Wills, Trusts and Estate Plans
Explained By the Elder Law Center at Shah & Associates, P.C.
Death is never an easy thing to cope with and it can affect people in many different ways. Coping with the idea of a family member’s passing or one’s own passing is an emotional process that we all must deal with at some point and it can also force us to think about financial readjustments for the future. With these concerns in mind, the legal aspect of death must also be considered. After a person’s passing, a death certificate is issued, and the distribution of the deceased’s estate must begin.
Estates consist of real and personal property, which the deceased owns at the time of death. Real property can include land, oil, gas, and other mineral interests. Personal property can include objects of value that are anything other than real property, such as bank accounts, cash monies, personal effects, household furnishings, motor vehicles, stocks and bonds, life insurance policies, or government, retirement, or employee benefits. Estate planning, then, is the planned distribution of an estate and is something everyone should consider to strengthen and ensure the financial security of their families. Wills and trusts declare who will receive the estate upon death.
In the event of a person’s passing, titled property owned by the estate usually must be transferred in court. Though the purpose of the court is to protect the interests and rights of the direct family members of the deceased – or anyone entitled to receiving property – often complications exist and conflicts arise. Should a will be found invalid in court, for example, distribution of properties or assets of the deceased fall subject to the control of the courts as the statutes provide. This is why seeking legal help from an experienced New Jersey Elder Law attorney can serve to protect your assets and ensure that all property is distributed according to your wishes. We know that you are concerned with the well-being of your family, and trusting the attorneys at the Elder Law Center at Shah & Associates, P.C. can help you construct a will or trust plan that will help eliminate the risk of your property not being distributed according to your intent.
Getting Peace of Mind Today for a Secure Tomorrow
Money saved from a lifetime of hard work may go to waste if you don’t plan carefully. Should you pass away without a will, under intestate distribution statutes in the state of New Jersey, your property could pass on to undesired heirs instead of the people who you would have chosen to benefit. Fortunately, should you choose to seek legal help, drafting a will or trust could help ensure that your property is distributed in a favorable way. Wills and trusts are legal documents in which you can state how and to who you wish your property to be distributed in the event that you pass away. Living Trusts can be helpful if you become incapacitated by eliminating the need for guardianship as well as passing your property to your intended beneficiaries at your death. By naming specific individuals to manage property or inherit money in your will or trust, costly problems that arise from a person passing on without a will can be avoided. Asset protection trusts, are trusts which can provide an effective method of property management for people who may be incapable of managing their own finances, such as children, minors, or those who require special needs planning.
Though considering drafting a will or trust plan may feel confusing and complex, it doesn’t have to be as complicated as you may think. Speaking with an attorney can help you better prepare your family for the future and ensure that your property goes to those who deserve it. You may never know the full impact of securing your family’s future, but contacting a New Jersey Elder Law attorney from our firm is an excellent place to start.
Helping You Improve Your Long-Term Care Planning
The safety of your family’s future is invaluable. Our law firm understands the value of family and your concerns with financial security for future generations. A large portion of our practice is devoted to helping our clients create the most effective estate planning strategies that will not only protect assets when a person is living but help ensure the growth and security of life savings through the future. At Shah & Associates, P.C., we have extensive legal experience and we wish to bring our knowledge to families who are creating long-term care plans. If you are thinking of drafting a will or need assistance with developing a will or plan that will be successful for your family dynamic, contact the Elder Law Center at Shah & Associates, P.C. today.