Helping loved ones with managing the estate

People in New Jersey may want to think about how they may best help their loved ones with managing their estates after they pass. Good estate planning involves more than simply getting all of the documents drafted and in place. If loved ones are ill equipped to manage the estate, the documents themselves may not be enough.

For example, despite active planning, an estate may not be executed if the family cannot find the person's will, life insurance policies or other documents. It can be important for a grantor to tell loved ones where these documents are. Other problems may arise if the person who will administer the estate is not financially perceptive or organized enough to handle the task, which may be the case if a spouse is the named executor.

For these reasons, some people find it helpful to designate a company or bank to administer their estates rather than a family member. Doing so may help alleviate stress placed on a loved one while also allowing the assets to be transferred smoothly. Making certain a spouse knows the estate planning attorney who is working on the documents may also be a good idea, because they may then feel more comfortable working with them under such circumstances.

Estate planning may be complicated in the event that an estate is large and holds various types of assets. A large estate may necessitate the preparation of numerous documents to accomplish different goals. As a part of the planning process, a grantor may want discuss their situation with an estate planning attorney. An attorney may be able to provide guidance while drafting the documents. They might also be helpful when executing the estate or administering the relevant trusts.

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Lanza & Lanza LLP
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