Q: What goes into setting up a last will or a trust?Ī: Each document is written and when signed and notarized is legally enforceable. Here are some common questions and answers about last wills and trusts in New Jersey. Fred Discusses Frequently Asked Questions About Making A Last Will and Testament
You can also set up a “trust within a trust” or a trust within a will, for a single beneficiary or multiple beneficiaries, like children or parents. A brief “pour-over will” usually accompanies the last will and declares that any remaining assets not within the trust at time of death will be transferred into the trust upon your death. With a trust, your assets are transferred to a trustee (or trustees) that you select either while you are alive (an inter vivos trust) or upon your death (a testamentary trust). One common reason for setting up a trust, rather than a will, is to avoid probate in New Jersey. Usually the presence of only one person close to the deceased, often the executor of the will or a family member is required to probate a will. The use of a will is more common in states like New Jersey with simpler probate procedures. This way their funds are not squandered like the “prodigal son or daughter” referred to in the Bible.
For example, if you have young children or grandchildren, a trust can be written inside of your will or as a standalone document so that each child gets their inheritance in installments upon reaching certain milestones, such as age 25/30, graduating from college or marriage. Let’s see if I can help you.Ī Last Will generally spells out a one-time distribution of your assets, though both a will and a trust can establish conditions to the distribution of your estate and stipulate that assets be distributed over time. Probably the best thing you can do is learn about each type of document. I’m asked this question all the time as a NJ elder law attorney who concentrates his practice in estate planning and elder care law.
Frequently Asked Questions (Q&A) About a Last Will Should I have a will or a trust? Understanding the differences.
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