Elder Law Blog from Price & Price Law in Southern New Jersey

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Posted on December 28, 2018

What is an Estate Identification Number?

An estate identification number (also called an EIN) is like a social security number for an estate.  This is how the government can keep track of income and assets of the estate for tax purposes (yes, income earned by an estate is subject to income tax).  You will need an…

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Posted on December 20, 2018

What is an Estate?

An estate is all of the money and property a decedent owned at the time of their death. It’s really that simple as far as a definition is concerned.  However, you have to be careful because the value of their estate may be less that you think.  The assets in…

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Posted on December 14, 2018

What is an Executor?

An executor is the person named in the will to manage the decedent’s estate.  The executor is in charge of the estate administration process – i.e. doing the four things that must be done in every estate: collecting the assets, paying the expenses, paying the taxes and paying the beneficiaries….

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Posted on December 7, 2018

What is Controlled by the Will?

It may be easier to answer this question by stating what isn’t controlled by the will.  Any assets that automatically pass to someone else are not controlled by the will. So, if there is a beneficiary on an account the account will pass to the beneficiary outside of the will….

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Posted on November 28, 2018

Who Are the Beneficiaries When Someone Dies Without a Will?

A will contains beneficiaries – i.e. a list of the people who will receive the decedent’s estate. If someone dies without a will then there is no list. In that situation who is going to receive the decedent’s property? A quick note… Most people think the answer to this question…

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