Estate administration is the process of managing a person’s estate. When a person passes away, their possessions, which include money, real estate, bonds/stocks, belongings, etc., make up their estate. Administrating the estate includes collecting all assets, distributing them to heirs, and paying taxes and debts. A will should be created before you actually need it to ensure your possessions are passed onto the correct people at the event of your death. This legal document will also delegate who is to administrate and manage your estate, a role called the executor. A living will, or an advance healthcare directive, is another document wherein a person specifies what actions are to be taken for their health or wellbeing if they are unable to decide for themselves due to illness or medical incapacity. A living will is created to ensure that a person’s wishes regarding their medical treatment are followed. It is used to decide matters such as the length of time they would want to spend on life support, something family members may fight over if there is not a designated person to decide. This person has what is called the power of attorney, which is holding the power over any decisions that a medically incapacitated person cannot make for themselves.
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Wilson Family Law LLC
667 Shunpike Road, Suite 5
Chatham, NJ 07928
Office: 973-520-4275 Fax: 973-378-0603