Types of Debt You Must Pay During the Probate Process
How the Probate Process Handles Debts If your loved one has recently died and has left property, a mortgage, and some debts, it's likely that the estate would be taken through the probate process. In 2016, only 44% of people in the U.S. had created an estate plan. In the event that your loved one had debts at the...
Do Blended Families Need Estate Planning?
Is Estate Planning Necessary When You Have a Blended Family? There are thousands of blended families in the United States, and the number grows every day. With this being the case, the services of an estate planning lawyer are more necessary than ever. Estate Planning for Blended Families Estate planning is necessary...
Things You Can Do With a House You Inherited
What to Do When You Don’t Want an Inherited Home When someone dies in New Jersey, the deceased’s will must go through probate before the heirs can take possession of the property. Then you can decide what you will do with an inherited home. Wait for the Probate Process to End Inheriting a house means that you will...
How to Update Your Estate Plan After a Divorce
Should You Update Your Estate Plans After a Divorce? With a sizable percentage of all marriages ending in divorce, most people understand the basics of things like negotiating child custody and dividing assets. However, one important thing that divorcing couples often overlook is estate planning. After any divorce,...
The New Jersey Probate Process
Probate is when the deceased’s instructions that were documented in a will begin to be carried out. It starts after the person dies. During this procedure, the court ensures that the will is genuine. The Responsibility of the Executor An executor of a will has a tremendous responsibility to complete several actions....
Are Your Heirs Responsible for Paying Your Debts?
In most cases, your creditors will not be able to pursue your heirs if there isn’t enough money in your estate to cover all the financial obligations. The one exception would be your spouse. After a spouse dies, his or her debts remain on the books and they still need to be paid off, meaning that they will be among...
3 Mistakes to Avoid When Designating Beneficiaries
Many people have not properly designated beneficiaries for their retirement accounts, their annuities, or their life insurance policies. The problem is that many individuals make mistakes when filling out beneficiary forms, so these important documents are left blank or completed incorrectly. If you want to make sure...
Avoid Probate Court by Opening Transfer on Death Accounts
An estate that is very complex can take as long as two years to probate, but even smaller estates will require at least six months to complete the process. It is also expensive, and Americans pay an average of about $2 billion in probate costs every year. Estate planning makes it possible for you to save your family...
Which Duties Are Held by an Executor?
Duties Commonly Performed by an Executor If you've been thinking about making a will, you will need to determine who will be the executor. Despite the importance of creating a will, less than 33% of people in the U.S. have done. When you want to prepare a will as part of your estate plan, one key component is...
Explore the Perks of Avoiding Probate
Should You Try to Avoid Probate? With over $2 billion being spent in probate each year, more and more people are starting to wonder if probate is right for them. Probate is a lengthy process that involves validating a person's will and paying taxes on their estate. Though probate has some benefits, it is usually...