A Last Will and Testament speaks for you after your death – directing who your assets should pass to (and how) to the extent permitted by law. Through your will you can:

• Nominate an executor 
• Control who will inherit from you (and on what terms) 
• Appoint guardians for minor children

A will can help to minimize the expenses associated with the administration of your estate while ensuring that your wishes can be carried out. 

The short answer is likely yes.

In addition to a will, almost everyone should have powers of attorney in place so that they can control who will be able to make medical and financial decisions for them if they need help. They should also create a “living will” or advance directive that would allow your loved ones to “pull the plug” or otherwise honor your decisions about end of life care. We frequently prepare a “Simple Will Package” for clients with a:

• Last Will and Testament
• Health Care Power of Attorney / Advance Directive for Health Care
• Financial Power of Attorney

Depending on your situation, more complex planning (such as creating a revocable living trust, special needs trust, or life insurance trust) might also be appropriate. Our goal is to help you learn about options that might be a good fit for you and let you decide how simple or complex (and how tax efficient) you would like your plan to be.  

A good estate planning attorney does more than simply create documents! Working with an attorney can help you:

• Organize important information about your family and finances to make things easier for your agents
• Understand the federal estate taxes that might be due upon your death
• Understand the state inheritance taxes that leaving money to certain beneficiaries might trigger (and talk about how to best limit these taxes)
• Plan around the income tax considerations relevant to traditional retirement accounts
• Analyze how difficult probate might be in your specific situation
• Explore tax planning opportunities and approaches for minimizing probate expenses
• Understand the impact of non-probate assets on your wishes
• Consider how much protection should be provided for assets that pass to your children or other beneficiaries
• If you already have a will, they can help you figure out if changes to the law or your situation might warrant creating a new one

Taking time to prepare for and participate in a detailed consultation can help give you peace of mind, knowing that you have considered and explored issues that could have a significant impact on your plan.

It is important to look at your particular situation and to create an estate plan that will appropriately address your specific needs. In some cases this involves a revocable trust, in others it does not. Our goal is to help you consider and evaluate your options. A revocable living trust might be recommended if you:

• Desire maximum flexibility and privacy when dealing with assets
• Are looking to reduce complexity for your loved ones in managing your estate
• Wish to set up ongoing trusts for your spouse, partner, or descendants, or others upon your death
• Own properties in multiple states
• Wish to pass significant retirement assets to loved ones in trust
• Have a complicated or blended family situation
• Plan to exclude certain family members from inheriting from you or want to treat your children differently
• Want to make it easier for others to assist you with managing your assets during your lifetime

In most cases, you will not need to travel at all. We use virtual consultations and typically travel TO our clients for their signing meetings, making our services ideal for clients with mobility issues. Based in Mercer County, we regularly serve clients from Bergen County to the Greater Philadelphia area, but are able to offer services throughout New Jersey and Pennsylvania through our hybrid model and the use of mobile notary services where appropriate.