Estate Planning Lawyers in Sussex County Dedicated to Helping Individuals Plan for the Future
Many people have the misconception that estate planning is just for the rich or the elderly. Most individuals, however, are unaware that their estate is legally comprised of their assets, which include their property, home, automobile, and bank accounts. As a result, many individuals wrongly believe that their possessions are automatically handed down or inherited by their family members when they die. Unfortunately, this is not always the case. You may have peace of mind, though, by using estate planning tools to ensure that your ultimate desires are carried out in the legal manner that you specify.
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, you’ll need the help of a knowledgeable estate planning lawyer. Schedule a one-hour appointment with Edens Law Group, LLC at 908-529-0353 to explore how to effectively go ahead and plan for your loved ones.
Estate planning can cover a wide range of topics, but it can be tailored to your personal need. Estate planning is a critical safeguard that everyone should take advantage of at some point in their life. This sort of planning can assist your family to avoid 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, estate planning is extremely important because it allows you to choose who your children will live with in the case of your death.
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 belongs. 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.
How Can I Avoid My Estate Ending Up In Probate?
After an individual passes away in the state of New Jersey the legal process deemed probate begins. It does not legally matter if the individual who passed away did or did not have a will. However, it is important to understand that 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 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.
What If a Person Dies Without a Will?
If a decedent dies without a will, then the probate laws of the State of New Jersey determine to whom the assets will be distributed. Probate is required when the decedent dies leaving property that is only in his or her name. Examples include:
- Bank accounts along with stocks and bonds with no co-owner and no designated beneficiary.
- Possessions such as cars, jewelry, and household furniture that are only registered under the decedent’s name.
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.
However, it should also be mentioned that probate is not always required after an individual passes away, as it depends on what type of assets the decedent owned.
Why Should I Hire an Estate Planning Lawyer in Sussex County, New Jersey?
No one wants to think about their own mortality or what life will be like when they are gone. However, most people would respond that they want their assets to go to persons they designate as beneficiaries if they are asked. The practice of estate planning is one simple approach to do this. We have years of legal experience managing all facets of this field of law at Edens Law Group, LLC. Allow us to assist you in gaining peace of mind by ensuring that your ultimate desires are carried out in the manner that you specify.
Our NJ law office serves the whole Sussex County community, and is conveniently located 58 minutes away from Delaware Water Gap National Recreation Area and 59 minutes away from Mountain Creek Resort. Schedule a one-hour consultation with Edens Law Group, LLC at 908-529-0353 to discuss your estate planning needs and goals.