NJ WILLS AND TRUSTS LAWYER
Use a will and trust to protect your assets, properties, and more
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Most people are reluctant to face the fact that one day their life will come to an end. Yet, as difficult as it may be to think about, death is something that will happen to all of us. But because our passing is a certainty, we are able to make the necessary preparations for when our time comes. Getting an estate plan ready is a crucial step in making sure that the assets, properties, and finances you’ve earned throughout your life are protected when you pass on. You might be under the impression that it’s too soon to start thinking about estate planning, but keep in mind, the unpredictable nature of life can lead to an untimely death, illness, or injury. There is no reason to risk the loss of your estate, especially if you own assets of substantial value.
Handling you estate planning now is much more preferable to the alternative. Without a set plan in place at the time of your death, your estate will ultimately end up in the hands of a judge who, most likely, has no interest in your history, your family, or your goals. Whatever assets you may have left behind will go through probate where they will be open to conflicting and possibly fraudulent claims. You can see how a situation like this will invariably lead to bitter feuds and possibly severed ties among family members. However, through an estate plan, you have the power to leave clear, transparent instructions as to how you wish for your estate wealth to be distributed and thereby prevent any contention among those you love.
Wills—more than money
Although for many people a will connotes money and valuable assets, in reality, there is a broad range of items that can be included in a will and distributed to the corresponding persons named within the will. Across the legal field, it is widely known that many highly acrimonious conflicts between family members have occurred as a result of non-monetary consignments. Objects with sentimental value or family heirlooms that may have belonged to the deceased become points of contention as remaining family members wish to be the keepers of them.
In order to prevent bitter fights among family members and loved ones, be sure to create a thorough inventory of your entire property, paying special attention to objects that are of sentimental value or have been in the family for several generations. While these objects may not hold any monetary value, it may mean a great deal for someone in your family to be the recipient of such an item. In meeting with your estate planning attorney, you can bring this inventory to their attention. Your attorney will make sure that the items and the corresponding instructions for their distribution are stated in your will as clearly and transparently as possible.
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Morgan Legal Group PC
PRACTICE AREAS
WILLS AND TRUSTS
WILLS AND TRUSTS
It is never too early to make out a will. The thought of dying is not one that most people wish to dwell on....
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MEDICAID PLANNING
MEDICAID PLANNING
For many people, thinking about long-term care is a topic that is often put off as long as possible. However, in doing so, they are setting....
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ASSET PROTECTION
ASSET PROTECTION
You work hard in life, and you accumulate specific assets as a result. Perhaps you have a home...
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PROBATE
PROBATE
If you need an attorney to help you with probate issues during difficult times of grief in New York City, Morgan Law Group PC can help you...
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ESTATE PLANNING
ESTATE PLANNING
Mortality is a grim but stubborn fact of human life. You cannot live forever, and it is important...
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BUSINESS PLANNING
BUSINESS PLANNING
You pour your life into starting, growing and managing your business. As you work hard to keep your business driving in the right direction, it can be easy to lose sight of the long term...
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ELDER LAW
ELDER LAW
With the population of the United States consisting of more and more older adults, it’s important...
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GUARDIANSHIP
GUARDIANSHIP
Guardianship is a serious matter. When you ask the court for rule over another person, you are mostly taking on the challenge of overseeing their life...
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Starting a business is really stressful. You’ve got to take risks but at the same time you have to think twice or you’ll go bankrupt in no time. Luckily Russel Morgan helped me with asset protection and, well, now I feel like he untied my hands. I can take risks and I know that I won’t have to sleep outside if something bad happens.
Pleasure working with Morgan Legal Group. You can see that Russel Morgan and his staff care for their clients. They answer any question you may have almost immediately. They have helped my company to buy real estate for our own office and they continue consulting us on different problems we face. Hope to continue working together for many years to come!
Starting a business was stressful enough without worrying about going broke. Luckily, Russel Morgan helped me craft an incredible asset protection plan that lets me sleep at night while still taking the risks my business needs.
