Do You Know How to Navigate the Complexities of Estate Planning?
Navigating the Complexities of Estate Planning: An Interview with Brittany Tedesco
By Jason Gabrieli
In the latest episode of the Dollar Wise Podcast, I had the pleasure of speaking with Brittany Tedesco from Bratton Law Group. Brittany, an estate planning attorney, has been an invaluable resource for our clients at HFM Investment Advisors. In our discussion, we delved into the intricacies of estate planning and the steps involved when a loved one passes away.
Estate planning is a crucial, albeit somber, topic. Our goal was to provide listeners with clear and practical insights to help them navigate the legal and financial complexities during such a challenging time.
Jason Gabrieli: Hi, Brittany. Thanks for joining us today.
Brittany Tedesco: Hi, Jason. Thanks for having me.
Jason: Absolutely. Let’s start with the basics. When someone passes away, what are the immediate steps their family should take?
Brittany: In New Jersey, you cannot probate a will or start the estate administration process for at least 10 days after someone’s passed away. The first step is often just taking the time to grieve and be with your family. In about a week and a half to two weeks, you can start discussing the next steps.
Jason: One of the first questions we often get is about paying for the funeral. What options do people have if they don’t have immediate access to funds?
Brittany: Many people rely on life insurance, but there’s paperwork involved, and it takes time to receive the funds. Prepaid funeral arrangements can be a good option. Some people also add their children or spouse as joint owners on bank accounts for immediate access to funds.
Jason: That makes sense. So, what happens once the initial mourning period is over? What’s the next step in the estate administration process?
Brittany: The estate has to be raised with the county surrogate court. You’ll need the original will, a probate application, and an EIN number from the IRS. Then, you can open an estate account where all the decedent’s assets without beneficiary designations or joint ownership will be transferred.
Jason: And what if someone doesn’t have a will?
Brittany: If there’s no will, the process is more complicated. You may need to get a surety bond and the distribution of assets will follow state intestacy laws, which might not align with the decedent’s wishes.
Jason: Let’s talk about the role of the executor. What are their responsibilities?
Brittany: The executor is responsible for collecting all assets, paying any debts and taxes, and distributing the remaining assets according to the will. They need to keep detailed records and may have to deal with difficult beneficiaries or legal challenges.
Jason: How can someone make it easier for their executor?
Brittany: Open communication is key. Make sure your executor knows where to find important documents and accounts. Keep an up-to-date list of your assets, passwords, and online accounts. And, of course, having a well-prepared will is essential.
Jason: What are some common pitfalls people should avoid?
Brittany: Not having a will is a big one. Also, not keeping your documents up to date or not discussing your plans with your family can lead to confusion and conflict. And remember, everyone’s estate plan should be tailored to their specific situation.
Jason: Brittany, thank you so much for sharing your expertise. Your insights are invaluable for anyone navigating the complexities of estate planning.
Brittany: Thank you, Jason. It’s been a pleasure discussing this important topic with you.
Navigating the legal and financial aspects after a loved one’s death can be overwhelming. But with proper planning and open communication, you can ensure that your family’s transition is as smooth as possible. If you haven’t already, take the time to discuss your estate plans with your loved ones and seek professional guidance to ensure everything is in place.
Useful Links
Connect with Jason Gabrieli: LinkedIn
Connect with Brittany Tedesco | btedesco@BRATTONLAWGROUP.COM | https://www.brattonlawgroup.com/ | (856) 770-2744
Like what you’ve heard…
Learn more about HFM HERE
Schedule time to speak with us HERE
102 WEST HIGH STREET, SUITE 200
GLASSBORO, NJ 08028
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.