New Jersey Estate Planning Attorneys Tag Archives

Published on: January 14, 2025

Trusts Are Powerful Tools in New Jersey Estate Planning

Estate planning is a crucial aspect of financial management that ensures your assets are distributed in accordance with your wishes after your death. However, New Jersey estate planning law can be complex. Besides ensuring that your assets go where you intend, minimizing tax impact and the costs associated with probate must be considered. Also, you may not want some of your heirs to get all the assets right away or have control of them, such as minor children, relatives with special needs, or simply loved ones who are just not good at managing money. courthouse-NY-300x199

One of the key components of a comprehensive estate plan is the inclusion of trusts. A trust is an important tool that can aid in the estate planning process. Trusts are legal arrangements that allow a third party, known as a trustee, to hold and manage assets on behalf of a beneficiary.

Why do I need a trust?

Published on: December 16, 2024

The Importance of Having a Will Under New Jersey Inheritance Law

by Maurice W. McLaughlin

New Jersey estate law makes having a well-written will crucial.

At first glance, the concept of creating a will may seem somewhat morbid or uncomfortable. After all, the process involves contemplating our mortality and deciding on the distribution of our assets after we’re gone. However, there is a compelling case to be made about the importance of having a will. Not having a will leaves your assets to be transferred according to New Jersey estate us-supreme-court-300x200 law when you pass, and not according to your own wishes. That is why our New Jersey estate planning attorneys firmly believe in the importance of having a will, helping you face the legal complexities of making sure the law will enforce your wishes when you pass, and helping provide peace of mind and security for you and your loved ones.

First, a will gives you complete control over the distribution of your assets. Without this legal document, New Jersey intestacy law will determine how your property is divided among your heirs after you pass. This could potentially lead to a distribution that is not in line with your wishes. For instance, you may want to leave certain items to friends or charities, but without a will this would not be possible.

Published on: April 20, 2020

Estate Planning During the COVID-19 Health Crisis: Holographic Wills

by Jennifer C. Meusel

supreme-administrative-court-3565618_960_720-300x200 A holographic will is a will that is handwritten, signed and dated by the testator (the person whose will it is). Under New Jersey estate planning Law, holographic wills can be probated and will serve to ensure that the Testator’s assets are bequeathed according to the Testator’s wishes. In fact, a holographic will is valid even in the absence of witnesses. While a formal, written will with witnesses prepared by an experienced estate planning attorney is always preferable, a holographic will can be used in an emergency.

During the current health crisis, particularly for those who have tested positive for COVID-19 or those who are at particular risk, it may be better to have a holographic will than to have no will at all. However, it is important to know the requirements as well as the risks and downsides to using such a handwritten will. If at all possible, it is certainly better for everyone involved, from the testator to the executor and beneficiaries, for there to be a properly executed traditional will.

The crucial requirement under New Jersey wills and estate law, for a handwritten will to be admitted to probate in New Jersey is that the will was written by hand, signed and dated by the decedent and that the signature and key provisions are clearly written by the same hand and that the handwriting is identifiable as that of the decedent. To prove that in court usually requires testimony by a handwriting expert and/or witnesses who are familiar with the decedent’s handwriting. The holographic will must be presented to the Superior Court by an order to show cause in order to be probated, even if all interested parties agree that the will is valid and represents the decedent’s wishes and intentions about their estate.

Published on: January 16, 2017

Estate and Elder Care Planning after Being Diagnosed with Dementia

by Jennifer C. Meusel

Frequently, when you or a family member are first diagnosed with dementia, you still have the capa testament-1183175__340-300x200 city and are legally “competent” to make your own estate planning decisions. The four documents discussed here will assist a person with dementia and their loved ones as the disease progresses and they no longer have the mental capacity under the law to execute these documents and are no longer able to make decisions for themselves. If a person has not already made these planning decisions and executed the necessary documents, they must act immediately while they still have the mental (and legal) capacity to do so.

In order to be legally capable to sign estate planning documents a person must have “testamentary capacity” – they must be able to understand the import and consequences of what they are signing. They must understand the mechanisms being put in place and the who they are appointing to make decisions for them. Even if a person only has periods of lucidity it does not mean they automatically lack the required mental capacity. That can be complicated, as they need to review and execute the documents during a period of lucidity. Sometimes meetings with their attorney will need to be rescheduled to accomplish this goal.

The most important documents for a person who has been diagnosed with dementia are the Durable Power of Attorney, the Living Will, the Health Care Proxy and the Last Will and Testament.