Your dad discussed his estate plan with you awhile back so that you would know what to expect upon his death. Well, the time came, you father died, and you got a big surprise. At the last minute, he changed his beneficiaries. Now you are left wondering why and what you can do about it. In New Jersey and elsewhere, a last-minute beneficiary change can lead to estate litigation if those affected feel something is not above board.
You are working on closing out a loved one's estate when, BAM, a disgruntled relative or creditor files claims against the estate. Sometimes estate litigation in necessary to handle the situation. Sometimes, though, New Jersey residents can avoid litigation altogether.
There are a number of things that can result in claims being made against an estate. Failing to protect and manage digital assets is one of them. Much of New Jersey residents' lives is now online, as it is just the way the world is going. If digital assets are not included in an estate plan, or the proper measures are not taken to ensure they can be accessed and passed on to beneficiaries, estate litigation may be inevitable.
Max Hopper was an American Airlines executive who pioneered the company's reservation system. When he died unexpectedly in 2010, he left behind an estate worth over $19 million. Unfortunately, he did not have a will in place, so a bank was put in charge of managing the assets. His surviving family members have since pursued an estate litigation case due to the estate being mismanaged. New Jersey residents who believe that their loved one's estates are not being administered appropriately may do the same.
Your loved one died, and now you have the difficult task of closing out his or her estate. In doing so, you may find that unexpected claims are filed against the estate, or problems with the will or trust documents may exist. In New Jersey and elsewhere, there are two ways to resolve problems with an estate: mediation or estate litigation. Which will work best for you?
You lost a loved one. While going through the process of closing out his or her estate, you find that the executor is not handling the assets appropriately. Those in New Jersey who believe that misappropriation of assets is occurring can turn to estate litigation to resolve the matter.
Once again, the battle over the handling of Prince's estate has made the news. In New Jersey or elsewhere, when a loved one dies without a will, there are bound to be issues when it comes to administering the estate. Estate litigation is sometimes the only way to resolve conflicts that arise. Litigation certainly seems to be the theme in the Prince estate matter.
Closing out a loved one's estate is never an easy task. In New Jersey and elsewhere, the executor of an estate has the difficult job of paying off creditors before anything can be distributed to beneficiaries. Depending on the amount of debt left behind, this can take awhile and, if there is not any money or assets left, paying creditors may not be possible at all. This can lead to costly and time-consuming estate litigation.
If you have a family member who unexpectedly changed his or her will or estate plan, it is okay to question why such modifications were made. It is a sad reality that there are those who are manipulated into changing these documents in order for the manipulator to benefit him or herself. Fortunately, those in New Jersey and elsewhere who find themselves facing such situations may pursue estate litigation efforts in order to contest any adjustments made due to undue influence.
Estate planning is something all people need to consider, and they should consider it sooner than they think. There are various aspects of estate planning, including wills, letters of intent, guardianship designations and more.