Durkin & Durkin, LLCFindLaw IM Template2024-03-22T21:36:31Zhttps://www.durkinlawfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1400499/2020/11/cropped-favicon-durkin-and-durkin-32x32.jpgOn Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=478312024-03-22T21:36:31Z2024-03-22T21:36:31ZProbate in New Jersey
In New Jersey, general probate is a legal process for managing the estate of a deceased individual. Going through probate can be complex, but it is important for the estate's distribution. It provides fair treatment for creditors and beneficiaries based on the law and the deceased's wishes. General probate also ensures the public recording of assets, which adds a layer of transparency and prevents fraud.
Starting the process
The general probate process starts with finding your deceased loved one's will and filing a petition with the county surrogate court. Typically, the will names an executor and states how to distribute the assets. If there is no will or the document does not specify the executor, the court can appoint an appropriate administrator.
Once appointed, the executor or administrator has the legal power to act for the estate. They manage the estate's assets, pay off debts and ensure the distribution of assets as the will or state laws dictate.
Managing the estate
If you are the estate's administrator or executor, you play a key role in managing your loved one's property throughout the probate process. Your duties include contacting beneficiaries, paying the estate's taxes and distributing the remaining assets. You must also keep accurate records and act in the estate's best interests.
Probate is not necessary in all cases. Some assets, like life insurance policies, are jointly owned or have designated beneficiaries. You can transfer these without going through probate. Also, New Jersey offers simpler procedures for some smaller estates.
Closing the estate
After paying the estate's debts and giving out the assets, you should file a final accounting with the court. This accounting details all actions taken in managing the estate. Once the court approves this accounting, you can officially close the estate and conclude your duties as executor.
Although going through general probate can seem daunting and time-consuming, it allows you to fairly and legally administer your loved one's estate.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=476662023-12-20T16:48:24Z2023-12-20T16:48:24Z1. Divorce settlements
The success or failure of a business venture can significantly influence the outcome of divorce settlements. When spouses decide to part ways, the value of a business established during the marriage becomes an important factor.
Courts in New Jersey may consider the business as marital property subject to equitable distribution. The evaluation of the business's worth involves an assessment of assets, debts and contributions made by each spouse to the business's growth.
2. Child support
The income from the business contributes to the overall financial picture for calculating child support. New Jersey guidelines consider parents’ income, custody arrangements and the expenses related to raising children. Business owners must ensure accurate financial documentation to ascertain fair and appropriate child support payments.
3. Spousal support
Alimony, or spousal support, is another aspect of family law that business ventures may affect. The financial success or struggles of a business can influence the determination of alimony payments. Courts may examine the supporting spouse's ability to pay, the recipient spouse's needs and the standard of living during the marriage. A thriving business may lead to higher alimony payments, while a struggling venture could impact the supporting spouse's ability to meet these financial obligations.
In New Jersey, the interplay between business ventures and family law matters requires careful consideration. However, navigating these complexities can ensure equitable outcomes for all parties.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=476602023-09-18T20:29:31Z2023-09-18T20:29:31ZCommunication skills
Executors must be able to convey information clearly and confidently to beneficiaries and creditors alike. They need to keep all parties informed about the progress of the estate settlement, address any questions or concerns and facilitate smooth interactions.
Financial knowledge
A solid understanding of financial matters is a great skill for an executor to have. They must be able to evaluate the value of assets, manage investments and ensure that the distribution of assets aligns with the stipulations of the will. Sound financial judgment is important for preserving and growing the estate's value.
Timeliness
An executor must be prompt in their actions. They are responsible for filing necessary documents, paying taxes and meeting legal deadlines. A thoughtful executor completes these tasks on time to prevent delays or legal complications.
Impartiality
A strong sense of impartiality is important. Executors must act in the best interests of all beneficiaries and not favor one over the others. This impartiality instills trust among beneficiaries and minimizes the potential for disputes.
Problem-solving skills
Challenges can arise during estate settlement, from contested wills to unexpected debts. Great executors possess excellent problem-solving skills, enabling them to navigate these issues effectively and find resolutions that are fair.
Patience and perseverance
Estate settlement can be a lengthy process. Executors need to remain patient and persevere through the ups and downs. They understand that the meticulous nature of the job demands time and effort.
