JULY, 2009
Warning: Your Decision Does Matter
When creating an estate plan, especially in your will and/or trust, an important decision is who to name as your fiduciary. A fiduciary is a fancy legal term for the person who will take care of your property for you if you are unable to do it yourself, such as the executor of an estate, the trustee of a trust, or an attorney-in-fact under a power of attorney. Your first instinct might be to name one of your children as a fiduciary, but if you want to avoid conflict among your children, this might not be the best option.
When naming a fiduciary, it is important to be able to trust the individual, which is why people often name family members as fiduciaries. However problems can arise when a parent with two or more children names ... >> full
posted by ADMIN July 17, 2009 12:40 PM NJ Probate
MAY, 2009
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If a spouse dies, then the surviving spouse may elect to take a one-third share of the deceased’s estate. This is called an elective share. Basically, a spouse can’t be disinherited. The surviving spouse has a right to the elective share. The only way that a surviving spouse can be completely disinherited is through a prenuptial agreement, where both spouses can agree to waive any claims to an elective share of each other’s respective estates.
Your elective estate includes not only property in your name alone, but also most assets with beneficiary designations such as bank accounts, securities, IRA accounts, your interest in jointly-held property, annuities, certain interests in trusts, the cash value of life insurance, and even property that you might transfer to a child during the one-year period preceding your death. In other words, ... >> full
posted by ADMIN May 15, 2009 1:05 PM NJ Probate
What is Probate?
Probate is the court process for gathering a decedent's assets, paying taxes and claims, and distributing assets to the beneficiaries. Generally probate is only necessary when a person dies with assets in his or her own name alone. Assets in a living trust, jointly held or with a beneficiary designation do not have to go through probate. Probate has a bad reputation. Sometimes rightfully so, but not always.
posted by ADMIN May 06, 2009 9:56 AM NJ Probate
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