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April 2020 Archives

Things to consider when designating a financial POA

Part of the estate planning process is deciding who one wants to be responsible for making financial decisions on one's behalf should one become incapacitated. The person designated as a financial power of attorney will have a lot of responsibility. It is not a role that should be given to just anyone. Here are a few things New Jersey residents may want to consider when choosing a financial POA.

When's the last time you reviewed your estate plan?

Many adults in New Jersey have taken the time to go through the estate planning process. They did so to ensure that they, their loved ones and their assets are protected in the event of their incapacitation or death. Unfortunately, some of these individuals have likely not reviewed their estate plans in some time, meaning they could be out of date. Reviewing an estate plan every few years or after a major life event is recommended to ensure it offers the protection one desires.

Consider estate planning sooner rather than later

Most New Jersey residents do not think about getting their affairs in order in the event of their passing, or they believe they have time to figure it all out later. The problem is that no one knows when his or her time will be up. That is why one might want to consider estate planning sooner rather than later.

These 4 circumstances may make a will suspicious

Your aging parents worked hard throughout their lives. Whether they have substantial assets or just a few belongings, your mother and father likely want some control over what happens to their wealth after they die. While many tools help individuals protect assets, a comprehensive will is the cornerstone of the estate planning process.

New Jersey estate litigation: Problems with a trustee?

Moving on after losing a loved one can be a challenging thing to do. When there are issues with how his or her estate is being managed, it can make things even more difficult. Many New Jersey residents place their assets in trusts for protection and tax benefits. This is supposed to make things easier on beneficiaries when it comes to estate administration. However, some individuals will find they have problems with the trustee that they cannot work out on their own, which may lead to estate litigation.

How much of an estate is a spouse entitled to?

When a couple gets married, assets often become jointly owned, unless each party purposely keeps property separate. When one spouse dies, the surviving spouse typically expects assets to pass to him or her, unless different arrangements are made and laid out in an estate plan. Still, spouses in New Jersey may be entitled to more than they are left.

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Thomas N. Torzewski, LLC

Torzewski & McInerney, LLC
60 Washington St
Suite 104
Morristown, NJ 07960

Phone: 973-532-2868
Fax: 973-359-0077
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