A will is a basic estate planning document used for wealth transfer. It holds a detailed list of instructions as to how your property should be shared after you die. If you have minor children, it contains provision for appointing a guardian for your children. Our estate planning lawyer will listen to your wishes; how you want your assets transferred, and whom you desire to receive from your possessions. He would also help you take into account all assets and accounts which you own, and how you can include such assets into your will. Will creation requires certain formalities which must be strictly adhered to, and the estate planning lawyer NJ will help you avoid mistakes associated with creating wills.
Other variations of Will
Pour over will
In some cases, you may need to use your assets up till your death, yet you desire to put them in a trust (which hinders you from using the asset). To make this possible, the estate planning lawyer New Jersey will help you create a pour-over. This will gives instructions that your assets be transferred into a trust immediate you pass away.
You may decide to or not to be placed on life-support when you fall into a vegetable state or terminal condition. Such wishes and instructions are stated in a living will.
A trust is created by the Grantor (the owner) and left in the hands of the trustee, to hold and manage for the benefit of the beneficiary. A trust goes into effect as soon as assets are transferred in to the trust. Whereas a will passes through probate, a trust does not.
There are basically two kinds of trusts: Revocable trust and irrevocable trust
A revocable trust, also called revocable living trust or simply living trust, is a kind of trust that can be changed or terminated at any point during the Grantor’s lifetime. For this reason, the assets held in the trust do not entirely take the trust’s name, but are still considered owned by the Grantor. You will be the trustee (holder) of your own living trust before you die. A successor trustee, whom you appointed in the trust, would then be responsible for the trust. The assets held in the trust will transfer without probate to the heirs, saving expenses and time, making the revocable trust a safer alternative to a will. Even a revocable trust doesn’t stop property taxes. To escape estate taxes, the estate planning attorney may help establish an irrevocable trust.
If established, such trust can never be modified or terminated. That is, if you move assets to the irrevocable trust, they stop being yours. This ensures that any tax or debt usually impacted by your ownership will be nullified. And if that’s your dream, our estate planning lawyer will create an irrevocable confidence for you. Since the assets are no longer beyond your control, he’ll advise you on what assets to carry, and not to. Irrevocable trust also offers complete asset protection and prevents probation.
Durable power of attorney
Our estate planning lawyer will also help you create a durable power of attorney, which allows you to appoint a competent individual who you trust to make medical and/or financial decisions on your behalf, in the event you become incapable of making them yourself.
An estate planning Lawyer NJ can help with the following estate plans:
- Preparing a Living Trust to avoid the probate process along with its hassles.
- Advising you on the best type of Trust to establish, such as an Irrevocable Trust
- Preparing a valid Will according to the state laws.
- Helping to reduce or rule out estate taxes.
- Ensuring that your property is protected from the ravaging clutches of your beneficiaries’ creditors.
- Distributing your estate to your beneficiaries in the manner you so wish.
- Help prevent guardianship for minors and those incapacitated.
- Establish a healthcare plan that suits your needs as well as help you file an advance medical directive. Through this, you can designate a health care agent or a trustee to make medical decisions for you when you become mentally incapable.
- Help you know when best to update your estate plan. (Your estate plan can always be adjusted so far you’re still alive.
Contact our best estate planning lawyer 07653 NJ.