Blog: Estate Planning

A will is an important legal document and no one should rush into making one. It is important to follow all the steps of properly executing a will. Failing to do so opens up the door to will contests, which can be costly and time-consuming, and can tear families apart. Self-proved wills Under New Jersey law, a will must be “self-proved” if it was executed after 1978. A self-proved will can be probated with no...

When you are creating your estate plan, one of the first steps you must take is choosing an executor or estate administrator to manage your affairs. While managing an estate may seem straightforward, it can often require a great deal of time and effort. Making sure to choose someone able and willing to handle this responsibility on your behalf is critical to successfully managing your affairs once you have passed away. The consequences of not...

For many New Jersey residents, creating an estate plan does not mean that it is finished and will never be changed. This is especially true with a will. People who are proactive and vigilant with being prepared for the future can draft a will to ensure their property goes where they want it to go and other areas of their life are addressed. Still, as time passes, things change. Perhaps there was a divorce and...

There’s a lot that goes into estate planning, but one often overlooked aspect is the potential need for long-term care. If you end up in a nursing home or long-term care facility without proper planning, then the costs of your care can quickly eat away your estate, thereby leaving your loved ones with little to nothing when you’re gone. And it can leave you at risk of being unable to obtain the care that you...

If you have a valid will, you have already taken an important step in the estate planning process. You have a legal document stating what happens to your estate after you die. However, what happens if something happens to you that renders you incapacitated and unable to make your own medical decisions? Having a living will can help. What exactly is a living will? A living will is a written document that allows you to...

Many New Jersey residents have invested a lot of time and wealth into their family business. When they retire, for many reasons they may want to keep the business running. Perhaps they wish to hand responsibility for it down to the next generation. Even if that is not the case, though, they still will likely want to be sure that their loved ones get some financial benefit from the business. Without a good business succession...

Estate planning is a necessary but often neglected aspect of life. In New Jersey and across the nation, people may understand how vital it is to create even a rudimentary estate plan, but fail to follow through. This can lead to problems if the unexpected happens. Evidence of the litany of challenges that can arise if a person dies without a will have been shown with prominent people in recent years. While those individuals –...

Making an estate plan is important for everyone to do. There are many good reasons to have an estate plan and it can be helpful for family members to know what they are and how to talk to their loved ones about estate planning. Questions to ask to help parents begin the estate planning process There are several things to think about when estate planning and when considering the importance of estate planning. Questions adult...

Drafting a will is often something that people talk about, but never get around to doing. Although having a will is recommended, the reality is that it not a priority for many people. There are many reasons for this. Young people may think estate planning is not something they need to do yet and thinking about your own death is not something most people want to do, no matter their age. If you die without...

Deciding how to leave your assets to your loved ones can be a challenging endeavor. After all, your familial relationships and your loved ones’ individual needs may justify something other than equal distribution of your assets. In some instances, estate planners find themselves concerned about how their assets will be used once handed down. If you find yourself in this position and are worried about your estate being squandered away, then you may be wondering...