Estate Planning Lawyers Helping New Jersey Families Make the Right Plan

It is natural to assume that after an individual passes away, their assets are automatically inherited by their close family members. Sadly, this is not always true. Many individuals also mistakenly think that estate planning is only done by the very wealthy or the very old. However, most people fail to realize that their estate consists of their assets such as their property, home, car, and bank accounts.

Estate planning attorneys can assist you in planning for your loved ones through the use of planning tools that can give you the peace of mind that your final wishes will be carried out in the legal manner in which you stipulate.

Estate planning is a critical safeguard that can be tailored to your personal needs. This sort of planning can assist your family in avoiding lengthy and costly legal battles after you pass away. This can also help ensure that your ultimate desires are carried out without a hitch.

If you have small children, it is extremely vital to understand that without a will, custody of your minor-age children would be determined by the courts of the State of New Jersey. Depending on the circumstances, this could be a very expensive process for your family as they try to gain custody of your children. It also would be an extremely traumatic and highly emotional situation for your children.

Estate Plans in Morris County

What Type of Services Does an Estate Planning Attorney Provide?

Estate planning tools and resources can provide many legal options that can give you peace of mind about the future. These resources are crucial to establishing provisions ahead of time as to your personal wishes. Some aspects that should be included in your estate plan include an individual(s) who will receive personal effects such as photos, artwork, and other sentimental items. Another important consideration in estate planning is whether any of your beneficiaries are under 18 years old. If so, the assets that you plan to leave to them must be held by the minor’s guardian or a Trustee until they reach the age of majority. Finally, do the combined assets of your estate exceed that of two million dollars? In cases such as these, both New Jersey and Federal taxes can be imposed upon your death. With the aid of an estate planning attorney, there is a possibility that these taxes could be significantly lowered or even eliminated with proper planning.

Estate Planning Documents

There are many different aspects of estate planning, such as the following:

• Advance health care directives, also known as living wills, give you the ability to appoint agents to act for you along with guidelines as to the type of healthcare you want or do not want should you ever be unable to express your wishes.
• Power of Attorney is a legal document granting legal rights and powers by a person, called the “principle,” to their choice of personal representative called the “agent.” This agent then has the legal power to oversee your financial affairs should you ever be in a position to not do so for yourself.
• Last wills and testaments, which detail who will specifically inherit your assets and belongings. This also empowers you to make provisions as to who will have custody of your minor-aged children in the event of your death.
• Living revocable trusts allow you to manage your personal assets, as well as specify which beneficiaries will receive these assets.

What if a Person Dies Without a Will in New Jersey?

The legal process of probate in New Jersey begins once a person passes away, according to state law. It makes no difference legally whether the person who died had a will or not. If a person dies without leaving a will, the state of New Jersey’s probate rules dictates how the assets are dispersed. When a decedent dies and leaves property that is solely in his or her name, probate is necessary. Bank accounts, as well as stocks and bonds with no co-owner and no specified beneficiary, are examples of assets that might be subjected to probate. This is in addition to personal property such as automobiles, jewels, and household furnishings that are exclusively registered in the name of the decedent.

If the decedent did have a will, then their assets will be allocated according to the terms of the will. Items that are not included in probate are:

• Life insurance or retirement accounts with a designated beneficiary.
• Bank accounts with a payable on death (POD) or transfer of death (TOD) clause.
• Real estate that is owned by joint tenants with a right of survivorship in which two owners hold a title to a property which gives them both equal rights to the property. When one of the owners passes away, the property automatically goes to the surviving owner.
• Property in a revocable trust in which assets are directed to a private entity called a trust to be distributed.

How Can I Simplify Probate?

One simple method for simplifying the probate process would be to include your spouse, partner, or anyone else as a co-owner or beneficiary on various accounts such as a land title, a homeowner deed, the title of a vehicle, stocks, and bonds, and life insurance policies. Something as simple as this can greatly aid your family during the probate process.

Why Should I Hire an Estate Planning Lawyer in New Jersey?

No one wants to contemplate their own death or think about life after they are gone. Nonetheless, simple pre-planning on your part can go a long way in helping to remove the stress and anxiety that accompany the death of a loved one. Your family will most likely be dealing with a wide variety of issues that come from your passing away. At Edens Law Group, LLC, our estate planning lawyers help New Jersey families create personalized plans for their future. We offer:

• Tailored Solutions: We craft plans that meet your unique needs, including wills, trusts, and healthcare directives.
• Comprehensive Guidance: We walk you through every step of the process to ensure your assets are protected.
• Proactive Protection: We help safeguard your estate from unnecessary taxes and legal complications.
• Peace of Mind: We ensure your wishes are honored and your family’s future is secure.

Work with Edens Law Group to protect your legacy with confidence. Allow us to assist you in gaining peace of mind by ensuring that your future and your family’s future are secure. We have years of legal experience managing estate law at Edens Law Group, LLC. Some key services we can help with include developing a will, powers of attorney, healthcare directives, and more.

Contact Us Today

Our attorneys at Edens Law Group, LLC understand how stressful estate planning and the decisions that come with it may be. However, estate planning is your best legal choice if you want to guarantee that your ultimate preferences are carried out and that your loved ones are provided for as you planned. If you want to learn more about your estate planning strategies, schedule a one-hour appointment with Edens Law Group, LLC at 908-529-0353.