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How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

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Who is Responsible for Administering My Trust or Will in New Jersey?

March 18, 2022

The administration of a trust and will likely fall to two different people in New Jersey, depending on how your estate plan is structured. The executor that you name in your will is responsible for carrying out those instructions inside your will. A trustee, however, plays a similar role, but typically until all assets inside the trust have been distributed to beneficiaries.

This means that a trustee might serve in their role for a much longer period of time. A child, financial institution, friend, family member, or other professional could also be named as co-trustee or co-executor. While both the titles of trustee and executor might sound relatively simple, these are substantial responsibilities, and it is important for the person who has been chosen to serve in these roles to understand this position and to feel comfortable serving in this role on an ongoing basis.

A trustee, in particular, is especially important because they are usually given some discretion over trust funds and when distributions should be made to beneficiaries. Only a trusted individual should serve in this role and someone who is comfortable communicating with any and all of the beneficiaries on your estate. The support of an experienced and knowledgeable estate planning lawyer can help to create a strategy to encompass the appointment of an executor, as well as a trustee.

Contact an experienced New Jersey estate planning lawyer for further support as you create these documents and name the important people to serve in these roles.


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can be of assistance.

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listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more