Sunday, February 26, 2012

Plan to succeed

I heard a very talented attorney talk last week and she said something that stuck our to me. "Failing to plan is planning to fail." Its very true. Now that is it tax season, we have a time to reflect on our year financially and take into account of where we are and where we want to be. I know that I am going to ask myself how can I better plan for the next year, next five years and next ten by taking an hour out of a week to craft a tailored plan that addresses where I am and where I want to be.

Monday, February 20, 2012

NJ law on fiduciary's commission

Statute NJ SA 3B 18-13 states Commissions in the amount of 6% may be taken without court allowance on all income received by the fiduciary. For the purposes of this section, income which is withheld from payment to a fiduciary or fiduciaries pursuant to any law of this State, or of the United States, or any other state, country or sovereignty, or of any political subdivision or governmental unit of any of the foregoing, requiring the withholding for income tax or other tax purposes, shall be deemed to be income received by the fiduciary, and shall be subject to income commissions as provided in this section in the same manner as if actually received by the fiduciary.

New Jersey will advertising

As of February 2005 NJ courts no longer require an advertisement of a will. All that needs to be done is notify the next of kin and beneficiaries. If a beneficiary is a charity, you must notify the Attorney Generals office.
4:80-6. Notice of Probate of Will

Within 60 days after the date of the probate of a will, the personal representative shall cause to be mailed to all beneficiaries under the will and to all persons designated by R. 4:80-1(a)(3), at their last known addresses, a notice in writing that the will has been probated, the place and date of probate, the name and address of the personal representative and a statement that a copy of the will shall be furnished upon request. Proof of mailing shall be filed with the Surrogate within 10 days thereof. If the names or addresses of any of those persons are not known, or cannot by reasonable inquiry be determined, then a notice of probate of the will shall be published in a newspaper of general circulation in the county naming or identifying those persons as having a possible interest in the probate estate. If by the terms of the will property is devoted to a present or future charitable use or purpose, like notice and a copy of the will shall be mailed to the Attorney General.

Note: Source-R.R. 4:99-7; former R. 4:80-8 amended and rule redesignated June 29, 1990 to be effective September 4, 1990.

Monday, February 13, 2012

who handles probate

The person responsible for handling probate is the executor if there is a will. If there isn't any will, or the will doesn't name an executor, the probate court names a person, called the administrator, to handle the process. Often, the job goes to the closest capable relative or the person who inherits the bulk of the deceased person's assets.

Friday, February 10, 2012

Does all property law have to pass through probate?

Does all property have to pass through probate? NO! Most states allow a certain amount of property to pass free of probate or through a simplified probate procedure.
In addition, property that passes outside of your will -- say, through joint tenancy or a living trust -- is not subject to probate.

Monday, February 6, 2012

Importance of a Living Will

We are young! We think we can live forever. Only old people need legal documents. Sound familiar? Its not true. Terri Schiavo was only 27 years old. Her situation could have been prevented if she had a living will. A living will is only applicable when you are facing death, this document specifies what your wishes regarding end-of-life care.