For many people, the best time to start creating an estate plan is when they reach the age of majority. In New Jersey, that is when you turn 18. At this point, only those who have your permission can make medical, financial and other decisions on your behalf. A will...
Estate Administration
Using a trust to help your loved one with special needs
New Jersey parents who have loved ones with disabilities that leave them unable to work may want to consider creating a special needs trust for them as part of their estate planning tasks. An SNT allows assets to be held on behalf of an individual without affecting...
What’s the role of a successor trustee in New Jersey?
Setting up a revocable living trust in New Jersey involves multiple steps. One of those steps is setting up a successor trustee. A successor trustee is a person who will handle the trust after you’ve passed. The successor trustee will also take over the trust should...
How to avoid designated beneficiary mistakes
Designated beneficiaries are an important part of an estate plan. Without the correct level of planning, an heir can be hit with a hefty tax bill. The use of designated beneficiaries can help your heirs avoid probate. Yet, when estate planning is incorrect, the length...
What are the different components of an estate plan?
Many people feel overwhelmed at first when they think of writing their estate plan. It's easier than you may think. Five of the main documents to include in a New Jersey estate plan relate to your financial power of attorney, healthcare power of attorney and any other...
Utilize a detailed estate plan when you’re extremely wealthy
After working diligently in New Jersey to accumulate a significant amount of wealth, you may want to leave your millions to your loved ones. Taking time to create a solid estate plan is the best way to help ensure this wish gets completed correctly. Going this route...
Understanding administration bond in New Jersey
When someone in New Jersey dies without a will, the court will appoint an administrator to settle the estate. One of the requirements the judge will ask for during this procedure is an administration bond. Here's an overview of what this bond is and why it might be...
What’s the average cost of making a will in New Jersey?
Everyone should have a will, regardless of income. Without a will in place, the probate process may give your assets to someone you would never have chosen to be your beneficiary, and it could take months or years for them to receive anything at all. At [nap_names...
What is a living will?
A living will is a common component of any comprehensive estate plan for New Jersey residents that serves as an advance directory when some unforeseen medical event happens to the testator. This can eliminate confusion regarding whether or not to keep an individual on...
Understanding ancillary probate can help when passing on assets
Are you dealing with a descendent in New Jersey who owned real estate or tangible personal property in another state? This situation will require an ancillary probate proceeding in addition to the regular probate process as the state where your descendent resided...