Are there any properties not distributed under a Will?
Estate planning is the process of identifying how and to whom your assets should be distributed after your death. The process, best managed with the advice and guidance of an experienced estate lawyer, means creating a strategy to distribute your wealth as you wish without confusion, contention (hopefully), or an unnecessary tax burden on any of the recipients.
Some assets may pass to your beneficiaries through your will, but some can transfer ownership by way of a specific beneficiary designation or co-ownership.
What is a common disaster clause, and should I include it in my will?
Your will should cover any contingency. As we know, none of us can predict the future and events having the minimal likelihood of occurring do happen.
Since most couples designate each other as their primary beneficiary should one die, the estate of a deceased spouse usually passes automatically to the survivor.
What are the advantages and disadvantages of having more than one executor?
During the estate planning process, some individuals choose to name more than one executor to ensure their final wishes and distribution of their assets are satisfied.
The usual reason for designating co-executors is to spare the feelings of other offspring. If an individual has two children, for example, naming only one the executor of the estate might be perceived as favoritism or preference.
How Important is a Letter of Last Instructions?
While your Will is the critical element of your estate plan, a Letter of Last Instructions can be of vital assistance to your executor and beneficiaries. Your Will offers the “big picture” instructions on how your estate should be distributed and managed after you are gone. Your Letter of Last Instructions, on the other hand, should provide more detail about:
Can Wills Written in New Jersey Affect How Property in Other States Are Sold?
When a loved one dies, the division of most assets among beneficiaries can be a straightforward process, mainly when a well-prepared will is in place. However, if the deceased happened to be the sole owner of real estate in another state, liquidation of the property may become a bit more complicated.
In these instances, an additional process known as ancillary probate may be required before the property can be sold.
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.