Mullica Hill Estate Planning Lawyer
Estate planning is essential for adults of all ages, from young adults who have recently gotten married or had children to older adults in retirement who are thinking about medical issues and providing for dependents. It is also important to know that estate planning is critical regardless of your income level. No matter how much money you currently earn or expect to earn, estate planning can allow you to make important decisions about the future concerning your assets, your health care and well-being, and the care of your children or other dependents. Estate planning is a complex area of the law that involves many different elements, and not every person’s estate plan will look the same. To be sure, while most people should consider wills and advance directives, only some people may need to consider establishing a trust or other aspects of estate planning.
If you have questions about estate planning or you are ready to get started, an experienced Mullica Hill estate planning lawyer at our firm can begin working with you today.
Common Elements of Estate Planning in Mullica Hill
At Scott Counsel, P.C., we serve clients in various aspects of estate planning, including but not limited to the following:
- Wills;
- Trusts;
- Advance directives, including living wills;
- Power of attorney;
- Estate tax planning;
- Veterans benefits; and
- Elder law and asset protection.
It is important to remember that estate planning is a broad area of the law under New Jersey Revised Statutes, and you should work closely with an estate planning attorney in Mullica Hill to determine what types of estate planning documents you need and what your priorities should be in the estate planning process.
Last Will and Testament in Mullica Hill, New Jersey
For most people who are thinking about estate planning, wills are an essential part of any estate planning process. With a will, which is also known as a last will and testament, you can protect your assets and you can ensure that your property will pass to heirs of your choosing. If you do not make a valid will in New Jersey and pass away without a last will and testament, you will have died intestate, and New Jersey intestacy laws will apply. When a person dies intestate, their property is distributed according to the laws of the state, even if that person had voiced preferences or wishes for particular family members to take possession of certain assets.
Your will must be in writing, and it must meet other statutory requirements for it to be valid. It is critical to know that New Jersey does not recognize orally made wills (known as “nuncupative” wills). As such, you cannot record your will on an audiotape or videotape, and even an oral will you made in front of multiple witnesses will not be valid. A Mullica Hill estate planning lawyer can work with you to ensure that you have made a valid and enforceable will.
Mullica Hill Trusts
Trusts are another common part of many estate planning processes, although not all New Jersey residents will need or want to establish a trust. A trust is a legal arrangement through which a person can transfer assets to a beneficiary, but those assets will be managed by a third party known as a trustee. There are many different types of trusts that a person can create, and there are a wide variety of reasons to create trust. Depending upon a person’s circumstances, a trust can provide benefits to the trustor or grantor (the person making the trust), and it can also allow beneficiaries to avoid probate. Trusts can also allow a trustor or grantor to provide for a disabled dependent without affecting that dependent’s eligibility for certain forms of federal benefits.
Common types of trusts in Mullica Hill include but are not limited to the following:
- Revocable trusts;
- Irrevocable trusts;
- Living trusts;
- Testamentary trusts;
- Special needs trusts;
- Spendthrift trusts; and
- Medicaid asset protection trusts (MAPTs).
There are numerous other types of trusts that may apply to your situation or circumstances. It is important to understand that all trusts will be either revocable or irrevocable. What do these terms mean? A revocable trust can be changed or dissolved by the trustor or grantor during that person’s lifetime, while an irrevocable trust cannot be changed or dissolved once it has been created. Once assets are transferred to an irrevocable trust, they are no longer the assets of the trustor or grantor, but rather become assets of the trust.
Advance Directives in Mullica Hill
Living wills and other types of advance directives allow a person to make decisions about their health care if they become incapacitated and cannot voice those decisions themselves. In a living will, a person can clarify the type of health care and medical treatment they want to receive (or not to receive), including life-saving treatments or life support. Differently, other advance directives like a proxy directive, or durable power of attorney for health care, allow a person to name a representative to make health care decisions on his or her behalf in the event of incapacitation.
Our estate planning lawyers can work with you to develop the advance directives you need to have peace of mind.
Cases We Handle
- Asset Protection
- Business Succession
- Elder Law
- Estate Tax Planning
- Living Wills
- Power Of Attorney
- Trusts
- Wills
- Probate
- Special Needs Trusts
- Veteran Benefits
Contact a Mullica Hill Estate Planning Attorney
Everyone needs to consider estate planning, and our experienced Mullica Hill estate planning attorneys can assist you. Our firm can evaluate your particular needs, and we can work with you to create estate planning documents and legal tools that can provide you with peace of mind and assurances concerning your property, the care of your children, and your future health care. Do not hesitate to get in touch with us to find out more about estate planning in Mullica Hill and how we can help. Contact Scott Counsel, P.C. online or call us at 856-925-7281 to learn more about the estate planning services we provide to clients in New Jersey and Pennsylvania.