River Edge Wills And Trusts Lawyers Helping You Confidently Plan For Your Future
Proper estate planning will inevitably include creating a will or trusts. These preparations can ensure that your loved ones receive their inheritance when and how you choose, but a weak will or trust can cause more problems than solutions. When you want to ensure that your legal documents are iron-clad, you want the legal help you can find at Giro & Associates LLC.
At our River Edge office, we take advantage of our attorneys’ decades of combined experience to create wills and trusts that uphold our clients’ wishes while eliminating opportunities for contestation or other unintended difficulties. We believe that every client we help has a unique set of estate planning needs, and we want to be sure we provide them with custom-tailored representation to defend those needs.
Understand These Documents
There is a lot to know about developing a proper will or trust. While we are helping you create these documents and arrangements, we can also explain the details to you, so you can fully understand what we are doing and what to expect from them.
When we work on wills and trusts, we are sure to include everything that you need to make your wishes clear. We will complete all the necessary planning to draft your will, including determining who receives what from your estate, discussing your healthcare directive, and reviewing who you appoint to be your power of attorney and executor of your estate.
When you want to create a trust, we will first help you choose what type of trust you want, such as a special needs trust, an irrevocable trust or a revocable living trust. We also help you create your trusts in a way that minimizes the taxes the beneficiaries will have to pay.
Without a will or trust in place at your passing, your estate will go through probate in the government, which can result in your assets going to the wrong recipient. We are here to give you the peace of mind that your assets will be distributed appropriately.
What You Should Know About Wills And Trusts In New Jersey
Estate planning often brings up questions about wills, trusts, taxes and online legal documents. The answers below cover some of the key issues to consider when creating an estate plan in New Jersey.
What Is The Main Difference Between A Will And A Living Trust In New Jersey?
A will explains how you want your assets distributed after your death. It can also name a guardian for minor children and an executor to handle your estate. A living trust holds assets during your lifetime and can continue after your death. You transfer assets to the trust and name a trustee to manage them based on your instructions. A will generally goes through probate, while assets properly placed in a living trust generally pass to beneficiaries without probate. A trust can also offer more privacy and allow for continued management of certain assets.
Do Assets Distributed Through A Trust Or Will Face New Jersey Estate Or Inheritance Taxes?
New Jersey no longer has a state estate tax, but the New Jersey Transfer Inheritance Tax can apply to certain beneficiaries. Spouses, civil union or domestic partners, children, stepchildren, parents and grandparents are Class A beneficiaries and are fully exempt from this tax. Siblings are Class C beneficiaries and receive a $25,000 exemption. Any amount above that exemption may face inheritance tax rates ranging from 11% to 16%. The tax generally depends on the relationship between the person who died and the person receiving the assets.
Are Online DIY Wills Legal In New Jersey, Or Do I Need An Estate Planning Attorney?
New Jersey does not require you to hire an attorney to draft a will. However, a self-prepared will must meet New Jersey’s legal requirements to remain valid. For example, the will must include the required signatures and at least two attesting witnesses. Missing a required step can create problems for your family later. An estate planning attorney can help you prepare the right documents and address issues involving significant assets, blended families, minor children, businesses or other complex circumstances.
A well-planned estate can give you more control over what happens to your assets after your death. An experienced lawyer can help you create a plan that fits your family, finances and wishes.
Proper Planning Starts Here
If you are ready to meet with a New Jersey estate planning lawyer who can help you with your will and trust needs, now is the best time to contact us. Call 201-771-9436 or email us here to schedule your initial consultation today.