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New Jersey Trusts and Estates Lawyer

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Estate planning can be an arduous process, and some choose to procrastinate or avoid it entirely. In fact, only about 40 percent of Americans have a will or trust, according to AARP.

The ins and outs of estate planning might be made simpler by working with a skilled attorney. A capable New Jersey trust and estates lawyer may be able to painlessly guide you through the necessary procedures, so that your future can be further solidified.

Trust and Estates Regulations in New Jersey

The field of trust and estates is a broad one, and there are a variety of regulations concerning it. A New Jersey resident may choose from several estate planning instruments depending on their specific circumstances and needs.

An adept New Jersey trust and estates attorney could provide assistance with any or all of these legal functions.

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ENSURE YOU CONTROL YOUR ASSETS

You’ve spent your entire life working hard to accumulate all that you own. Wealth, property, homes, cars, valuables and priceless family heirlooms. But have you ever stopped to think about what might happen to all your assets should you get sick or die?

5 ELEMENTS OF A FOOLPROOF PLAN

An “estate” consists of all of the items a person owns. These can include vehicles, bank accounts, retirement accounts, furniture, real estate, and life insurance. An “estate plan” is the method in which the estate is passed on to the next generation.

RUSS NESEVICH

About Russ Nesevich

About russ nesevich

As the founder of Nesevich Law, LLC, Russ Nesevich ensures that clients have optimally planned to protect their families and their assets through all stages of life. He works with families to navigate the often complex laws of estate planning and identify the solutions that will best meet their needs. Russ is an award-winning and engaging speaker and presenter and always makes himself available to speak to groups about all topics revolving around estate planning.

Several Options for Trusts in New Jersey

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Many of the rules for trusts in New Jersey are defined in the Uniform Trust Code. New Jersey residents may elect to form a trust while they are still alive, or they might identify a trust in the terms of a will. A diligent trust and estates lawyer in New Jersey could present the various options for trusts during a consultation.

Living Trust

A living trust is sometimes called an inter vivos trust. These instruments allow the holder to access their own assets while they are still living. Inter vivos trusts are freely revocable, so they can serve as a viable option for those who are not ready to commit to a more permanent form of estate planning.

Testamentary Trust

A New Jersey resident may decide that a trust should not go into effect until after they pass away. If this is the case, they may set up a trust at the same time they publish their will. The terms of the will may contain a provision that the trust should go into effect upon the reading of the will, and the document can also indicate how the trust should be funded.

Per New Jersey Revised Statutes §3B:3-10, a document that exists at the time of the writing of a will can be described in the will. This is called “incorporation by reference.” Through this process, an individual could ask a legal representative to create both a testamentary trust, as well as a will which references the trust.

Bequeathing the Estate via a Will

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A will can be a permanent option for passing on the assets in an estate, but it does not necessarily have to remain fixed. Wills executed in New Jersey should ideally be typewritten, but in some circumstances they can be handwritten.

If done properly, a last will and testament can be revoked, changed, or amended. It might be beneficial to consult a lawyer first, however, to ensure that the alterations are made properly and have the intended effect.

Contact a New Jersey Trust and Estates Attorney

If you are one of the many Americans who lacks a will or a trust, it might be time to rectify that situation. A qualified legal professional may be a helpful resource as you choose an appropriate method for bequeathing your assets.

Many estate planning options exist, and it may be important to find out which one of them would be the right fit for your particular economic situation. Set up a consultation with a New Jersey trust and estates lawyer to start planning the future for your property.

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