One of the most important jobs the executor of a will has is to place values on the different assets of the estate. In many cases, this is relatively straightforward. For instance, with respect to a bank account or other liquid asset, it may just be a matter of figuring out the account's balance at the time of death. In other cases, such as in the case of a car, the process may be a little harder, but there will usually be other similar vehicles one can compare the car to to guess the vehicle's value.
At some point in your life, a parent or loved one may become incapable of performing everyday tasks.
As this blog has mentioned, it is very important for New Jersey residents to implement a legal plan so that their assets get passed down to the next generation as they wished following their deaths. However, creating a will or trust is not the only critical step in the estate planning process.
In many cases, it is in a New Jersey resident's best interest to make a will as part of her estate plan. One of the biggest risks in doing so, however, is that a will must go through the probate process and, during that process, can get challenged in court.