Estate Planning & Wills FAQs

An estate plan in New Jersey (NJ) serves the same purpose as it does in any other state, which is to ensure that your assets are distributed according to your wishes after your death, while minimizing potential legal issues and taxes. It also helps protect your loved ones and provides a roadmap for managing your affairs in case of incapacity.

Estate planning in New Jersey is important for several reasons, many of which are common to estate planning in other states as well. Some of the most common reasons estate planning is important include having your wishes honored, reducing stress in your family, protecting your assets, minimizing taxes, planning for incapacity, providing for minor children, avoiding probate, and maintaining control over your assets and legacy.

A will in New Jersey is a legal document that outlines your wishes for the distribution of your assets and property upon your death. It also allows you to appoint a guardian for your minor children and an executor to manage your estate and carry out the terms of the will. A will is an essential component of estate planning and ensures that your intentions are honored after you pass away.

If someone dies without a valid will in New Jersey, they are considered to have died intestate. In this situation, New Jersey’s intestacy laws determine how the deceased person’s assets are distributed among their surviving relatives. The distribution follows a specific order, depending on the relatives’ relationship to the deceased.

Probate is the legal process in New Jersey by which a deceased person’s estate is administered, their debts and taxes are paid, and their assets are distributed to the beneficiaries as outlined in their will or according to the state’s intestacy laws if there is no valid will. The probate process is overseen by the Surrogate’s Court in the county where the deceased person resided at the time of their death.

The probate process in New Jersey can vary in length depending on the complexity of the estate, the efficiency of the executor, and whether any disputes or challenges arise during the process. On average, the probate process in New Jersey can take anywhere from a few months to over a year or more.

Yes, it is possible to avoid probate or minimize its impact in New Jersey by utilizing various estate planning strategies. Avoiding probate can save time, reduce expenses, and maintain privacy for your family.

Some common methods to avoid or minimize probate in New Jersey include having joint ownership with rights of survivorship, payable-on-death (POD) accounts, transfer-on-death (TOD) securities registration, transfer-on-death real estate deeds, and living trusts.

A revocable living trust is a legal entity created during your lifetime to hold, manage, and distribute your assets. As the name suggests, it is revocable, which means you can change or dissolve the trust at any time as long as you are alive and mentally competent. A revocable living trust provides several benefits and can be a valuable tool in estate planning.

In New Jersey, a power of attorney (POA) is a legal document that allows you (the principal) to appoint someone you trust (the agent or attorney-in-fact) to make decisions and act on your behalf in specific matters or areas, such as financial, legal, or healthcare decisions. A power of attorney can be used when you’re unavailable, incapacitated, or unable to make decisions for yourself.

A healthcare directive, also known as an advance directive or living will, is a legal document that allows you to express your wishes and preferences regarding medical treatment and end-of-life care in the event that you become incapacitated and unable to communicate or make decisions for yourself. This document helps ensure that your healthcare providers and loved ones follow your desires when making medical decisions on your behalf.

Choosing an executor for your estate in New Jersey is an important decision, as this person will be responsible for administering your estate, paying debts and taxes, and distributing your assets according to your will. Here are some factors to consider when selecting an executor include trustworthiness, organizational skills, communication skills, financially responsible, willingness to serve, age and health, and their residency.

Yes, you can change your will in New Jersey as long as you are mentally competent and at least 18 years old. The two common ways to change your will in NJ is through a codicil and by creating a new will.

A codicil is a separate legal document that amends or modifies specific provisions of your existing will while leaving the rest of the will unchanged. The codicil must meet the same formal requirements as a will, which includes being in writing, signed by the testator (person making the will), and witnessed by at least two individuals who also sign the document.

It’s never too early to start estate planning in New Jersey. Ideally, you should begin the process as soon as you have any assets or dependents, such as a spouse, children, or other family members you want to provide for. Estate planning is not just for the elderly or wealthy; it’s a crucial step in ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of after your death.

An estate planning attorney in New Jersey is a legal professional who specializes in helping individuals create and manage estate plans tailored to their unique needs, goals, and circumstances. The attorney’s role is to provide guidance, advice, and legal services related to various aspects of estate planning, including the preparation of wills, trusts, powers of attorney, and healthcare directives.