Estate Planning
Vehicles and the Probate Process in New Jersey
When drafting your Will and contemplating the probate process, it is good to know your options when it comes to vehicles you own.
A car is considered personal property and will normally need to go through the probate process in order to be transferred to the person named in the Will. However, if you are leasing a car, it is not technically considered your property as you don’t own it. Lease vehicles must either be bought out or returned to the leasing company. Similarly, if you still have loan payments left on the car, those will need to be paid...
Read More....Revoke a Will in New Jersey
When you revoke a will you void the previous will, this mainly happens when the old will no longer serves a purpose to your current situation. There are many instances in which a Will drafted at an earlier time in life is no longer applicable to you and the people in your life. When this happens, you might want to revoke that older Will in favor of a new one. There are plenty of reasons and methods for revoking a Will, and it is important to know your options.
What Does it Mean to Revoke a Will?
When you revoke a Will, you are completely voiding an existing...
Read More....What are the Requirements for a Valid Will in New Jersey?
When drafting your Last Will and Testament, it is important to know what steps must be taken in order for you to have a valid will. There are several requirements to discuss, and by taking them into consideration while you are drafting your Will, it is more likely that it will be considered valid by the Surrogate’s Court in the future.
Why is a Valid Will Important?
A valid Will is an instrumental part of your estate planning. It ensures that all of your assets and property are distributed according to your wishes. Without this document, and...
Read More....How to Address Your Funeral Arrangements as Part of Estate Planning in New Jersey
When addressing your funeral arrangements it can be easy to disregard certain elements of estate planning when you’re giving attention to seemingly more important items like what will happen to your property and other assets after you’re gone. However, considering your own funeral arrangements is an important step that can ensure your wishes are met, while also lightening that burden on your loved ones.
Who is in charge of Funeral Arrangements?
Generally, if you don’t leave any specifications or wishes referencing funeral arrangements,...
Read More....Determining and Paying the Debts of an Estate in New Jersey
Determining and paying the debts of the decedent and ensuring they are paid is one of the most important steps in the probate process. Along with marshaling the decedent’s assets, their debts must also be marshaled in order to account for any unpaid loans, medical bills, credit card bills, or other types of debt.
Who is Responsible for Determining & Paying the Debts of an Estate?
When a decedent leaves behind debts, it is the responsibility of the executor or administrator to ensure they are accounted for and satisfied. This can be ...
Read More....Amending or Revising a Will in New Jersey – The Codicil
Amending or Revising a Will and Testament can take a lot of time, money, and energy. Codicils are an alternative. Consider a codicil as an amendment to your Will if you do not want to re-write the entire document. There are a few things to consider, however.
What is a Codicil?
A codicil is a separate document that you can use in revising a Will in order to make small adjustments. The purpose of this is to save time. Instead of having to rewrite your entire will every time you want to make a minor change, you can write a codicil documenting that change...
Read More....The Difference Between Probate and Non-Probate Assets in New Jersey
You need to consider both probate assets and non-probate assets when you are making decisions about your estate planning and who your beneficiaries will be. Similarly, if you are trying to account for all of a decedent's assets as an administrator or executor, you will need to know the difference between probate assets and non-probate assets as your duties with respect to each type are different.
https://vimeo.com/1028565784?loop=0What is Probate?
Generally speaking, probate is the process of validating the authenticity and ...
Read More....Marshaling the Assets of a New Jersey Estate
Marshaling the assets of the decedent’s is one of the many important tasks an estate executor or administrator in New Jersey must perform following the death of a loved one. This is one component of the probate process, and while it is relatively straightforward, it is the estate’s designated representative’s responsibility to thoroughly manage the process.
What is Marshaling Assets?
The marshaling of an estate’s assets is the gathering of all of the decedent’s assets after they have passed away. The executor or administrator...
Read More....What Happens When Someone Dies Without a Will in New Jersey?
When a loved one dies without a will and leaves behind property & other assets, the probate process will be slowed. It is very important to prepare your Will in order to make the procedure easier for your loved ones. However, unexpected events occur, and sometimes a loved one isn’t able to leave behind a Will to help guide you in distributing their assets.
Who Decides How Property is Distributed Without a Will?
If there is no Will, property of the deceased is automatically distributed according to the intestacy laws of New Jersey. While...
Read More....Self-Proving a Will in New Jersey: What are They and What are the Benefits?
Self-proving a Will is Among the many things to consider in the process of drafting a Will in New Jersey . When a Will is not self-proving, the process of probate is much longer. To make the waiting period as short as possible, and the entire process much smoother, consider drafting a self-proving Will.
When the testator of a Will passes away, the first step in administering the estate is probating the Will . A valid Will must be in writing and include two signatures from witnesses who can confirm the testator’s signature. If the document has...
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