Death can create many complicated legal questions concerning the division of property, what is to be done with money, and even who is to run businesses. A combination of legally binding documents such as wills, trusts, and business succession plans can provide certainty over how your estate will be handled.
Estate planning gives you control over what happens to your assets after your passing, and a Moorestown estate planning lawyer could help you make sure your wishes are fulfilled. Once retained, a qualified trusts and estates attorney may help you draft wills, create trusts, and enact living wills identifying what should be done in case of incapacitation.
Common Issues Controlled in Estate Laws
Property holdings that make up estates typically consist of real estate, any money contained in bank accounts, pension funds, and other property that has a tangible monetary value. An estate also contains debts such as unpaid loans or a mortgage. Estate planning can dictate what is to be done concerning the distribution of these assets and liabilities.
An estate plan can also provide for the care of minors or charitable causes, since the executor of a trust may only use that money for the expressed purpose of the trust. A Moorestown estate planning attorney could provide more information about common issues that arise during this and other related processes.
The Purposes and Legal Effects of Estate Planning
When considering assets to be divided after death, an individual may own a home, a car, a business, and various other types of physical and financial property. Without a will defining specific instructions for distribution, though, these assets would be divided equitably among heirs and not necessarily in the way the owner of those assets would have preferred.
A will may state that a testator intends for their assets to be divided in a certain way between multiple parties entire estate to pass to a particular party. A trust may also indicate that the proceeds from the sale of the decedent’s home are to be used to fund a scholarship.
Likewise, the purpose of an estate plan is to dictate what should be done with certain belongings when they die. If properly executed, the probate court must ensure that the executor of an estate takes full responsibility to see the decedent’s wishes through.
As estate plans often disadvantage otherwise qualified heirs, disputes over their legality are common. For instance, New Jersey Revised Statutes §3B:3-2 states that a valid will must contain the signatures of two individuals who witness the testator’s signature. An estate planning lawyer in Moorestown may help provide more information about estate planning and taking legal action to protect a testator’s rights.
A Moorestown Estate Planning Attorney Could Help Protect a Family’s Future
Many people pass away without any sort of estate plan, meaning a probate court would evenly distribute their assets among all heirs instead of as the owner of those assets might prefer. As such, retaining control over certain assets upon death is a critical part of most plans that people make for themselves for their families.
A Moorestown estate planning lawyer could work with you to draft legally binding wills, create trusts, and take the proper steps to ensure your goals are met after death. Contact a knowledgeable attorney today to learn more.