Estate Administration Lawyer Bergen County NJ
If you haven’t yet named an administrator for your estate or you’ve been asked to take on this role for a loved one, schedule a confidential, risk-free consultation with an estate administration lawyer Bergen County, NJ residents trust. During your consultation, the knowledgeable legal team at Kaplan Law Practice, LLC will ask questions about your situation and your legal needs. Once we understand where you are in the process of navigating estate administration issues, we’ll provide you with personalized guidance that will empower you to make informed decisions about your legal options.
New Jersey is relatively unique in that it is one of only a handful of states that requires every deceased person’s estate to be subjected to the probate process. The estate administrator tasked with managing various duties in the wake of an individual’s death helps to ensure that the probate process which seeks to legally authenticate someone’s will progresses as efficiently and effectively as possible under the circumstances. The role of an estate administrator is therefore critically important to the execution of an individual’s estate. As a result, naming an estate administrator is not a task that should be approached lightly. Similarly, serving as an estate administrator is a consequential role. Should you need assistance choosing an estate administrator or serving as an estate administrator, the experienced Bergen County, NJ estate administration lawyer team at our firm can help.
What Does Administering an Estate Entail?
For obvious reasons, the administration of a large, complex estate will require a different set of skills than the administration of a small, straightforward one will. However, the administration of any kind of estate does require the execution of certain core responsibilities. In the wake of the estate holder’s death, the administrator will be tasked with gathering specific kinds of information, notifying interested parties, distributing the estate’s assets, and ultimately closing the estate. As a result, only someone who is responsible, detail-oriented, focused, level-headed, and organized should be approached about the possibility of serving as your estate administrator.
If you’re serving as an estate administrator, you may run into any number of logistical challenges while executing your duties. These challenges may include locating the estate holder’s will and additional estate plan documentation, filing appropriate papers with the probate court, identifying and notifying all interested parties, navigating life insurance and benefits matters, transferring accounts to the estate, identifying assets, settling debts, etc. It’s important to understand that you don’t have to navigate the complexities of this process alone. Our team can support your efforts and help to ensure that the estate in question is administered as efficiently and effectively as is possible under the circumstances.
How Our Estate Administration Lawyers Can Help
A Bergen County, NJ estate administration lawyer understands the complexities and potentially difficult decisions that come along with administering an estate. This is why we are proud to offer our services to those in need. Here are some of the different ways our lawyers can help you:
- Review and offer advice on estate tax documents and forms.
- Carefully calculating the estate’s worth.
- Assisting with the probate process.
- Act as a mediator for potential problems with heirs.
- Being your representation if possible litigation occurs.
These are just a few of the areas that we can offer our assistance in. Contact Kaplan Law Practice, LLC today if you are in need of guidance or help with estate administering. With our years of experience in helping out our clients with their estate planning and administering needs, we know that we are the right law firm for you.
Disputes & Potential Estate Issues
Whenever someone passes on that leaves family members and loved ones behind, many of those individuals wonder about whether they were included in a will to receive possible gifts. While for some, the last thing on their mind is finances when their loved one has passed on, others think of this immediately. If an estate plan has not been put in place that includes a will and a detailed list of what assets will go to whom, then things at times can get difficult. Family members, close friends, or others who feel that they should’ve been included in a will react differently when they find out that they aren’t included. This can sometimes result in someone contesting a will or other litigation. An estate administration lawyer in Bergen County, NJ from Kaplan Law Practice, LLC is here to help if these issues arise. Our lawyers have dealt with these situations before and know how to proceed when a will is contested and litigation follows. We will draft a detailed course of action to deal with these issues and get the results that our clients desire.
Wills, Trusts, & Probate
Wills, trusts, and understanding probate are crucial in an estate plan and are something that need to be administered with care and effort. A will is crucial to an estate as it names who received which assets when someone passes on. It can also list out some other important information that a Bergen County, NJ estate administration lawyer can review with you. Trusts are also an important factor in an estate as they can hold certain assets and can be more easily transferred to heirs when needed. Probate is the process of reviewing a will and confirming it so that heirs can receive what has been designated to them in the will. The probate process is complex and can sometimes be lengthy, which is why it is advised to understand the process. A Kaplan Law Practice, LLC estate administration lawyer in Bergen County, NJ understands this process and is ready to offer you guidance if needed.
Questions You Should Ask Your Estate Administration Attorney
What Should My Estate Plan Include?
Every estate administration lawyer in Bergen County, NJ will have a different estate planning process. However, there are a few common documents that need to be included. For example, a reputable attorney, such as those at the Kaplan Law Practice, will prepare a last will and testament, health care power of attorney, living will and durable power of attorney. If you have children, guardianship papers and a minor’s trust should also be set up.
If you own businesses or have other valuable assets, including real estate, your estate plan should include a trust so they are protected and saved for your heirs. Your circumstances and assets will determine how difficult or easy your estate planning process will be. Your attorney will know all the documents and preparations you need. These professionals will customize a plan just for you.
Will You Review my Other Legal Documents?
Your estate administration lawyer in Bergen County, NJ should also look over your other legal documents. Some of this paperwork may be out of date or have incorrect information on it. A thorough estate preparation and administration includes ensuring that your legal documents are correct. They should relate to the assets you currently have.
