It is very surprising to a lot of people when they find out that a minority of Americans have executed a last Will to direct the transfer of their assets after their passing. When you think about the minimal expense and effort that is involved, there is really no excuse for going through life without an estate plan.
People who do pass away without having executed any estate planning documents at all are said to have died “intestate.” In cases such as this, it is up to the surrogate court to sort through the mess and supervise the administration of the estate.
This is going to start with the appointment of a personal representative who will be charged with the responsibility of completing the hands-on tasks involved. While this process is taking place, creditors can step forward and seek satisfaction, and once the remaining assets have been inventoried they are eventually distributed via New Jersey intestacy laws of succession.
If your children were in line to inherit your assets in a case of intestacy they could disagree about the way that the assets should be liquidated. Of course you can split a pie equally, but we are not talking about a pie here. Your possessions are going to be in various forms and there may be sentimental value attached to many different items and there can be sensitive feelings involved.
In short, intestacy is not an option for any serious minded individual. If you are currently unprepared for the future, right now is the ideal time to pick up the phone to arrange for a consultation with a good Somerset County NJ Estate Planning lawyer.
- Medicaid Attorneys Explain How a Pre-Paid Funeral Contract Can Help - March 31, 2021
- What Is a QTIP Trust? - March 25, 2021
- How Would You Feel about a Robot Caregiver in the Future? - March 18, 2021