Legal Question in Wills and Trusts in New Jersey

Re: Wills v. Trusts

Don't believe everything you hear! While trusts may be appropriate in certain circumstances, most people need a Will, a Living Will, also referred to as an Advance Health Care Directive, and Durable Power of Attorney and a Health Care Power of Attorney.

Anyone with minor children MUST have a Will, to appoint guardians for the children and trustees to take care of any assets to be held for the children until they are old enough to receive the assets. This is a trust for a minor that is created in the Will.

Using forms, whether you buy them in a store, or download them from a web site, could create problems -- they may not provide what you intend, they may not be valid in your state, they may not be accepted for filing if they haven't been properly signed and witnessed.

If by "mutual wills" you mean separate wills for each spouse, leaving assets to the surviving spouse, that may be appropriate for you. But don't make one will for both you and your spouse. This raises many additional problems.

Rather than risking any of these problems, you should consult with an Estates lawyer who could guide you through the decisions you need to make and help you with will documents to accomplish your goals.

Re: Wills v. Trusts

Depending on your particular situation, a Living Trust may be beneficial as part of your estate plan. However, a Will may be all you need [I would be able to give you a definitive answer after reviewing your situation with you].

I would never recommened 'Mutual wills' under any circumstances.