Russel Morgan's attention to detail was astounding. He scoured every single document when we were buying a home and made sure we weren't getting scammed. I never knew that lawyers could be so proactive and dedicated to providing the best possible service.
Great law firm. Very knowledgeable about Trust and Estates. Highly recommend them.
Nowadays it’s hard to find a law firm which you can trust and which can actually do what they promise to do. However, Russel Morgan has made me a believer that I can rely on their help for business litigation. Even though our negotiation process against an ex- partner’s company was very tough, my company would not have been successful without Russel Morgan’s dedication to success. If you need any help with business litigation I advise you to contact the Morgan Legal Group.
Thanks to Mr. Morgan and his company, my problem with estate planning was solved. I was struggling to find a honest and reliable, real estate and estate planning lawyer, and, therefore, I was very thankful when I got a detailed plan from Russel which was super easy to understand and to make things even better they helped me get my house got sold 2 weeks later! They also helped me with all the documentation, deed transfer and other paperwork. I highly recommend their firm to everyone who wants to receive a honest service and solve problems with estate issues!
Among a high number of law firms which offer help regarding probating your loved one’s estate. I will choose this one over any. The service that I received was exceptional. I have secured my house and an apartment left to me and my wife. Thank you!
Trusts—take control
Along with a will, you’ll want to have your estate planning attorney set up a trust within your plan. Similar to a will, a trust can serve as a useful tool for overseeing your finances and properties. However, there are few added advantages to creating a trust. A trust not only gives you control over what assets you wish to consign to a beneficiary, it also lets you decide when or how frequently they are to receive them. Moreover, you can also set up specific guidelines or conditions pertaining to the distribution of the assets in your trust. For example, you might choose to withhold trust funds appointed to your children until they reach 21, or you may add the condition that they must use a portion of their funds to pay for college tuition.
Another important component a trust covers is the protection of your estate in the event of your incapacitation. Should you suffer a disabling injury or illness that leaves you mentally unsound or unable to communicate, you can name an individual in your trust to make major decisions on your behalf with regards to the management of your estate. A will offers similar protection in regards to your health care and medical decisions.
Morgan Legal group PC
Explore your options with an attorney
There can be a lot to unpack when considering the creation of a will or a trust. If you’re wondering which is the best fit for you or if you should set up both a trust and a will, get in touch with an estate planning attorney. A competent and qualified attorney will be well-versed in any questions or concerns you may have about wills and trusts. They will provide a helpful breakdown of these documents for you and find the best solution for your future goals.
important things you should know
Questions And Answers
There are currently no laws or regulations in place that require you to draft a will. However, simply because having a will is not compulsory doesn’t mean that you should brush it off. A will is a vital document that can save you and your family a lot of trouble in the future. A will takes effect upon your passing and lets your family and legal practitioners know of your wishes regarding the distribution of your assets and properties. Without a will, you essentially surrender any authority over your estate.
In theory, you can draft your own will, but whether or not you should is another matter. There are certain requirements that must be met for a will to be valid and hold legitimate authority with regards to an estate’s distribution. Moreover, the size and complexity of your estate may make it impossible for you to create a will on your own. All assets and finances, as well as debts must be properly accounted for. Failing to do so could lead to lengthy and costly legal disputes over your estate. Therefore, it is in your best interest to seek out an estate planning attorney to create a proper will.
There are several items within an estate plan that serve to prepare for circumstances where you may be incapacitated or terminal. A living will is one of these, and it becomes effective should your mental faculties become unsound or you are unable to communicate due to injury or illness. A living will is specifically designed to manage your health care under end-of-life situations. This document instructs your loved ones and medical professionals as to any life-prolonging treatments you wish to receive as well as which procedures you won’t consent to.
In the event that you should pass away without leaving a will, it is understood that you have died intestate. This simply means that there is no will to authorize in a probate court in connection to your estate. As such, depending on which state you permanently resided in, your finances, assets, and debts will be handled under that state’s laws of intestacy. For the most part, state intestacy laws dictate that your estate will be consigned to your closest living family such as your spouse, children, or parents.
