A Will is the most basic instrument a person can use to bequeath property to her or his heirs. While New Jersey state laws provide default rules for the disposition of an estate, it is often the case that those rules do not meet people’s requirements because they do not account for their individual circumstances. A properly drafted Will can become a useful tool, but, like any other part of your estate plan, it requires special attention to individual circumstances specific to you and your family, and continuous maintenance because circumstances do change.
You can trust the New Jersey attorneys at Willis Law Group LLC to steer you through the complexities of the inheritance laws, including intestate succession laws. We can assist you with drafting a Will and handle the probate process in court with your loved ones when the unfortunate time comes for the disposition of your assets. Even with a Will, the probate process may be stressful and burdensome for a grieving family, and having an experienced attorney by their side can alleviate the burden and provide peace of mind during the trying time of mourning.
An intentionally defective grantor trust allows wealthy families to transfer assets from one generation to the next while achieving significant tax savings. IDGTs are especially useful if you have assets that will appreciate significantly over time.
In most states, spouses can purchase and own property separately from one another. However, in community property states, if one spouse purchases property, it is the property of both spouses. This has implications for both estate and tax planning.
Parents usually want to leave their children equal shares of their estate, but equal isn’t always fair. If you plan to provide more (or less) for one child in your estate plan, preparation is important.
