A Will is not just for the very rich. Everyone 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 individuals who will control the distribution and manage those assets for your family after you are no longer here. It is especially 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 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 “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.
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Most people believe that they do not have enough assets or property to make up an “estate,” to create a Will. However, 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 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 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 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 become ill and unable to care for themselves or their property. Many financial institutions 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 practice for 25 years and specializes in Estate Planning. We are offering virtual consultations. 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.