Bridgewater New Jersey Estate Planning Law Blog

One of the key responsibilities of the person drafting a will, or testator, is to select the executor of their estate. The individual appointed to this role is responsible for preserving the value of its assets, filing its final tax return, paying creditors and distributing what's left in the estate to any heirs. It's a sign of trusts for a testator to appoint you to this role. Being given it doesn't mean that the heirs will agree that you're worthy of it, though.

Testators are supposed to regularly revisit their wills to make sure that they continue to reflect their wishes. Few do, though. If a will was written a long time ago, then the testator may have since died. Their ability to trust them may have faltered as well. The role of the probate judge is to make sure that your final wishes are carried out, though, including having your executor handle your affairs.

People who pass away have often battled a long illness like cancer. Many have simply had years of poor health. Sometimes they die after a serious accident. In all of these cases, they may leave many thousands of dollars in medical bills. What happens to all of those unpaid bills?

Medical bills and all other debts that a person had when they died are typically paid by their estate. That's if there's enough money in the estate to cover them. What if there isn't? Are surviving family members responsible for their loved one's debt?

One of the main keys to estate planning, if you want the whole process to go smoothly, is communication. You need to talk to the other members of your family who will be impacted by the plan. Experts advise sitting down and creating a family communication plan to address this process.

In order to do it, you need to know what questions to ask. Here are a few important ones to keep in mind:

• How are you all going to share important information? Do you want to use email or text so that you have written records, or is it easier to talk in person and take notes?
• Who is responsible for sharing information when it becomes available?
• Do you have anyone in your family that you do not trust?
• At the same time, who do you trust the most?
• Who all needs to be involved in your estate planning conversations?
• What are the main topics that you want to address?
• Are there any topics that you want to bring up at very specific times? Are there things that you're thinking about now that you don't really need to discuss until later?
• If you want to have family meetings, where do you want to have them? When should they take place?
• Do all meetings need to be in person, or can you do them online or on the phone?
• What are the key elements you want to talk about, such as your main wishes for your family and the specific details of your estate?

People often assume that estate planning just means writing a will. That's a good place to start. The biggest mistake people make is not drafting a will or doing any planning whatsoever. But that doesn't mean that a will is all you need or that there aren't other mistakes you should guard against.

For one thing, you need to consider all of your options. Is a trust better than leaving money to an heir directly? Do you want to set money aside for special purposes, like charities or education? Do you want your estate plan to consider your healthcare needs and end-of-life decisions? A complex plan should be about far more than leaving property to your kids. Thinking about an estate plan in such simplistic terms, and failing to look at all the options you have, is a dire mistake.