With large amounts of money at stake, some otherwise good and kind people can exhibit behaviors that are based on want and greed. At SCC Legal, we’ve seen our share of horror shows in estate litigation cases over our many years handling all aspects of elder law. If there is no last Will or Testament, no proper estate plan in place when mom or dad passes, children or other family members may begin to fight over who deserves, or who controls what assets.
When siblings or other beneficiaries engage in clearly dishonest behavior, or refuse to be transparent during estate administration or guardianship proceedings, other beneficiaries may suspect they are being cheated. Sometimes these remaining children have moved far away and are finding it difficult to keep tabs on the distribution of assets here in New Jersey. In these cases, parties have little choice but to engage a qualified NJ elder law attorney to represent their interests, and protect their rights under the law. For many, it is a matter of tens or hundreds of thousands of dollars that is at risk, if they don’t do something legally, and do it quickly.
How to Minimize Infighting Over Your Estate and Assets
Even with a legal estate executor or administrator these cases can get ugly, ending up in a courtroom. That’s why it’s important to have a DETAILED estate plan in place, especially if you own valuable real estate, significant stock or collectable assets, or a business that needs to survive you. A well thought out estate plan coupled with an EFFECTIVE will, can help ensure your final wishes are met, your loved ones are cared for after your passing and avoids nasty litigation cases that could break up your family – if it is done correctly.
With most things, it helps to know what not to do first. You’d be surprised to see how one simple mistake in your estate plan can end in a costly court battle. Here are five of the most common estate planning mistakes to avoid provided by the SCC Legal team in Fairfield, NJ.
- Thinking you’re too young to create an estate plan. Estate planning should be thought of before passing away in order to give you ample time to create a plan you’re comfortable with. As soon as you start to live independently and gather assets, you should start planning your estate. This will ensure your property goes to the people most important to you, who need it most – not to those the state selects.
- Excluding the Advance Healthcare Directive. This is a legal document giving the person of your choosing the ability to make healthcare decisions on your behalf should you be unable to. If you have strong feelings about whether you prefer to be kept alive (or not) in certain medical situations like a coma, this is a very important document to consider when creating your plan.
- Forgetting to add your business to your estate plan. For many people, their business is more than their livelihood – it’s their passion. However, it is often forgotten about when it comes to estate planning. Consider what would happen to your business if you passed away – who should it go to? Is there someone who can buy it? How will this affect your heirs?
- Taking a DIY approach to estate planning. In reality, the technical side of estate planning is very complex – it’s not as simple as leaving certain assets to certain people. The tax side, for example, needs to be managed very carefully in order to ensure the least amount of tax possible is levied on your estate. This will have a significant effect on the outcome of your estate and needs to be addressed by a professional who knows this system intimately and can give you solid advice.
- Choosing a problematic executor. This is the person who will be responsible for administering your estate and, as such, should not benefit from the distribution of your estate. It’s very important the chosen person knows you and your family well, supports your views and has the ability to perform their duties without any issues. An estate planning lawyer can help you decide who will fit this position, explain their duties and even help add a third party who can assist the executor, such as a bank trust department.
Avoid Estate Litigation by Using a NJ Estate Planning Attorney
As we mentioned above, estate litigations can destroy relationships between your surviving family members and rack up substantial legal and court costs. The best way to keep your heirs out of this type of situation after you pass away is to ensure you work with a reputable estate planning attorney to create a solid estate plan and last Will or Testament.
Frank Campisano is an estate planning attorney at Sedita, Campisano and Campisano (SCC Legal) in New Jersey, who brings an exceptional level of patience and compassion to this often emotional process. With many years of experience, he can assist you in developing a plan that addresses all your requirements, ensuring your hard work and assets go to the people you love, rather than to the government or other greedy family members. At SCC Legal, trust is the key – and we’ll give you all the time, advice and expertise you need to ensure your wishes are carried out.
For more information about estate planning and litigation, or to book an appointment with Frank Campisano, please contact us today or visit our website at: https://www.scclegal.com/