Find The Estate Planning Answers You Need
When considering estate planning options, most people have numerous questions. For anyone without training or experience, estate planning can be confusing, and if you care about leaving a legacy to your loved ones when you pass, there is a lot at stake.
At The Mecca Law Firm, we have been serving Paramus, New Jersey, clients for more than 40 years in all types of estate planning and administration matters. We are a respected name throughout northern New Jersey. Please read the questions and answers below, and contact us to schedule a consultation.
What Is A Will?
The will is the primary document in an estate plan. Going into effect at the end of life, the will appoints a legal agent to administrate its directions and addresses who will receive your assets. A court oversees the administration of a will in probate.
What Is A Trust?
Although a will and a trust are both instruments to distribute assets, there are several important differences between the two. A trust does not necessarily go into effect at the end of life; its starting point is determined by the donor. A trust can be triggered at a set date or based on an event like a graduation. A trust can be tied to certain accomplishments for the beneficiary or limited in use to pay for schooling or for a down payment on a home.
In general, a trust allows much more freedom of control, and it does not have to pass through probate.
What Happens If I Die Without A Will?
When a person dies without a will, it is called dying “intestate.” Without providing specific instructions as to the disposition of your assets, these assets will be dispersed according to New Jersey’s intestacy laws, which follow a prioritized formula for who gets what.
What Is A Special Needs Trust?
A special needs trust is a trust intended to provide for the care of someone who has special needs. Providing for someone with special needs is a uniquely challenging estate planning situation, since certain methods of giving can result in the loss of the beneficiary’s government benefits. A well-drawn special needs trust will provide for the beneficiary without compromising the potential for that person to receive the full amount of government aid available.
What Is An Advance Health Care Directive?
With developments in medical technology, people are living longer than ever before. With these advancements come numerous issues involving end-of-life health care. Most people feel strongly about how they want their health care handled, especially when it comes to life-sustaining measures after a person no longer has the capacity to communicate or live a normal life.
An advance health care directive is a document by which you can communicate your wishes regarding health care if you should ever lose capacity. It also allows you to name and authorize a person of your choice to make important health care decisions on your behalf.
Can I Create My Own Estate Plan Without A Lawyer?
There are numerous online options for do-it-yourself estate plans, and there is no legal requirement to work with a lawyer when creating your estate plan. However, a do-it-yourself form is no substitute for an experienced attorney who can help you spot potential problems with your estate plan, understand and explain your legal rights and options, help you find the best solutions for your various estate planning goals and ensure your estate plan will effectively do what you want it to do.