Legal Question in Wills and Trusts in New Jersey

I'm still working and have accumulated a little over $1 million on personal savings, 401(k), stock investments. In addition to my own home, I have a rental property. Considering all my properties, the total value won't reach $5 million. Hence, if my wife and I die unexpectedly, my children won't need to pay federal and NJ estate and inheritance taxes. So is a Will sufficient in my case since probate is not a big fee in NJ? Or should I still consider setting up a trust?


Asked on 11/12/17, 8:38 am

1 Answer from Attorneys

Miriam Jacobson Retired from practice of law

Congratulations on effective savings and investments. There's more to estate planning than just passing along your assets. You really should consult with an estates lawyer in your county to discuss all of the options and your goals, and also get a financial power of attorney and advance medical directives and a health care power of attorney for each of you and your wife, all of which are essential documents.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

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Answered on 11/12/17, 12:30 pm


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