Below are 10 things you should know about writing a will. Did you know that according to an AARP survey, 2 out of 5 people in New Jersey over the age of 45 don't have a will? What is a Will? A will is simply a legal document in which you, the testator, declare who will manage your estate and who will get your "stuff" when you die. What Happens If I Don't Have a Will? Putting your wishes on paper helps your heirs Read More
When To Update Our Wills: Newly married with a new baby.
Mom and Baby Q: I was recently married and we just had a baby. My husband has a Will that he had prepared before we were married leaving everything to his sister. Is that will still effective or should he make a new one? If he doesn't update it, will everything actually go to his sister? A: It is very important to update Wills and account beneficiaries upon the occurrence of a significant life event such as a Read More
What You Can’t Do With a Will
Most people know what a will does but there are things that it won’t cover. A will is just one part of a comprehensive estate plan. Here is what you can't do with a will. A will is a legally-binding statement directing who will receive your property at your death. It is also the way you appoint a legal representative to carry out your bequests and that you name a guardian for your children. Without a will, your Read More
Understanding the Common Types of Trusts
A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary." Trusts fall into two basic categories: testamentary (created by your will at death) and inter vivos (during your lifetime). A testamentary trust is one created by your will, and it does not come into existence until you Read More
The Durable Power of Attorney: Your Most Important Estate Planning Document
For most people, the durable power of attorney is the most important estate planning instrument available -- even more useful than a will. A power of attorney allows a person you appoint -- your "attorney-in-fact" or “agent” -- to act in place of you – the “principal” -- for financial purposes when and if you ever become incapacitated. In that case, the person you choose will be able to step in and take care of your Read More
Five Reasons to Have a Will
Your will is a legally-binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property. (Probate is the court process by which a deceased person's property is passed to his or her heirs and people named in the will.) Many types of property or forms of ownership pass outside of probate. Read More
Estate Planning When You Have a Stepfamily
Ideally, when a second marriage joins two families together, should be a joyous occasion that creates one bigger family unit - the "blended family." Unfortunately, it too often also creates inheritance fights between stepparents and children. A good estate plan is necessary to help avoid these types of family squabbles. Complications can arise when two people who both have children from previous relationships marry. Read More
Does Your Will Name an Alternate Beneficiary?
If your will does not name an alternate beneficiary, what will happen to your estate if your primary beneficiary does not survive you? If your will does not name an alternate beneficiary, your estate will be divided according to state law. The way the state divides your estate may not agree with your wishes. Your money may go to someone you don't like or to someone who is unable to handle it. For example, suppose Read More
Back to Black: Amy Winehouse Didn’t Have a Will After All
Following the death of my all-time favorite singer Amy Winehouse (ok, after Sinatra) from alcohol poisoning in July 2011, it was reported that not only did the 27-year-old have a will but that she had recently updated it to ensure that her ex-husband, Blake Fielder-Civil, would not inherit any of her estate. That the troubled singer could be organized enough to plan her estate seemed somewhat incongruous, but news Read More
What Can Jim Morrison’s Simple Will Teach Us About Estate Planning?
It’s a bit of ancient history, but Jim Morrison’s will highlights a misunderstanding in estate planning that is still common today: What happens to the balance of a bequest when the beneficiary dies? When The Doors lead singer died in 1971 at age 27, his will provided that his entire estate would pass to his girlfriend, Pamela Courson, provided she survived him by three months. If Courson, his "primary Read More
