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 provided outstanding advice and preparation of a will and trusts.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
Great friendly staff
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Answered my question quickly and referred me to a colleague that could handle my problem
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!
Peter provided outstanding advice and preparation of a will and trusts.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
You & your staff are the best thank you for everything.
Peter and his staff handled all of our needs in a very professional and timely matter.
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.
Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.
Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.
Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
Peter and his associates made things easy for us.