NJ Wills Attorney

 
IF DEATH COMES TODAY.... HAVE YOU PROTECTED YOUR FAMILY AND LOVED ONES? More info....

A properly written NJ will can be a tremendous tool to help your family and loved ones from the many complications, problems and costs associated with estate administration.

If you need advice on a NJ Last Will & Testament and its use in estate planning and asset protection, including also trusts, estates, probate, succession planning, etc. and want to talk to an experienced, sensitive and easily-approachable attorney, then call Fredrick P. Niemann toll-free at 888-800-7442 or e-mail him at fniemann@hnlawfirm.com.  He warmly welcomes your inquiries.
 

THE BASICS OF A NJ LAST WILL & TESTAMENT
 

INTRODUCTION TO A NEW JERSEY WILL:
THE BASICS YOU NEED TO KNOW

A will is a document which directs how your property is to be distributed upon your death and provides for the people you love and care for when you are gone.  A will creates a fiduciary relationship between your executor and beneficiaries in which property is held for the benefit of one (or more) person(s). The person creating the will is generally called a testator, or grantor.

The testator typically executes a written document which upon death authorizes the transfer of property to a person called an executor or executrix.  The executor is responsible for administering the terms of the will. The person for whose benefit the will is administered is called a beneficiary. The property held in the estate is often called estate property.

New Jersey statutes and case law controls the creation, operation, and termination of a will.  The will can generally be written any way you want it except to the extent that a term is illegal or against public policy.  Generally, where a will fails to address an issue, New Jersey law must be examined.

A Last Will & Testament may provide for management of property, accumulation or distribution of income to beneficiaries, distributions of property to beneficiaries, withdrawal powers in beneficiaries, and other powers of appointment.

In addition, there are many income, estate, and generation-skipping transfer tax implications to be considered when creating wills.  An experienced NJ will and trust attorney is extremely valuable. 

A trust created within a Last Will & Testament which comes to life when a person dies is called a testamentary trust and is subject to probate at the grantor's death. On the other hand, trusts, created during lifetime (inter vivos trusts) are generally not subject to probate.

A person must have the legal capacity to create a will in New Jersey.  Capacity refers generally to the person being of sound mind and legal age when he or she creates and/or signs their Last Will & Testament document.

A will may be void or voidable if the maker lacks capacity at the time the will is created.

RESPONSIBILITIES OF AN EXECUTOR UNDER A NEW JERSEY WILL

A will must have an executor of legal capacity. Capacity refers generally to the executor being of sound mind and legal age.

The executor receives legal custody to the property held in the estate and is responsible for administering the terms of the will for the benefit of the beneficiaries of the will. The will should identify who the executor is and provide for successor executors in case the executor is unable to serve. The will can specifically provide a mechanism for selection or replacement of an executor.

A will may have more than one executor. Where there is more than one executor often called co-executors, the will can specify whether a majority or all of the trustees must agree on decisions to be made.

There are two general types of executors: individual executors and corporate. Any combination of individual and corporate executors can be used, but should be carefully considered.

Individual executors generally include family members or friends.

Corporate executors include trust companies and banks and other financial institutions with trust services. Corporate executors are usually chosen for their expertise with estate administration and because a corporate executor will (hopefully) always be there. Corporate executors charge for their services, often based upon the amount of estate assets.

The attorneys with Fredrick P. Niemann, Esq. have prepared trusts, wills, health care directives (living wills), powers of attorney and numerous other estate/family and business planning documents for individuals and families like yours for over 30 years.

Call our office today. Ask for Mr. Niemann to personally discuss your will situation toll-free at 800-888-7442 or e-mail him at fniemann@hnlawfirm.com.

NJ wills lawyer serving these New Jersey Counties:

NJ Wills Attorney | Wills Lawyer in NJ | Last Will & Testament Attorney in New Jersey | NJ Wills

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NJ Wills Attorney