Managing the affairs of a deceased loved one can be tricky. After all, estate administration comes with plenty of legalities. Without papers such as wills, deeds, financial statements and insurance policies, executors may struggle, and you may have a harder time...
Estate Administration
What are some common myths about probate?
Probate is a legal process that takes place after an individual passes away. It involves the administration and distribution of the deceased person's estate, which includes their assets, debts and possessions. The primary goals of probate are to validate the deceased...
What can potentially go wrong during probate?
Probate, the legal process of administering a dead person's estate, can be a complex undertaking. While it usually leads to a fair distribution of assets, there are potential pitfalls that can arise. Understanding these pitfalls is important for those navigating the...
Simpler methods of probate offered by New Jersey law
Sometimes probate takes a long period to complete. A 2018 survey by Estate Exec found that the average time for probate lasts for 16 months. However, New Jersey offers a way to expedite the distribution of some estates through more convenient methods. Wealthy or...
How and when may an executor pay off the estate’s debts?
New Jersey’s probate statutes require an estate’s executor to notify the deceased’s heirs and all reasonably known creditors. A valid will that lists the deceased‘s heirs may, for example, also require recent billing statements for the estate’s executor to refer to....
Handling a dispute as the administrator of an estate
Whether a beneficiary accuses you of failing to distribute the assets of an estate correctly or misusing funds for your personal benefit, there are different reasons why you could become involved in a dispute as the administrator of an estate. In the event that such a...
The necessity of probate when administering an estate
Today, probate has a bad reputation when it really shouldn’t. It is often reiterated that it is something you want to avoid. As such, many individuals specifically try to avoid probate when beginning the estate planning process. But in some situations, probate cannot...
Considerations in selecting a trustee
A trust is a common tool used to protect assets or distribute property upon death. While there are multiple types of trusts that can serve many purposes, a common element of all trusts is the naming of a trustee. The trustee is responsible for managing trust assets...
Challenging a will in New Jersey
Most New Jersey residents assume that once a will is signed, all the issues of distributing a person’s estate have been settled. Unfortunately, many beneficiaries or potential beneficiaries of a will may have different opinions about how the estate should be...
Key points about estate administration, inventory and appraisal
In New Jersey, estate administrators will have a significant role in the distribution of a person’s assets after they have died. While it is an emotional and sometimes overwhelming time, probate is necessary to ensure the testator’s property will be distributed as...