Westfield Wills and Trusts Attorneys
Guiding New Jersey clients through estate planning matters
When facing the future, it is important to prepare for all situations. After you pass, wills and trusts are tools that allow you to make the important decisions that will affect your estate when you are gone. Wills and trusts are called testamentary documents. While being proactive about how you want your estate to function when you are gone, testamentary documents can relieve the stress of family members who should focus on healing. A will is an important tool for someone who has a vision of how his or her estate should function after death. If you do not have a will, the court will follow arbitrary guidelines to allocate your estate’s assets. A trust is another important testamentary document that makes assets available for beneficiaries outside of probate and can help those who can benefit by avoiding the effects of a taxable estate. Ensuring a secure future for your estate is important to consider while you can. If you need quality legal services from a compassionate attorney to guide you through your legal options, contact Joseph Gachko, Esq.
Why are wills important?
Some people are fortunate to have accumulated assets that are valuable to them, financially or emotionally. Some of the many assets that can be:
- Real estate
- Bank accounts
- Securities
- Item of personality
As you grow older, you may think more and more about who should get what after you pass. A will simply states your wishes. It will tell your heirs, the people you are leaving behind, how your assets should be distributed. You have accumulated assets over the course of your life. It is important to have control over what happens to those assets after you pass.
Making a valid will
To draft and employ a valid will, you will have to satisfy a few requirements. A will must be in writing and signed by the individual. It must be witnessed. Some states require two witnesses. The witness must be present, understand that they are at a will signing, and hear the signer proclaim that they are of sound mind and body and that the purpose of the event is to sign a will. Many times, a witness will sign a document confirming those facts. If you satisfy those requirements, you have a binding document that can be filed or probated.
What are trusts?
A trust is a powerful tool used to manage the assets of an estate. There are two types of trust.
- Revocable: A revocable trust allows the grantor, you, to change the guidelines at any time before you pass.
- Irrevocable: An irrevocable trust does not allow for a change in terms and the rules are binding.
Both types of trust have their benefit but many choose an irrevocable trust because of the many positive tax implications. Once you have chosen the trust that will apply to you, you will appoint a trustee who will manage the trust. Some of the many benefits of a trust, include the passing of assets outside of probate, the time saved, the court costs saves, the reduction in taxes. Some of the many different types of trust include:
- Marital
- Bypass
- Testamentary
- Charitable lead
- Charitable remainder
- Generation-skipping
Contact a Union County to guide you through wills and trusts
If you are thinking about what will happen to your estate after you pass, you should consider drafting important legal documents like wills and trusts. With these important testamentary documents, you can secure your vision of the future and protect your family from undue stress and the potential for legal action. If you need a lawyer to advise you on anything related to wills and trusts, contact Joseph Gachko, Attorney at Law for a consultation.