Emotional intelligence
Dealing with grieving family members can be emotionally taxing. Great executors possess emotional intelligence, allowing them to navigate sensitive conversations and situations with empathy and tact.
Ethical integrity
Above all, quality executors exhibit unwavering ethical integrity. They are honest and act in accordance with the law and your wishes.
Discussing your plans with your choice for the executor of your estate can help them better understand what you want from them. Being clear and direct about your expectations is one way to get peace of mind about this subject.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=475882023-06-13T15:42:02Z2023-06-13T15:42:02Z taking care of yourself during a divorce is essential to emerge from the process as a happy and healthy person. To achieve this, there are things you can do to care for yourself during your divorce.
Prioritize yourself
Taking care of yourself physically, mentally and emotionally is not a luxury. You need to get through this time in one piece. It is easy to forget to take care of yourself during a divorce because you are so distracted, but you should be your priority. Make sure you are well, whatever that means for you.
Seek support from other people
There is nothing wrong or shameful about relying on others during a challenging time. Do not be afraid to ask for help if you need it, and if you prefer to keep things private and away from family and friends, seek a therapist that you connect well with. They can provide invaluable support and help you get through the divorce process in ways you never thought possible.
Set new boundaries
Now that you will no longer be a couple, setting boundaries with your soon-to-be former spouse and others involved in the process is essential. Having them and their family around, for example and arguing and fighting with them does not support your self-care.
If that is the case for you, have your attorney be your point of contact and communicate to your soon-to-be former spouse that all communication must go through your attorney.
Practice mindfulness
Mindfulness is the practice of being present now. During tough times, you may feel anxious and worried about the past and future.
Mindfulness can bring you back to the present by reminding you that now is all you have. You will be able to deal with tomorrow when it comes. Today, focus on what is ahead of you right now.
Divorce is difficult for anyone going through it. It is easy to neglect yourself during the divorce process because the legal and financial aspects of the divorce can be distracting and take all your energy.
However, if you hire an attorney, let them deal with that and focus on yourself. Your attorney will not make decisions for you without your consent, so do not worry about delegating the legal and financial aspects of the divorce, and focus on you.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=475862023-03-25T02:33:46Z2023-03-25T02:33:46Zprobate process.
Check deadlines
Check the probate deadline and any deadlines for notifying life insurance companies. Then, file a probate petition in the county where the deceased died.
Catalog the assets
Gather and catalog the probate assets, including real estate. Collect any insurance, bank account and other financial account information. Gather property deeds, vehicle titles and ownership papers for other assets, including artwork, jewelry, etc. Check these papers for co-owners. Get appraisals for any asset that does not have a co-owner.
Address the bills
Collect the deceased’s bills. Notify the creditors of the account holder’s death. Complete and pay federal taxes. Then, set up a checking account and EIN for the estate so you can pay the bills and distribute any cash assets. Pay the bills and taxes before any distributions occur.
Distribute the assets
If a will is available, the estate executor or administrator can use it to distribute the assets. Work with the heirs during the distribution process. If no will is available, a probate court judge will likely need to distribute or agree to the distribution you and the other heirs negotiated.
Probate court
Submit a certificate of filing will, probate petition, creditor notices, bond or waiver, list of heirs, asset inventory and appraisals, accounting records, beneficiary notices, probate closing and liability release to the probate court.
Prepare to spend up to a year or more on the probate process.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=475822022-12-21T18:58:23Z2022-12-21T18:58:23Zestate plans has risen, only 24% actually have them, according to a Caring.com survey. Three key reasons to start planning now include:
1. Choosing a guardian for your children
Life does not always unfold how people would like. If both parents die, what happens to the children? By creating an estate plan, a couple decides who will raise their children. Without this properly documented, the courts decided who should take over guardianship of the children.
2. Dividing your assets
Whether a couple has kids or not, they likely have assets. Many of the assets will get automatically transferred to the surviving spouse, but it comes with no guarantee that all of them will. Sitting down and listing all property and assets ensures it gets divided the way the couple wants. This can include provisions for charitable donations and who will take care of a pet.
2. Minimizing court costs and fees
Even a small estate may lead to big costs after death. When no will exists, some of the assets may end up in court. That means dealing with additional expenses on top of dealing with the grief of losing someone so young. Some of those costs include estate settlement in probate court, tax liability and loss of financial support for child-rearing.
