Estate Planning Lawyer Bergen County, NJ
You may have questions regarding your estate plan. You should not hesitate to speak to an estate planning lawyer about your estate planning needs. Listed below are some of the most frequently asked questions clients have for an estate planning lawyer Bergen County , NJ residents rely on.
What Are The Main Alternatives to A Will?
Joint tenancy with the right of survivorship is one of the main alternatives for avoiding probate. If you hold property in a joint tenancy with right of survivorship the property will pass to the surviving owner when one owner dies. The property will not pass through probate before going to the survivor.
However, tax costs may cause individuals to refrain from placing property in a joint tenancy with right of survivorship. Future taxes may be higher for the individual receiving the property, and families need to discuss the tax consequences of their estate planning decisions with an experienced estate planning lawyer.
Also, the individual who you believe will survive you may die before you, and the property will still pass through probate administration upon your death. You do not want to disinherit anyone so it is important to consider the possible outcomes of every decision you make regarding your estate plan.
You may also name a beneficiary on every asset by using a beneficiary designation. “Pay on death” accounts and documents are also useful tools individuals can use to avoid probate administration. A revocable trust is still a better option if you do not want to use a valid will to avoid probate administration.
What Are The Differences Between A Will and A Revocable Trust?
Revocable trusts are often used as will substitutes. A revocable trust avoids probate, and this can save you time and money if you own multiple properties in different jurisdictions. One trust can manage your assets and avoid probate administration in each state where the properties are located.
No conservatorship proceedings will occur if you place your property in a revocable trust. If you fund the revocable trust then a conservatorship will be unnecessary because the trustee can manage assets for the decedent.
Revocable trusts require that you transfer legal ownership of all assets to the trust while you are still alive. When you obtain more assets during your life you need to place these assets in the name of the revocable trust.
What is Probate?
Probate administration may be formal or informal. Probate refers to the formal process by which a court identifies the assets owned by a decedent. The decedent’s creditors and beneficiaries must also be recognized so assets can be administered according to the rules of probate in effect in the State of New Jersey.
Your estate must pass through probate administration whether you have a last will and testament or not. Probate is a formal court process and many delays, waiting periods, and unexpected scheduling issues can make probate administration last nine to twelve months. An estate planning lawyer in Bergen County, New Jersey can help you learn how to avoid both formal and informal probate administration. Call Law offices of Joshua Kaplan, P.L. today to learn more.