Legal Question in Wills and Trusts in New Jersey

Re: living wills

Yes, you absolutely need a Will. You probably need a Trust as well. Without a Will, your assets will follow the laws of Intestacy. In New Jersey, your husband's children and you will be beneficiaries. The additional problem is once the children reach age 18 they are entitled to all of their inheritance. If there is a Trust, this can be delayed and controlled for their benefit.

Your estate would pass to your Husband and your parents (if they predecease you, your siblings.) Your Will could direct how your assets are divided and a Trust can provide you with control.

You and your Husband should seek a tax and estate planning attorney to assist you.

I hope this helps!

Ron Cappuccio

http://www.SaveYourEstate.com

Re: living wills

You should have a living trust with irrevocable gift provisions, for the estate and inheritance tax savings, plus each of you should have pour-over wills. The trust is difficult to explain in this response, but properly drawn can save these taxes, and still allow you the use and enjoyment of the assets in the trust and the income generated therefrom. Contact me directly if you want more information.

Re: living wills

Denise:

The answer to your question is difficult to respond to without a lot more information. You would need to set up a trust, or have uniform gifts to minors language in a will if you want to give to the minor children. There are some exceptions to this. As a general matter, if you want to bequeath anything after your death, you will need a will to do so. You and your husband should have separate wills and documents (health care directive and powers of attorney) an any event. You should speak to an estate planning attorney for a consultation and drafting of your necessary documents.