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Wills and Trusts
Preparation of Wills and Trusts
Too many people believe they have no need for an estate plan for a variety of reasons. Perhaps you may believe that you are too young to need an estate plan or that it is unnecessary because you do not have substantial assets or property. However, an estate plan can serve many important functions regardless of your age or wealth.
Anyone who has any assets or debts should have some type of estate plan and you should certainly have an estate plan if you have a family. Even if you are relatively young, sudden accidents and injuries can happen at any time and leave you with no opportunity to communicate your wishes. Though it may be uncomfortable to think about your death, it is essential to properly prepare for the benefit of your family and to protect your hard-earned assets.
The components of your estate plan will vary depending on many factors including the nature and amount of your wealth, the types of accounts and property you own, who your beneficiaries are, and more. However, most estate plans will involve a will, a trust, or a combination of the two. At the law office of Cozzi & Cozzi Counsellors at Law, we will thoroughly evaluate your personal situation to determine what type of estate plan is the best for you. Please call us today at 201-939-3381 to learn more about our skilled estate planning services.
Will Preparation in NJ
Having a will can be very important. If you die without a will, the courts will distribute your property as dictated by New Jersey law. In order to have control over who gets your assets and property, you should execute a document called a last will and testament, commonly known as simply a "will." With a will, you can do the following and more:
- Decide who will receive certain property or assets;
- Choose a trusted individual to become the guardian of your minor children (if their other parent is not alive or is unavailable);
- Appoint someone to manage the assets and property you left to your minor children until they reach the proper age to do so themselves;
- Decide who will be trusted to be in charge of the administration of your estate and ensure your wishes are fulfilled (called an executor).
All of these provisions should be carefully considered and drafted in a manner that clearly communicates your wishes so nothing is open to other interpretations. Execution of your will must also meet all of the requirements of NJ law. Our experienced estate planning lawyers know how to draft and execute a will in the best way possible to be legal, enforceable, and to represent your wishes.
Setting up A Trust
In addition to a will, many people choose to largely avoid probate and gain other potential legal and financial benefits by creating a living trust. A lawyer can help you legally create a trust and transfer your property and assets into the ownership of the trust. While the trust technically owns the property, you have control over the trusts and its property while you are alive. In addition, you can use the trust document to carefully dictate how the trust property will be distributed to beneficiaries and you can choose a trusted individual to serve as trustee after your death
Trusts can prevent property from going through probate, can protect property from creditors, can have tax benefits, can give you greater control over beneficiary disbursements and conditions, and more. There are many different types of trusts and our lawyers can help you determine which is right for you. It is important to note that you should still also always have a will in addition to a trust.
Discuss your Estate Planning Needs with an Experienced Wills and Trusts Attorney
It is always the right time to explore your estate plan options if you have not done so already. Anything can happen and it is best to be prepared and have provisions set in place for your estate and for your family. The attorneys at Cozzi & Cozzi Counsellors at Law have been helping individuals throughout New Jersey design effective and carefully tailored estate plans for decades and our goal is to ensure you are fully satisfied with the results of your will or trust. In addition to wills and trusts, we also handle estate planning documents including a power of attorney, a healthcare proxy, and a living will. We look at the big picture of your estate plan to ensure all of your bases are covered. For a free consultation with one of our skilled attorneys, call our office today at 201-939-3381, help is also available 24/7 at 201-450-1505.
IF YOU NEED HELP PREPARING A WILL, CALL OUR LAW OFFICE TODAY!
