The Connections Warren-Watchung Edition Nov 2020

THE WARREN-WATCHUNG CONNECTION PAGE 13 NOV 2020 - JAN 2021 theconnectionsnj.com Is Uncle Sam your Beneficiary? 20% off for all Health Care Providers, Teachers, EMS, Police and Firefighters with proper ID PREVENT HEIR LOSS • Are You Prepared for the Unthinkable? • Is Your Estate Plan Complete? • Do You Have an Estate Plan? • Do You Understand what Happens when you Die Without a Last Will and Testament or Trust? • Who can Legally Make your Healthcare and Financial Decisions should you become Incapacitated? • Do you have Minor Children? Who will take care of them if you get Sick or Pass Away Unexpectedly! • Do you Have Pets? If so consider a Pet Provision in your Trust or Will. ------------------------------------------------------------------------------ With over 25+ years in the business, I know what matters! We will custom draft your plans to fit your personal needs. • Last Will & Testaments • Revocable Living Trusts • Powers of Attorney for Assets & Health Care • Living Wills Virtual Consultations are Available No Contact Meetings can be Arranged No Need to Meet in Person!! Call today to talk about how we can help prevent heir loss for your family! 908.753.4155 Gail L. Abrams, Attorney at Law 7 Johnston Drive, Watchung, NJ 07069 estateattorneynj.com A Will is not just for the very rich. Ev- eryone over the age of 18 needs at least a simple Will to protect his or her family and assets after he or she passes away. A Will informs the state of New Jersey and your family how you want your assets distributed when you die. Other reasons for doing a Will include naming indi- viduals who will control the distribution and manage those assets for your family after you are no longer here. It is espe- cially important for younger couples that have minor children to name a guardian who will take care of your minor children if you should die. In addition, if you have minor chil- dren, you could create an Education Trust for your minor children so they will be provided for if you should pass away unexpectedly. If you die without a Will or die “Intestate”, the State of New Jersey will step in and appoint an administrator to over- see the distribution of your assets and will dictate who will care for your minor children. This can be costly and time-consuming for your family and you have no say over how your assets are to be handled or distributed after you are deceased. Most people believe that they do not have enough assets or property to make up an “estate,” to create a Will. Howev- er, the facts are that if you have assets or property over $10,000 ($20,000 if it goes to your spouse) you will be subject to a full probate administration through the State of New Jersey. In addition to simple Wills another solution that the Law Of ce of Gail L. Abrams located in Watchung, New Jersey provides is to es- tablish a Living Trust for ease of probate to your heirs when you pass away. Many people do a Living Trust if they have disputes within the family or they have real estate outside of the state of New Jersey. Out of state real estate would require another probate proceeding to occur without a Trust. Having a Living Trust avoids multiple probate proceed- ings. Additionally, many single people do a Living Trust because it helps or- ganize their affairs so when they pass away, their heirs know where all the assets are located. In addition to cre- ating a Will or Living Trust everyone should have supplemental documents such as a Living Will, a Power of Attorney for Health Care, and a Power of Attorney for Assets to protect them and their assets should they be- come ill and unable to care for themselves or their property. Many financial institutions do not accept a Pow- er of Attorney for As- sets unless it has been previously led with them. They may not accept a Power of Attorney for Assets that is more than three years old. A new one would have to be prepared. This is a complex area of law and these doc- uments should only be prepared by a quali ed estate-planning attorney. Gail L. Abrams has been in practice for 25 years and specializes in Estate Planning. We are offering virtual consultations. No need to meet in person. No con- tact meetings can be arranged. You can contact her of ce at (908) 753-4155 to discuss your situation or e-mail her at gabrams@sia nancial.com. EVERYONE NEEDS A WILL L ’ V By Gail L. Abrams, Attorney At Law If you die without a Will or die “Intestate”, the State of New Jersey will step in and appoint an administrator to oversee the distribution of your assets and will dictate who will care for your minor children. This can be costly and time-consuming for your family and you have no say over how your assets are to be handled or distributed after you are deceased.