by Nicholas Giuditta | Feb 29, 2020 | Wills
Are there any properties not distributed under a Will?
Estate planning is the process of identifying how and to whom your assets should be distributed after your death. The process, best managed with the advice and guidance of an experienced estate lawyer, means creating a strategy to distribute your wealth as you wish without confusion, contention (hopefully), or an unnecessary tax burden on any of the recipients.
Some assets may pass to your beneficiaries through your will, but some can transfer ownership by way of a specific beneficiary designation or co-ownership.
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by Nicholas Giuditta | Feb 21, 2020 | Wills
What is a common disaster clause, and should I include it in my will?
Your will should cover any contingency. As we know, none of us can predict the future and events having the minimal likelihood of occurring do happen.
Since most couples designate each other as their primary beneficiary should one die, the estate of a deceased spouse usually passes automatically to the survivor.
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by Nicholas Giuditta | Feb 11, 2020 | Estate Planning
What are the advantages and disadvantages of having more than one executor?
During the estate planning process, some individuals choose to name more than one executor to ensure their final wishes and distribution of their assets are satisfied.
The usual reason for designating co-executors is to spare the feelings of other offspring. If an individual has two children, for example, naming only one the executor of the estate might be perceived as favoritism or preference.
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by Nicholas Giuditta | Feb 6, 2020 | Estate Planning
How Important is a Letter of Last Instructions?
While your Will is the critical element of your estate plan, a Letter of Last Instructions can be of vital assistance to your executor and beneficiaries. Your Will offers the “big picture” instructions on how your estate should be distributed and managed after you are gone. Your Letter of Last Instructions, on the other hand, should provide more detail about:
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by Nicholas Giuditta | Jan 29, 2020 | Probate & Estate Administration, Real Estate Transactions, Wills
Can Wills Written in New Jersey Affect How Property in Other States Are Sold?
When a loved one dies, the division of most assets among beneficiaries can be a straightforward process, mainly when a well-prepared will is in place. However, if the deceased happened to be the sole owner of real estate in another state, liquidation of the property may become a bit more complicated.
In these instances, an additional process known as ancillary probate may be required before the property can be sold.
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