A good estate plan consists of several documents that together will ensure that one’s affairs are handled according to their wishes, both during their lifetime and after they pass away. The last will and testament plays a vital role in designating how your assets will be distributed, who will administer your estate, and how minor children will be cared for in the event you pass away unexpectedly.

Your last will and testament will contain several important sections that will provide instructions to your loved ones on how to handle your affairs once you pass away. These include naming your heirs, choosing fiduciaries, and naming guardians for minor children.

When choosing your heirs and deciding how to distribute your assets it’s very important to consider how your inheritance will be received and by whom. If any of your potential heirs has financial issues or is not capable of handling money, this should be considered before creating the will.

When you speak with an estate attorney, they will work to understand your entire financial picture as well as family dynamics, and provide you with options on how best to proceed in these scenarios.

Another important part of creating a last will is choosing your fiduciaries, or those who will be tasked with carrying out the instructions provided within the will. First, you’ll want to name an executor. This person will be the one responsible for gathering the assets in your estate, paying off your debts, filing your final tax return, and distributing the property according to your wishes.

This can be a complicated process, so it’s best to choose someone who you believe will be capable of handling these responsibilities during a stressful time. 

In addition to naming an executor, if any of your beneficiaries are minor children, you’ll want to name a trustee who will be responsible for managing their inheritance until they reach an age where they are capable of doing so themselves. The last will is the only place where one can name a legal guardian to care for minor children. 

Choosing the right person for any of these roles requires careful consideration. When you are working with an attorney to create an estate plan, they will guide you through the questions you should ask both yourself and the people you are considering for these roles.

If you’re considering creating a last will, the attorneys at Rosenblum Law can provide you with a free consultation to discuss your questions and concerns regarding this very important document.

Read More: https://rosenblumlaw.com/estate-planning/nj/creating-will/

Sometimes the nature of a person’s assets and their goals for distributing their property will require a living trust in their estate plan. Living trusts are legal entities funded with the assets of the trust maker and placed into the care of a trustee who will oversee the trust and ensure that its terms are followed.

There are a few important reasons to consider using a living trust as opposed to a standard estate plan with a last will and testament. These include: avoiding probate, protecting heirs from creditors, and exerting more control over one’s assets and how they are distributed.

Probate refers to the process of administering a person’s estate through the court system. While this process can be quick and uncomplicated, there are many scenarios where going through probate can become both complicated and expensive. 

If you’re curious whether you should make an estate plan which aims to avoid the probate process, an experienced attorney can review your finances and goals for the estate to determine the best estate plan for your unique situation.

The other important reason to consider creating a living trust is to protect your heirs from issues like creditors or an inability to manage finances. If you’re concerned that one of your heirs might not be able to manage an inheritance properly, or that their creditors may pursue this inheritance to satisfy a debt, using a living trust may provide you with some options to avoid these situations.

Additionally, the use of a living trust will allow its creator to stipulate exactly how their assets should be distributed and under what circumstances. This may be useful, for example, when one wants to distribute some assets only if certain conditions are met.

Once again, it will be important to speak with an estate attorney about the details of your family dynamic and financial situation to determine which estate plan would be best for you.

At Rosenblum Law our attorneys provide free consultations where we will review your individual situation and provide you with the best estate plan based on this information. Call us today to ensure that your affairs are handled according to your wishes.

Read More: https://rosenblumlaw.com/estate-planning/nj/creating-living-trust/