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
Why Do I Need a Trust?
A simple will works for some people, but it's not for everyone. For those is in a second marriage, have minor children, or are concerned about fraud, a trust may serve you much better. There are some simple estate planning techniques that you can use to avoid probate and simplify things for your heirs when you die, for example: adding beneficiaries to your retirement accounts or adding transfer on death (TOD) 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
Why Small Business Owners Need an Estate Plan
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone. While an estate plan is important for everyone, it is especially important for small business owners. Planning allows you to dictate what will happen with your business after you die or are no longer able to manage 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
When Does a Will Become Outdated?
Estate planning is an important part of every family, no matter the size or structure. You should work with an attorney early on to make sure your wishes are carried out when you or another member of the family passes away. It’s imperative, however, to understand a will is not a “set it and forget it” situation. You will need to update your will as time passes. Your Family Structure Changes This should be the most Read More
What Happens To a Family With No Estate Plan?
Estate Planning is the process of working with an attorney to create a legally-binding plan for what will happen to your remaining belongings and assets after you pass away. The bedrock of an Estate Plan is a Last Will and Testament. It dictates what the individual wants, as well as how they would like it accomplished. So what happens when someone passes away without an Estate Plan? Let’s take the case of Sam as an Read More
