What are the Options for Splitting Assets in Blended Families?
The blending of families to create a yours, mine, and ours scenario is very common. In the ideal, the union of two individuals with offspring from prior relationships remains harmonious and uncomplicated even after the passing of each parent. In the best instances, each spouse treats the other’s children as their own, and family bonds strengthen.
Tips for Choosing the Right Power of Attorney
While a will is always an essential part of your estate planning, designating a power of attorney in case you are incapacitated is also extremely important.
Your power-of-attorney designee is someone whom you trust to manage your financial affairs or essential health decisions on your behalf if you are unable or unwilling to act on your own. The situation can result from disease, injury, or advanced age that leaves you temporarily or permanently unable to make decisions on your own. You may also simply want someone to act for you when you are out of the country, physically or mentally weak, but not disabled. This type of document is know as a Durable Power of Attorney.
What happens if you die without a will in New Jersey?
If you should die without a will in NJ, also known as intestate, the State of New Jersey has precise guidelines for dividing your estate. While these rules might result in a fair distribution of your assets, the outcome may not be what you would have preferred.
The Importance of a Living Will
It is difficult to imagine ourselves becoming so incapacitated that we can no longer make our own medical decisions. Yet that situation will arise for many of us at some point. In these instances, someone else, whether a designated relative, close friend, or the attending medical professionals may need to make the decisions that will alleviate a terminal and irreversible condition.
When is a Guardianship Attorney Necessary?
When an individual suffers a mental or physical disability that limits their ability to care for themselves, communicate, earn a living, or perform functions necessary to live independently, often their survival becomes dependent upon assistance from others.
What is a Probate Lawyer?
Since we can’t take it with us, as the saying goes, a probate lawyer’s job is to make sure your assets are distributed as you wish after you are gone. Proper execution means developing an effective estate plan, creating your will or living trust, and helping your executor pay the debts and distribute your assets to your beneficiaries.
When creating their will, an individual has the option to distribute assets to whomever they choose.
As we know, testators do not always elect to assign their assets in conventional ways. For example, one may choose to leave their wealth with an animal welfare society or other charity or to a close friend rather than to their children.
Will Contests and Estate Litigation
Sometimes the execution of a will does not go as smoothly as the deceased person and, most likely, the executor would have hoped. At times, a relative or someone close to the decedent may contest a will believing that their share of assets stipulated by the will must be wrong.
How are House Deeds Transferred on the Death of a Parent?
When a parent passes, the executor and the children of the deceased may face several challenges while liquidating the assets of the estate. While some aspects can be somewhat perplexing, an experienced estate attorney will help to smooth the way.
What is Power of Attorney?
Power of attorney is a legal concept with which most of us are familiar, but may never fully understand until it is needed.
In its many forms, a power of attorney (POA) is a written document by which one person, the principal, authorizes another, a competent adult, to act as an agent to perform specified functions on the principal’s behalf. The extent of the agent or “attorney-in-fact” authority to act is defined by the type of POA agreement.