E329 February 24, 2010
1. WILLS AND ESTATES — ADMINISTRATORS 3826880 I/M/O Estate of Hope, App. Div. DOCKETNO. A-2988-08T32988-08T3 It has long been recognized
that "'courts are reluctant to remove an executor or trustee without clear and definite proof of fraud, gross carelessnessor indifference.'" Decided In this appeal by two of the decedent's adult children of the trial court's denial of their motion to remove the administrator cum testamento, the appellate panel finds no abuse of the trial judge's discretion and affirms the denial. The appellants failed to submit any competent proof that the administrator's judgment in selling one property for less than the appraisal constituted fraud, gross carelessness or indifference under the circumstances. Similarly, they failed to establish a prima facie case justifying removal based on a failure to protect the estate in connection with his attempted sale of the larger property as there is nothing exceptionable about a contract of sale where the purchaser requires governmental approvals to sustain a higher purchase price and it is clear that appellants sought to frustrate the contract by delaying and preventing the necessary governmental approvals. Moreover, the estate was not harmed by the absence of a right of termination prior to the expiration of the contract. Source: From: NJ Law Journal Daily Briefing 02/23/2010 dailybriefing@njsbanjldailybriefing.com
2. Choosing Beneficiaries for IRA , life insurance, etc
You can name beneficiaries to receive certain assets after your death, including individual retirement accounts (IRAs), life insurance policies, and annuities. Make those designations carefully, since they typically override any provisions in your will. Consider the following points: List all assets with beneficiaries, noting the owner, primary beneficiary, and contingent beneficiary. Also indicate the expected value of each asset. Select the most appropriate person as beneficiary for each asset. In some cases, tax and estate planning considerations may help dictate whom to choose. For instance, spouses typically have more options when inheriting an IRA, so that may be the better choice for your IRA.