Estate Planning

Common Questions Regarding Estate Planning In New Jersey

Is an attorney needed to prepare my estate planning documents? Can’t I simply fill-in the forms on the Internet?

Creating an estate plan is not a do-it-yourself home improvement project. In order to be valid, each document must comply with the laws of the State of New Jersey. These requirements are strict, so lack of adherence may result in invalidating the entire document and requesting judicial intervention (which would only cost your Estate more expense and more difficult for your heirs, especially during a stressful time).

Is there an appropriate time for establishing an estate plan?

As an adult, it is never too young to have an estate plan. An estate plan provides a “road map” of one’s wishes and should be reviewed and/or updated every three to five years to account for the changes in life. As an adult, an advance directive and power of attorney are also needed because parents can no longer make health care and financial decisions for an individual who is over eighteen.

Do I need an estate plan if I do not have a large number of assets?

Whether you have $5,000.00 or $50,000,000.00 in assets, one needs an estate plan. It is important that assets are evaluated in terms of categories such as personal property, real property, and everything else. An estate plan accounts for your assets and how you would like those distributed once your debts are paid.

Can’t a family member simply assume the position of guardian for my minor children if my spouse and I both die without a will?

A will is used to appoint a guardian for minor children when the parents die. If parents do not have a will, the Court will appoint guardians. Family members may have a voice regarding the appointing of a guardian, but the ultimate decider will be the Court.

Can’t my family simply take care of my estate if I do not have a Will?

Dying without a will, also known as intestate, will cost a family more than dying with a will. For example, a family member will need to post a bond, which is not needed if an individual has a will. When an individual dies intestate, the Court becomes more involved and makes decisions on your behalf, such as the appointment of an administrator.