When you are ready to develop an estate plan, it will be a good idea to work with an experienced, dedicated estate attorney Cherry Hill, New Jersey families trust who can intricately guide you through the process. Klenk Law consists of a skillful team of esteemed lawyers and paralegals who focus on estate planning, wills, trusts, and more. Together we assist families in the creation of a plan that will help to maintain control of their financial and physical assets.
Recognized throughout the community as being one of the top law firms for estate planning, we are ready to educate you on your legal options, so you get to make the best decision about your future and the future of your generations to come. If you would like to talk with a Cherry Hill estate attorney from our firm about your estate needs, please call our office today.
Estate planning involves a process of creating documentation that identifies your instructions for the distribution of all your assets and provides for your care upon your incapacitation or death. This process is different from other ones in that it can provoke an array of emotions and thoughts. Even so, it is prudent that there are no mistakes. Even one wrong word could cause a string of problems for your loved ones which is why you should retain the services of an estate lawyer. By doing so, you can ensure your legacy will be passed along in a precise manner.
Included in an estate plan might also be a will. A will identifies the people who inherit your property after you pass away. Without a will, the state could decide who gets your property. To learn more about wills, read my article, Last Will And Testament, All You Need to Know. You can also designate a guardian for any children in your will. You may also want to consider a living trust. By having a living trust, your assets will not go through probate, and you control who gets your assets after your death. Read more to see if a Revocable Trust is Right for You.
Disabilities, tragedies, deaths, and unforeseeable circumstances do happen. For this reason, everyone should have a plan in place that ensures loved ones remain in control of all assets. If you need help with any of the following services, please reach out to an estate attorney in Cherry Hill, NJ from Klenk Law:
We want to give our clients peace of mind. Know that your assets and future of your loved ones are secure. To learn more, we encourage you to call an estate attorney Cherry Hill, NJ. Contact us to talk to an experienced estate planning lawyer from Klenk Law today.
When a loved one passes away, an estate attorney in Cherry Hill, NJ understands that those left behind are conscious of the physical possessions and the money that will need to be distributed. While all of this is something that needs to be done, one large looming issue is any debt that is left behind. Where does the debt go? Who is responsible? The probate process begins and many loved ones are not only left with the loss of a loved one, but also with creditors demanding payment.
As a Cherry Hill, NH estate attorney can explain, when someone passes away, their property, possessions, and their finances are distributed. This may be done by an administrator that is named by the will of the deceased. If there is not a will or an administrator is not appointed, then the courts will take over the estate. This is a process known as probate. During this process, which can take anywhere between nine months and a year and a half in the state of New Jersey, the following occurs:
Once an individual has passed away, they are no longer able to pay creditors. However, that does not mean that the creditors will not continue to collect. If you are a joint owner on any accounts and the person who co-signed has passed away, you are still fully responsible for this debt. This includes a credit account or a loan payment amount such as a car or a mortgage.
The loan fully transfers to your name and will remain a part of your credit, good or bad. For this reason, among others, one must be careful who they co-sign for a loan or a line of credit with.
There are many cases in which there was no cosigner, the deceased was the only person on the debt. Generally speaking, the debt dies with them. Yet, that does not stop creditors from attempting to get payment. Typically, the estate is sold to pay for what remains of the debt. If the amount made from the sales does not cover the debt, the remaining balance is written off.
According to the Federal Trade Commission (FTC), the agency responsible for consumer protection, family members are not generally responsible for the remaining debt. They do not need to sell their assets in order to pay for the debts. Most certainly, the Fair Debt Collection Practices Act (FDCPA) makes it illegal to use abusive, unfair or deceptive techniques in order to collect a debt.
Under the Fair Debt Collection Practices Act (FDCPA), debt collectors have the right to obtain information from third parties in an attempt to get a debt paid for. They are legally allowed to call the deceased’s spouse, parent/guardian, executor or administrator. The calls are to acquire the name, address, and telephone number of someone who has the authority to pay for a debt. They are only allowed to call once. Unless they have a reason to believe that the initial information given was false.
Collectors cannot say anything about the debt to a third party, they can only make an attempt to retain contact information. However, even if you are legally authorized to pay a debt, you still have the right to stop creditors from calling you. Simply write a letter to the creditor letting them know that they are not allowed to call you anymore. A telephone call is not enough, the request must be in writing to maintain a paper trail. Keep a copy for yourself and pay for a “return receipt.” This way you can document precisely when the creditor received the letter. After the receipt, the creditor may only make one phone call to you. That is simply to verify that you will receive no more calls from them.
If you are being harassed by creditors for repayment of a debt under someone who is deceased, you are able to file a complaint with the state Attorney General’s office. You may also want assistance in deciding what you are responsible for and what is covered by the estate. An estate attorney Cherry Hill, NJ clients recommend will be able to help you through this process. It is stressful enough having a loved one passes away, but to be harassed by creditors maybe just too much to handle. We are here and ready to help you! Call Klenk Law for your initial consultation.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
Great firm. Great people. Happy to refer folks in need to estate planning to Peter and his team. They do great work.
Peter and his associates made things easy for us.
You & your staff are the best thank you for everything.
We recently used Peter's firm to update our wills and trusts. We found he and his staff to be well-informed, professional and highly efficient. And equally valuable, Peter explains the law in terms that a layperson can readily understand.