While young couples should focus on building the life they have ahead of them, should also account for the what-ifs that life brings.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=475442022-09-19T21:28:54Z2022-09-19T19:36:18ZGet comfortable talking to the court
According to Kiplinger, an executor has to focus a lot of time and energy on exchanging documents and official information with the court. The first step is finding the will that the deceased person wrote. Searching for that may lead to trouble if the person did not let the executor know where it was before they died.
From there, the courts require a death certificate to prove that they can distribute the estate and officially start the process. Paying off the deceased person's debts with money from the estate is another important task executors must make sure to accomplish.
Keep the calm in the family
After the family and beneficiaries learn of the death, they may try to take items from the person's house before the executor administers the estate. Taking careful notice of what the family members do can also help to stop fights before they begin.
Since valuable assets and meaningful heirlooms are so important to people within a family, tensions may rise after a death. Performing the duties of an executor requires a person to know how to ease tensions and talk to official organizations with clarity.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=475422024-01-17T12:35:54Z2022-08-31T21:14:03Zparenting plan, custody arrangement and ability to support yourself financially.
Proving the necessity of relocation
Parents with physical custody usually have difficulty moving outside New Jersey. The court always considers the child's best interest over yours. To prove the necessity of your move, you must show that a move will improve their quality of life in some way. You might demonstrate this financially, educationally or socially.
Moving within New Jersey
There is no restriction for moving within New Jersey if the relocation does not affect your parenting arrangement. Moving to another neighborhood typically does not require the other parent's approval. You must be able to fulfill the parenting plan agreement. Otherwise, the court may object to you moving. Moving an hour away when you used to live five minutes away might cause the parent and court to deny your relocation.
Divorcing as a parent is not as straightforward as a childless divorce. Every life change you make must take into account your child's best interest. This is not only a moral obligation but a legal one as well. Try to work with your ex-spouse if you wish to relocate and come to an amicable solution.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=475372022-09-19T21:29:10Z2022-03-24T21:27:47Zestate planning tools can suit your needs requires knowing how they function.
What Is the Purpose of a Will?
A will allows you to determine who will receive your assets after you are gone. Otherwise, New Jersey laws call for the courts to distribute your property among your closest living relatives, even if you prefer to disinherit them. In addition, a will is critical for naming guardians for your minor children and preventing a judge from choosing someone who may not be your ideal choice.
Wills must go through probate when they include assets without beneficiary designations. These include bank accounts, investment accounts and others. In addition, jointly owning a property with a spouse or someone else ensures its immediate distribution before a will enters probate.
What Is the Purpose of a Trust?
Depending on a person's estate planning goals, it is possible to place various assets into a trust to shield them from probate. For example, a revocable trust allows grantors to use their assets during their lifetime. However, it is necessary to carefully select beneficiaries for revocable trusts, which become irrevocable upon the grantor's death.
Others may decide to create irrevocable trusts for their beneficiaries' future use. However, they must also name a trustee responsible for overseeing tax payments for the assets that the grantor no longer owns. Beneficiaries may receive trust assets immediately following a grantor's death or at any time the grantor stipulates.
Carefully considering and revisiting your estate plan will ensure it meets the needs of yourself and your loved ones.]]>On Behalf of Durkin & Durkin, LLChttps://www.durkinlawfirm.com/?p=475362022-09-19T21:30:25Z2022-01-04T10:17:34Zlife after divorce looks like.
How does the court divide property?
Under New Jersey law, marital property and debt divide equitably. This process entails the court going through the financial disclosures of the parties and the unique factors of the marriage. A judge may consider various factors when deciding who gets what, including:
If you remained at home to raise children while your spouse worked
Whether you and your spouse had substantial pre-marital property or debt
You and your spouse's education level
The lifestyle you and your spouse grew accustomed to during the marriage
The judge decides how to divide the assets and debts based on what is fair for your situation. This means that one spouse may come away with more property and less debt versus the other.
What factors go into support calculations?
Child support determinations consider the ages of the children in addition to both spouses' ability to support them financially. If you stayed at home and gave up your career, you may receive child support and spousal support. The judge may put an end date on your spousal support payments to give you time to secure a job and gain more financial independence.
Deciding on spending the money you receive from your former spouse is within your control. Continuing a sport or hobby may benefit you and your children, and with the proper planning, it is possible.]]>