The Connections Warren-Watching Edition Sep/Oct/Nov 2020

THE WARREN-WATCHUNG CONNECTION PAGE 13 SEPT/OCT/NOV 2020 theconnectionsnj.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 dis- tributed when you die. Other reasons for doing a Will include naming individuals who will control the distribution and man- age those assets for your family after you are no longer here. It is especially import- ant 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 children, 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 “In- testate”, the State of New Jersey will step in and ap- point an administrator to oversee the distribution of your assets and will dictate who will care for your mi- nor children. This can be costly and time-consum- ing 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 Office of Gail L. Abrams located in Watchung, New Jersey provides is to establish a Liv- ing 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. Hav- ing a Living Trust avoids multiple probate proceedings. Additionally, many single people do a Living Trust because it helps organize their affairs so when they pass away, their heirs know where all the assets are located. In addition to creating a Will or Living Trust ev- eryone should have sup- plemental 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 as- sets should they become ill and unable to care for themselves or their prop- erty. Many financial in- stitutions do not accept a Power of Attorney for Assets unless it has been previously filed 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 documents should only be prepared by a qualified estate-planning attorney. Gail L. Abrams has been in prac- tice for 25 years and specializes in Estate Planning. We are offering virtual consul- tations. No need to meet in person. No contact meetings can be arranged. You can contact her office at (908) 753-4155 to discuss your situation or e-mail her at gabrams@siafinancial.com. EVERYONE NEEDS A WILL L awyer’s V iew 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. 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