Creating an estate plan is something every parent should do. One of the crucial items you will have to address is the person or persons who will care for your children upon your death.
Putting together a solid plan for one's estate is something that no New Jersey resident should delay. There is a lot that goes into estate planning. One small part of it is making sure assets are left to the person or persons of one's choice. Something many people fail to consider, though, is how their heirs will actually handle their inheritance once they receive it.
When a loved one passes away, one would think that taking care of taxes, paying debts and administering assets would be fairly simple and straightforward. That may be true in some New Jersey probate cases, but there are those where estate litigation is an issue which makes the administration process seem to last forever. The battle over Prince's estate is a good example of just how taxing and time-consuming estate litigation and administration can be.
Famed musician Prince died in 2016 without a will in place. A judge ultimately named the singer's brothers and sisters as his heirs. Three years have gone by since his death and the beneficiaries have yet to have any assets distributed to them. Estate litigation rages on and there seems to be no end in sight for when this estate case will come to a close. While few estate cases in New Jersey will see issues as complex as those seen in the Prince estate case, some beneficiaries may find themselves dealing with some of the same issues that Prince's heirs have found themselves struggling with.