Attorney Ada Davis

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Tip 8: Get it in writing

One common theme I hear is that some heirs don’t want anything from the estate of the person who died, but they won’t sign anything saying so. If that happens, do NOT just take their word for it. If you don’t get it in writing - and the form of the writing matters - then you could be in big trouble if they change their mind. For example, dad dies without a will survived by two children. Brother tells sister she can have one of the properties (dad owns 3) because she lived in it before dad died and the property had significant fire damage and he didn’t want to contribute any money to fix it up. Sister doesn’t get it in writing. She spends $50,000.00 of her own money fixing up the house and sells it for over $300,000.00. Brother changes his tune and says he never said she could have it and wants half of the $300,000.00. The two have been in court for two years and have racked up a total of over $200,000.00 in attorney fees. If you have an heir who doesn’t want anything but won’t sign off you have to go to court and get approval. That might require hiring a lawyer but that fee will be significantly less than what a full blown trial would cost.

30 Tips in 30 Days

Tip 7: Get a COMPLETE estate plan

Most people only think of a will when they think estate planning. But a complete estate plan includes a power of attorney, a living will, and a healthcare directive. These are the documents that protect you while you’re still alive. They ensure that your wishes are respected even if you are not able to communicate them yourself and they ensure the person you trust is the one who communicates for you. Most states only look for your next of kin and give no regard to the quality of those relationships. But you can choose whoever you want as long as they’re of age.

30 Tips in 30 Days

Tip #4: Get the paper!

I can’t tell you how many times I get calls from people saying their significant other of many years died, but they weren’t married and now the kids are kicking the survivor out of the house or they are somehow being excluded from the estate. The paper matters. If you are not legally married you have no standing in the estate of that person. It is that simple. So the paper, I.e., the marriage certificate matters. Oh, and just for the record, the divorce paper matters too because if you are legally married but separated your estate can still go to your spouse if it’s not properly challenged. And even if it is challenged, your loved ones could wind up spending thousands of dollars to save it from them.

30 tips in 30 days:

Tip 5: Take Being an Administrator Seriously

Being the Administrator of an estate is governed by state law and involves far more than just distributing the assets. Often times we are trying to get a specific asset, like a bank account or a home, out of our loved one's name, but once you are appointed as the Administrator, all the responsibilities are yours. And the court will expect you to act accordingly. There are rules against mixing your loved one's money with your own, filing taxes on their behalf, and providing notice to all the beneficiaries. If you fail to do any of those things you could be found to have breached your fiduciary duty to the heirs, costing you personally. I provide clients with a checklist of things to do so they are sure not to miss anything. It is definitely not a job to be taken lightly.

30 Tips in 30 days

Tip 6: Never make more than one original of your documents.

Estate Planning documents can be revoked at any time, even if new documents are not created. In the State of New Jersey, the court will assume you revoked your will by destroying it if the original cannot be found. By only having one original, you ensure that you maintain autonomy over your estate. If, however, you create more than one original and do not destroy all originals should you choose to revoke, you risk that original being admitted to probate even though it does not reflect your final testamentary wishes. Feel free to make copies, but keep one original in a safe place.

30 Tips in 30 Days

Tip 3: Don't pick more than one executor.

Often times we think it is unfair to select only one person to serve as Executor. Most people, especially parents, don't want to make anyone feel less than. But the reality is, selecting co-executors can cause more problems than you think. Co-executors are required to work together and agree unanimously on steps to take. If they don't significant delays result and you could wind up in court with the co-executors fighting over how the estate should be settled. If you want to ensure fairness, name one executor, but make sure everyone has access to a copy of the will. That way everyone knows what is supposed to happen and can hold the chosen Executor accountable.

30 Tips in 30 Days

Tip 2: Review your documents every three years or upon a life event.

Estate planning documents like wills do not expire. So if you draft one and then don't die for thirty, forty, even 50 plus years, that will is still valid and binding. It is very likely that you have encountered a lot of life in those years so you may have a document that no longer serves you. Reviewing every three years or upon a life event like marriage, divorce, birth of a child, or death of a family member, ensures that the document you've created continues to evolve as you do.

30 Tips in 30 Days

Tip 1: Keep your original documents in a safe place.

Most surrogate courts will not accept a copy of a document. If the original cannot be found it will be presumed that the testator destroyed it purposely to revoke its instructions. Some states allow you to file your original with the court will you are still alive, but it is not required. If you do not have the original you risk the will being rejected and state intestate laws applying. To probate a copy requires filing a complaint with the superior court and takes longer and costs more than the process through the surrogate court. Good safe places to store your original documents include:
1. Fireproof bag/box in your home
2. Home safe
3. Safety Deposit Box
4. With the person appointed as executor
5. Any hiding spot

Be sure to tell the Executor or other trusted person where to find the document so it can be easily located when needed.

The first of the year is the perfect time to take stock of your legacy planning. Do you have an estate plan? Will? Trust? Everyone needs one.

Three things to remember when preparing:
1. Children under the age of 18 cannot inherit directly. Any assets left to them will be held in a trust account with the surrogate court until they are 18 or a guardian is appointed who can access it.
2. If you don't choose for yourself, the state you live in will choose for you. And it doesn't care about the quality of your relationships. Estranged family members still inherit.
3. Life insurance protects your family and costs less than your cable or cell phone bill. Death doesn't have to cause instability.

Join my facebook group for a free will template you can use to protect your family today!

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