Pour-over Wills and Living Trusts
Understanding Pour-over Wills and Living Trusts People can place their money or property in a living trust on behalf of a beneficiary while they're still alive, which they often do to avoid probate and decide what happens to their assets. Even though estate plans are designed in part to help people protect their...
Debunking Common Excuses for Not Having an Estate Plan
Common Myths to Ignore Regarding Your Estate Plan According to a poll taken in 2021, 56% of respondents said that estate planning was something that should be taken seriously. However, that same poll found that, at the time, only 35% of Americans actually had some sort of written plan in place. Let's take a closer...
Is a Holographic Will Valid in Your State?
Is a Holographic Will Actually Valid? Over half of all states allow people to use a holographic will to bequeath their belongings to others. However, this type of will has some unique requirements if you want it to be legally valid. Whether it can actually be used after your death depends on a few factors. What Is a...
Everything You Should Know About Step-up in Basis
When you're creating an estate plan or inheriting certain assets from a family member, the step-up in basis rule will likely apply to most of the assets. Of the 40% of American adults who have created a will, many overlook what the step-up in basis means for inherited assets. Understanding how this guideline works...
Steps to Ease Your Children Into Estate Planning
Estate planning is a process that many people don't begin until they are in their 30s or 40s. Around 67% of Americans don't have any type of estate plan in place, which indicates that many people don't understand the importance of having one. Creating an estate plan early in your life can help you prepare for the...
The Single Person’s Guide to Estate Planning
If you're single, there are fewer automatic rules about who gets your assets or who helps with your healthcare. To avoid any issues, it's a good idea to create an estate plan that addresses these matters. The Single Person's Guide to Estate Planning The number of Americans choosing to stay single is on the rise, and...
Estate Planning Tips for Younger Generations
How young people can protect wealth and loved ones with estate planning Millennials tend to think more about how to preserve their wealth than the generations before them and are more likely to have an estate plan than their older counterparts. If you are a younger person who does not have an estate plan or who would...
Helping Your Elderly Parents With Their Estate Plan
Assisting Senior Parents With Their Estate Plan The rate of older people with at least a basic will has traditionally been low in recent years, and New Jersey estate planning lawyers warn that the trend is continuing for a variety of reasons. That has left many adult children with even greater challenges to face when...
Errors Made By an Executor That Can Lead to Litigation
Executor Mistakes That Can Lead to Lawsuits When New Jersey residents write their wills, one of the most important decisions they make is choosing the person who will act as their executor. Executors have many important tasks to complete during the probate process, and their activities are closely scrutinized by the...
Consider These Estate Planning Tips
Creating an Estate Plan That Works for You Putting an estate plan into place is a prudent step even for the young and healthy. Estate planning becomes even more important when we enter our golden years. A carefully designed estate plan could ensure that important financial and medical decisions are made by a trusted...