If you accepted the responsibility of being the executor of someone’s New Jersey estate or being the trustee of his or her trust, you are a fiduciary whether you realize it or not. What this means is that the person placed his or her trust in you and you therefore have a duty to appropriately manage the assets and distribute them to the person’s designated heirs and/or beneficiaries per his or her wishes.
For New Jersey residents who spend their lives carefully accumulating wealth with the intention of passing down an inheritance to loved ones, few things are more distressing than the thought of their family members fighting over those assets. Yet without proper planning, many families will encounter strife over an inheritance. In the worst outcomes, estate litigation can eat away at an inheritance until there is little left to divide between parties.
Setting up powers of attorney is part of a good estate plan. Knowing that one has one or more people assigned to handle health care and financial affairs in the event that one no longer can for him or herself due to age or infirmity can grant great peace of mind. When it comes down to it, though, there are POA agents who may try to overstep and abuse the power entrusted to them. New Jersey residents who believe this is happening to their loved ones may turn to an elder law attorney for help.
When you lose a loved one, the stress of closing out his or her estate can feel overwhelming. If no estate plan was put in place, you and any other surviving family members or friends of the deceased may find the probate process in New Jersey to be too much to handle. This is especially true if the lack of planning leads to estate litigation.
You were assigned to serve as the executor of a loved one's estate. You go about your business, getting everything ready for distribution to beneficiaries, when all of a sudden the claims start piling in against the estate. Estate litigation is unavoidable, but how will you pay for it? Whether the probate and estate administration process is being completed in New Jersey or elsewhere, you may be able to utilize estate assets to pay for litigation.
When making preparations for what should happen to one's assets in the event of death, one may easily get overwhelmed. Most New Jersey residents know that they need a will. Does estate planning have to involve trusts, too?
You are at a stage of life when you have young children at home. You would do anything and everything for them. Have you considered what would happen to them if you were no longer in the picture? While the vast majority of parents in New Jersey do not want to think about their own incapacitation or death, when you have minor children, planning for what will happen to them if you die or are no longer capable of taking care of them can help prevent issues later -- like contested guardianships.