New Jersey residents who have more than one child may think that naming all of their children as co-executors of their estate is a good choice. Such a decision may make one's children feel that they are all important and valued, but it can also cause a number of issues. These issues, unfortunately, may end up requiring estate litigation to resolve.
Closing out someone's estate takes time and care. Careless mistakes made by an executor can end up costing that person and the decedent's beneficiaries quite a bit of time and money. What are some of the common executor mistakes seen in New Jersey that can lead to estate litigation?
Kevin Turner had an amazing career in the National Football League. Unfortunately, because of the number of hits he took during his time playing football, he developed chronic traumatic encephalopathy, which caused him to experience both physical and mental impairments. Just before his death, he altered his will, cutting out his parents and children as the beneficiaries to his estate. Now, these former beneficiaries are in the midst of estate litigation, trying to get back what they feel is rightfully theirs. Those closing out an estate of a loved one in New Jersey may do the same if they are dealing with similar circumstances.
When closing out a loved one's estate in New Jersey or elsewhere proves to be a difficult and drawn-out process due to litigation, it can get expensive. When this happens, the money to cover estate litigation can come straight from the estate. Unfortunately, this means some assets may need to be sold to cover legal fees -- which can create issues as well, as seen in the Robert Indiana estate case.
Music legend James Brown died just about 12 years ago on Christmas Day in 2006. He had an estate plan in place, but this did not stop estate litigation from happening. His estate has yet to be distributed as there are unresolved issues that various members of his family keep taking to court. While most New Jersey residents do not have estates as vast as Mr. Brown's, when family members disagree with how assets should be divided, estate litigation may take some time to resolve the issues -- though hopefully not over a decade.
After a loved one dies, it is a common goal to want to get through the estate administration process in New Jersey as quickly as possible. Unfortunately, you may find yourself dealing with estate litigation if anyone in your family questions your loved one's estate plan or lack thereof. Legal matters such as this can become expensive very quickly. Who pays for estate litigation?
When a loved one passes away, it is completely understandable that you would want to get through the estate administration process as quickly as possible. Unfortunately, that does not always happen. Disputes arise and estate litigation becomes necessary. If you are facing estate litigation in New Jersey, how you handle the issue and who you have on your side matters.
Few New Jersey residents have the same level of assets music icon Aretha Franklin had when she died. Still, her case is one everyone can learn from. She is said to have died intestate -- without a will or trust. This means that probate is necessary and estate litigation is a very real possibility, which could drag out the administration process.
A district attorney in a neighboring state died from cancer in 2016. Less than two week's before his death, he changed his will. This resulted in his mother pursuing estate litigation in an effort to get the new will thrown out. Such legal action may also be pursued in New Jersey for individuals dealing with the same type of situation.
People in New Jersey and all over the country have a lot of ideas on how to set up their estate plans to make things easier on their loved ones. Conflicting advise may be given from people in varying fields of expertise. There are several ways to set up an estate plan that can help loved ones avoid estate litigation. Utilizing a durable power of attorney is one option.