Wills and Estates
Most people understand that if they do nothing else to take care of their legal affairs, they should write a will. If an individual does not make a will before their death, state law will determine who gets their property (and it may well not be whom they would have chosen) and a judge may decide who will raise their children. In a will, individuals can make these decisions for themselves by forming their estate plan.
An estate plan is the orderly disposition of one’s probate and non-probate estates in accordance with an individual’s wishes and desires. An estate plan can include not only the preparation of a Last Will and Testament, but may also include a Power of Attorney, Living Will, Irrevocable Trust or more sophisticated documents.
A will allows you to decide how your estate will be distributed or managed after you die. It lets your wishes be heard regarding the care of minor children by naming your preferred guardian. It often prevents disputes among heirs and relatives. In a large estate, a will can also reduce the amount of taxes that may be due at your death. However, the amount of property you own does not determine whether you need a will. Your personal and financial circumstances determine when and how a will should be drafted. For example, it is important for new parents to have a will to manage property and funds for the benefit of their minor children even if they own little personal or real property.
If you own property in your name alone, at your death probate is necessary to transfer that property to the person named in your will. If you do not have a will, the probate process transfers your property to the people entitled to receive it according to New Jersey law. If you do not have a will and your estate needs management, the court will appoint a personal representative (executor). You can decide in your will who that person will be. It can be someone familiar with your property and affairs, or a professional, such as a bank or trust company. Using a professional can sometimes prevent distrust among family members.
A trust is another tool used in estate planning that can be created as part of a will or as a separate document. A trust is a legal document that appoints a trustee to manage your property and gives detailed instructions on how the property will be managed and distributed. A trust is one way to take care of a minor child, an elderly person or someone who needs help handling money. A trust may be established during your lifetime, and you may act as your own trustee, or it may be established by your will after your death.
When making their estate plan, some clients choose to execute a medical advance directive. With a medical advance directive, you may address many of the medical decisions that are required if you become seriously ill. In addition, a medical advance directive allows you to choose a "health care representative" to make health care decisions on your behalf, if you become incapable of doing so.
A will, living will, trust, and other estate planning documents are important tools that can have a significant impact on your family. Sardo & Batista, P.C. can provide you with sound legal advice on how your estate documents should be prepared and executed. Having Sardo & Batista attorneys prepare your documents will give you the assurance that your will accomplishes your goals for distributing your property.
To schedule an appointment, please contact the law office of Sardo & Batista, P.C.