Jump to Navigation
Subscribe to this blog’s feed Are You in Need of Expert Legal Representation? Contact Us For A Consultation. (201) 467-4180

McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
Kearny Law Office Map
email firm here

Bold labels are required.

Please note that First AND/OR Last Name, and Email AND/OR Phone are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Details to consider when creating an estate plan, part two

In our last post we wrote about the importance of remembering to plan for the little details when you are creating your estate plan. While it is important to use wills and trusts to let your loved ones know how your estate should be divided, a well-crafted estate plan also plans for the details that are not explicitly covered in the will and trust.

The last post discussed details related to cash flow and keeping thorough records of all your assets. This post discusses matters related to the division of assets that are not identified in your will and identifying creditors.

When you are creating a list of the assets in your estate, it is important to consider what you will do with the assets that are not affected by your will. Although you can use estate planning tools to determine how these assets will be divided, it is not always an automatic element of your will. These assets include your life insurance, annuities, retirement plans and IRAs.

When an estate is going through estate administration or probate, it cannot be settled until all the debts have been settled. While some debts will be straightforward, some executors receive requests from creditors who try to claim money that is not theirs. Writing an accurate list of your creditors can enable your executor to correctly identify fraudulent creditors. The list should include the name and contact information of each creditor, as well as the amount owed.

Read more in the next post to learn how you can help your executor accurately determine values for each of your assets. We'll also cover a few tips about choosing executors, gift planning and living trusts.

Source: Investing Daily, "Forgotten Estate Planning Issues," Bob Carlson, 19 April 2011

No Comments

Leave a comment
Comment Information