In addition, your attorney should review your estate planning documents with you periodically to ensure that they remain up to date. Things can change quickly. A reputable lawyer should offer you continuous guidance without hourly fees. These legal professionals may offer memberships and programs for a flat rate if you work with them to set up your estate.
Do You Offer Guidance on Other Financial Decisions?
Many law firms, such as the Kaplan Law Practice, offer financial guidance. You will have to make many financial decisions throughout your life. For example, if you have children, you may need to set up college funds. You will need to purchase various types of insurance, from health and auto to life insurance. At some point, you will also need to begin planning for your retirement. If you have a business, you need an attorney who can address your business and personal assets in your estate plan.
You don’t have to choose an estate administration lawyer in Bergen County, NJ who has insurance and other financial licenses, but this professional needs to know what policies and decisions will be best for you. Then, you can avoid making expensive mistakes that can damage your financial future.
How to Plan Your Estate in 9 Easy Steps
1.) Pick a Type of Will
When you’re ready to sit down and write your will, you’ll first need to decide what kind of will you want. A last will and testament are enough for most people but consult with your estate administration lawyer in Bergen County, NJ if you’re not sure what to choose.
2.) Outline Your Assets
You’ll need to decide what assets to include after you’ve chosen your will. These may include property, bank accounts and other finances, heirlooms and any other valuable items you own. Pets also count as property, so don’t forget them!
3.) Choose Your Beneficiaries
Once you’ve outlined your estate, you need to decide who will receive what after you pass away. Family members and loved ones are the most common beneficiaries, but you can include other parties in your will, too.
4.) Designate an Executor
An executor is crucial for your will; this person will distribute your assets and fulfill your last requests on your behalf. The executor should be someone you trust, and Kaplan Law Practice can help you designate the right person.
5.) Select Guardians For Your Children
If your children will still be minors by the time you pass, you need to pick a guardian to care for them in your place. Be sure to sit down with the potential guardian, your children and your estate administration lawyer in Bergen County, NJ, to talk things over before finalizing the decision.
6.) Sign Your Will In Front of Witnesses
Your will has to be signed to be legally binding, and it needs signatures from two accompanying witnesses in order to be valid. These witnesses can’t be beneficiaries in your will.
7.) Choose a Safe Place to Store Your Will
Your will needs to be in a safe place, preferably somewhere that’s easy for you to access. Consider a fireproof safe or deposit box for this important document.
8.) Give Your Executor Access to Your Storage Space
Wherever you store your will, your executor needs to know where it is — after all, they’re the ones who will enact it after you’ve passed. You may also want to let your estate administration lawyer in Bergen County, NJ, know where it is.
9.) Update Your Will Over Time
If you experience any major life changes, you should update your will accordingly. These can include births or deaths in the family, serious injuries and changes in your career or assets. Remember to let Kaplan Law Practice know when you update your will!
Estate Administration Infographic
Busting Estate Planning Misconceptions
If you own assets, you want to make sure you have an estate plan in place. Without one, havoc may erupt after your passing. Many hesitate to secure such documentation because they harbor misconceptions. Rid yourself of the following fallacies. Then, work with an estate administration lawyer in Bergen County, NJ, to take charge of your planning.
Estate Plans Are Not Necessary Before Retirement
Estate planning isn’t just for individuals in the autumn of their lives. People in all age groups should have their affairs in order. Death comes unexpectedly, so it’s better to be covered. Besides, it’s easier and reassuring to have documentation in place. As life changes, the attorneys at Kaplan Law Practice can make any necessary adjustments.
Estate Plans Are Only for the Wealthy
Many feel their net worth doesn’t justify putting an estate plan in place. Those with lower incomes need to prepare for the future as much as wealthy individuals. In some ways, it’s more important; taking care of funeral expenses in advance costs less than when immediate arrangements must happen. There are other methods by which an estate administration lawyer in Bergen County, NJ, can prevent you from saddling loved ones with debt.
Estate Plans Are Just About Asset Division
There is much more to estate planning than who gets your possessions. It prevents survivors from getting entangled in probate, which tends to be a lengthy and costly process. It helps squash family squabbles concerning property distribution. It even reduces taxes imposed on estates and inheritances. Most importantly, it helps assure that minors are protected and receive proper care. The representatives of Kaplan Law Practice create documents that protect their clients in many unique ways.
Estate Plans Are Easy To Create
Online form and document template makers profess their products are all you need to create an estate plan that suits your situation. These are merely tools that give you a general outline of how yours should look. Without professional guidance, you’re likely to make errors or forget to include matters of importance. Once you’re gone, mistakes will be legally binding. Avoid the risk and work with one of the estate planning gurus at Kaplan Law Practice. You’ll be able to sleep at night knowing your wishes are legally secure.
Your assets are at risk if you do not have an estate plan in place. Forget the ideas that are preventing you from taking action.
Legal Assistance Is Available
Whether you’re looking to name an estate administrator or you could benefit from assistance serving as an estate administrator, our firm is available to help. Please schedule a risk-free consultation with our Bergen County, NJ estate administration lawyer team today; the Law offices of Joshua Kaplan look forward to speaking with you.