Do I need a will in New Jersey? We believe strongly that every adult should draw up a will because a will lays out how you wish to have your real and personal property distributed after you pass. If you do not have a will, under New Jersey probate laws, your assets...
At present, New Jersey does not charge a state estate tax, though inheritance tax can apply in certain cases. However, estates of significant value may still be subject to federal estate tax based on the exemption in effect at the time of death. Being aware of these...
When engaging in the estate planning process, you’ll likely want to pick someone to serve as an estate executor. This individual will be in charge of administering your estate’s affairs once you pass away, which can include locating assets, notifying beneficiaries and...
Far too many people try to keep their estate plan a secret. There can be many reasons for this, but chief amongst them is simply the difficulty in discussing one’s own mortality and a discomfort in discussing estate planning with those who may be disappointed in the...
When people establish estate plans, they get to choose for themselves what terms they set. An individual's testamentary wishes may change over time. As their relationships and personal resources shift, the legacy that they hope to leave may change as well. Most of the...
New Jersey residents who are taking the necessary step of creating an estate plan to prepare for the future are not all the same. Everyone has different circumstances that they need to account for. Those who have a disabled loved one will want to make sure that person...
Regardless of how much wealth you’ve built up, the need for extensive long-term care can threaten to quickly erode it, leaving you with little, if anything, to pass down to your loved ones. The risk of this happening may be greater than you think. In fact, if you’re...
Determining the appropriate party to name as your estate plan’s executor is vital. You should choose someone with qualities you consider crucial for performing the expected duties. After finding the person you believe is well-suited for the job, you need to officially...
Divorce marks a significant shift in your personal and legal affairs, including your estate plan. In New Jersey, some parts of your estate plan may change automatically once a divorce is finalized, while others require direct action. Understanding which provisions are...
Executing a will is a wise and responsible decision. A will ensures that your assets will go to heirs and beneficiaries of your choosing after you pass away. However, sometimes life circumstances change and you may want to revoke or modify your will. Marriage, divorce...