death" beneficiaries in estate planning

As our readers know from previous posts here, there are many different options to consider when it comes to estate planning. Different people enter the process with different goals, which means that different estate planning documents could be ideal for each individual's circumstances. For some people, avoiding the probate process is the highest priority. For these people, it might be smart to consider "payable on death" options in an estate plan.

When a poorly drafted estate plan leads to a will contest

Previous posts here have mentioned the importance of making sure that an estate plan is carefully crafted and comprehensive. But, why is that so important? Well, one of the primary reasons is that a poorly drafted estate plan could lead to a will contest in probate court - something most people want to avoid.

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