ESTATE PLANNING and or existing Estate document updating is very important however many do not address or follow through to complete. Estate planning can clearly set forth your intentions and also your asset distributions, as well as your personal items, and other matters once you pass. The Estate Plan should include a Last Will & Testament, Trusts (several versions) if you wish, and also your powers documents (known as general durable POA, as well as health care directive POA, and several other limited POA’s as needed).
WILLS
A properly executed, witnessed and notarized Will is a legal document that outlines how you want your estate handled and assets distributed after your death. The Will can address and allow intended services for estate matters to include asset distributions, as to who will receive your assets, and to include personal belongings, and also real estate property and bank and investment accounts and other assets/money distributions as well. A detailed Will can avoid any disputes among family members and or other beneficiaries. Also, you can address guardianship of minor children, if you have children who are under the age of 18. In your Will you can select a guardian to care for your minors. Also you need to appoint an executor to manage your estate to include funeral arrangements if you wish, as well as paying outstanding debts, distributing assets and other estate administration matters according to your intentions set forth. Once your Will is finalized, you then execute it and have witnessed and then notarized to include the self-proving affidavit.
TRUSTS
Trusts are documents that can hold your assets that can be addressed outside of your estate matters. Many types of trusts exist and are known as set forth below:
• Revocable Living Trust (can be addressed or decanted by the grantor who created it) while alive. Trusts can often avoid probate where said assets within the Trust are addressed and distributed outside of the deceased’s estate.
• Irrevocable Trust: This trust usually cannot address nor be decanted during the lifetime of the grantor. An irrevocable trust can also offer tax benefits and also protect assets from creditors.
• Testamentary Trust: This is set forth within the Will and is not in effect until the grantor’s passing. Often times this trust is set forth to address and manage assets for minor children and or other beneficiaries as to inheritance.
The benefits of Trusts can often avoid estate probate matters and allow for more efficient distribution of assets to beneficiaries. Also Trusts are usually privately addressed, unlike Wills which are lodged for probate with the public Surrogates Office. The control and flexibility of Trusts can allow your direct intentions as to estate distributions, to include age or other conditions for beneficiaries before receiving inheritance. Also the tax and other estate costs can be reduced by Trusts by avoiding estate and gift taxes, thus more asset distributions to your beneficiaries. Simply set forth to establish a Trust, you select a trustee (can be a personal individual or your financial/legal/accounting rep or other) to manage the trust to then address and transfer assets as set forth in the details and or instructions that can be clearly outlined as to how the trustee should manage and distribute the assets.
POWER DOCUMENTS
A power of attorney (POA) and or Health Care Directive POA is a formal document granting another person control as to your financial or medical matters while you are alive. There are several types of POA’s to include:
• General Durable Power of Attorney
• Limited Power of Attorney
• Healthcare Power of Attorney
These documents set forth your financial and or medical intentions to be addressed and managed as you so desire, and by your selected agent, and should you not be able to make decisions yourself. Further, these properly set forth and properly executed powers documents can avoid many issues to include any court matters. Without any POA’s, the Surrogate court can appoint an agent, guardian, conservator or other to manage your matters and related affairs. Thus, you can address many matters in general or limited ways. As set forth previously, said POA documents must be signed by you and also witnessed, and notarized to make them legally binding.
YOUR ESTATE PLAN
As set forth previously, a comprehensive estate plan is very important, not only to you, but also your family, friends and beneficiaries. Said plan includes your Will, Trust if you wish, and also the powers documents. This Estate Plan will set forth your intentions to distribute your assets based on your wishes and your personal and other matters. As set forth above as well as to the steps to create your Estate Plan, same can make your estate probate and administration matters very efficient and, hopefully, not disputed nor taken to court.
Reach out anytime to address your estate plan and other matters to include any personal circumstances to then address what you need in your estate plan. you may call or email, contact info set forth below, to consult with us as estate planning attorney to review your estate matters and see how to proceed with drafting your estate documents, to include if you wish any trusts, and then once finalized, to fully and properly execute same, to include our detailed instruction letter setting forth your then established and or updated estate plan (updated depending upon life changes as to marriage/divorce, birth or death matters and or major financial changes).
Once completed, you can contact executor, trustee, and agents if you wish, as to their roles and responsibilities. Also you can inform your family and others, as you wish, about your estate plan as well which may avoid potential disputes. You may also review as to future updates to reflect any changes you wish to make due to life matters and occurrences.
Call 856.428.5577 or e-mail [email protected] anytime to discuss or set up an office consultation at your convenience.
DiMedio Law is a New Jersey law firm whose practice includes Business Services & Succession Planning, Real Estate, and Wills, Trusts & Estate Planning & Administration. Contact us at [email protected] or call us at 856-428-5577.
DISCLAIMER: This advisory is for general information purposes only. It does not constitute legal advice, and may not be used and relied upon as a substitute for legal advice regarding a specific legal issue or problem. Advice should be obtained from a qualified attorney licensed to practice in the jurisdiction where that advice is sought.
