Probate Law & Estate Planning Attorney in Phillipsburg, NJ
We offer an array of Estate Planning choices to serve you. We offer the following: wills, trusts, power of attorney, and health care power of attorney (living will).
A will allows you to distribute your probate assets according to your wishes. We can advise you on what assets you wish to distribute and what assets are governed by contract known as non-probate assets. Probate assets are assets held in your name alone. Non-probate assets are governed by contract and have named beneficiaries. These are typically IRA’s, 401(k)’s, 403(b)’s, annuities, life insurance policies, etc.. Bank accounts can be a non-probate asset.
A trust allows a person to control how their assets are distributed after death. A trust doesn’t necessarily avoid probate. A trust can be in effect at the time of signing the document or it can be in effect after a person passes away.
For more information on trusts, please see http://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/revocable_trusts.html
There are two types of power of attorneys: financial and health care. A financial health care allows an individual you nominate to pay your bills and manage your finances. While you are living, a durable financial power of attorney allows for that person to manage your finances after you become incapacitated.
A health care power of attorney, also known as a living will, allows you to nominate an individual to make medical decisions on your behalf. We offer a list of options that are suitable to your desires.
We also represent the Personal Representative (Executor or Executrix) when probating an estate. When an estate is probated, a will is offered to the court. Upon acceptance of the will by the court, letters of testamentary will be issued naming an individual(s) in charge of a decedent’s estate. This person has the power to transfer assets and distribute the property according to the will.
We can represent the Administrator or Administratrix of an Estate if a person died intestate (without a will). The state laws will dictate how a person’s property will pass if they have died without a will. In order for an individual to move assets around, an individual must petition to the court to be appointed as administrator.
When we represent the Personal Representative, we guide you through the step by step process. If this option is not suitable for you, we can offer advisement at an hourly rate.
Call us to schedule a meeting so we can better advise you on what estate documents or planning you may need.