Beyond the Will, How to Make A Difficult Time Easier on Those Left Behind
July 3, 2024 •
In this episode, Jason Gabrieli is joined by Brittany Tedesco from Bratton Law Group to discuss what really happens when someone passes away and what that experience is like for those left to handle things. Most people are familiar with the importance of having a will and estate plan before they pass away, but the reality is that there’s other considerations that could be made ahead of time to make this difficult and emotional process as smooth as possible. Whether you’re someone who is dealing with a loved one’s passing or it’s important to you that this burden is minimized for your family when your time comes, we hope these insights help provide some valuable direction.
Tune into this episode to also learn:
- Key steps to take immediately after a loved one passes away.
- The role of a funeral representative in estate planning.
- Differences between probate and non-probate assets.
- Practical tips for managing estate accounts and distributions.
What we discussed
- [00:02:00] Immediate steps to take after a death, including waiting periods and obtaining death certificates.
- [00:04:13] Essential documents for estate planning: wills, powers of attorney, and HIPAA releases.
- [00:07:56] Differentiating between probate and non-probate assets and their impact on estate administration.
- [00:10:38] Opening an estate account and managing the deceased’s assets.
- [00:13:22] Filing inheritance tax returns and handling the estate’s financial obligations.
- [00:16:44] Preparing executors for their roles and ensuring open communication with beneficiaries.
- [00:19:22] The importance of updating beneficiary information and having detailed records.
3 Things To Remember
- Always have essential estate planning documents in place, including a will and powers of attorney.
- Understand the difference between probate and non-probate assets to streamline the estate process.
- Open communication with your executor and family members can significantly ease the estate administration process.
Memorable moments:
(00:01:50) “So in New Jersey, the seat that we’re in, you cannot probate a will or start the estate administration process for at least 10 days after someone’s passed away.”
(00:04:35) “When you pass on, those powers of attorney are no longer in effect, right? And it’s your executor, basically, is going to be the person that’s going to take over under your will. An important part to get back to the funeral. So in our wills, since I think it’s 2014, New Jersey has a law where we have to include what’s called a funeral representative in the will.”
(00:12:37) “Inheritance tax returns have to be filed within eight months of a decedent’s passing in New Jersey, within nine months in Pennsylvania. And New Jersey and Pennsylvania are two out of, I think, seven states in the country that still have that inheritance tax.”
Useful Links
Connect with Jason Gabrieli: | LinkedIn
Connect with Brittany Tedesco | btedesco@BRATTONLAWGROUP.COM | https://www.brattonlawgroup.com/ | (856) 770-2744
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HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
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How can you have fewer questions from your employees and better outcomes during plan changes? By starting with clear communication.
Disclosure: HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
