Our Estate Planning Packages and Process Explained:
At our firm, we offer very convenient options for your residents' estate planning needs.
Special Discounted Pricing for Residents
We are pleased to offer discounted rates for your residents using our services:
Estate Planning:
- Single Person.......................$550.00
- Couple......................................$800.00
We also offer Miller Trust (for Medicaid purposes) and Special Needs Benefits Trust / Supplemental Benefits Trusts. In addition, we are open to update anyone's will and estate documents at a discounted price as well. If you or your residents are interested in any of these in addition to your basic estate planning, please let us know!
FAQs:
At Serra Law Group, we believe informed clients make the best decisions about their estate plans. That's why we want to break down complex terms and clarify confusing principles so that you make the right choices for your estate, too. Here are responses to some of the most frequently asked questions we get when new clients come to our office in New Jersey.
What is estate planning?
Generally, there are two components of estate planning with one involving the legal aspects of it and the other involving the non-legal aspects of the plan. Legally speaking, your lawyer will review your personal and financial situation and create documents that address the latter. Non-legally speaking, a financial advisor can help develop an investment strategy for retirement purposes.
What goes into an estate plan in New Jersey?
An estate plan will include the documents that accommodate your specific needs. It may involve some or all of the following:
- Last will and testament
- Living trust
- Irrevocable trusts (e.g., life insurance trusts, gift trusts, special needs trust, charitable trust)
- Asset protection from divorce, creditors, others
- Health care directives, including medical powers of attorney, living wills, health care proxy, do not resuscitate (DNR) or do not intubate (DNI) orders and POLST
- Succession plan for business
- Charitable planning
What is probate?
Probate is the legal process of transferring the property from a deceased person's estate to their heirs or beneficiaries. It is overseen by the local probate court.
What happens if I die without a will in New Jersey?
Dying without a will means you die intestate. Your assets and belongings will get passed to your heirs according to your state's intestacy laws.
What happens to my will if I move to a new state?
In rare cases, the differences in state laws could make it invalid. More commonly, if you moved to a state that views marital property differently from your former state of residence, the change in laws could result in complications. It is wise to revisit your will with an attorney in your new state after moving.
Do I need a lawyer to write my will?
While you can write a will without a lawyer, doing so is a considerable risk. A last will and testament that was not written by a lawyer or that was created using an online form are more likely to be challenged, deemed invalid, or leave significant assets unaccounted for, which can create confusion and unforeseen outcomes.
Can you write a will if you have Alzheimer's or dementia?
People need to have testamentary capacity to make a valid will. This often requires an understanding of the property being devised in the will, who is going to receive it, and the purpose and function of a will. People with Alzheimer's or dementia may struggle with testamentary capacity. The best way to make sure they have a will in place is to hire a lawyer to help. Keep in mind that it may still be possible if the disease is in its early stages and the person still has testamentary capacity. A diagnosis does not mean an immediate loss of capacity.
Do I need a will if I have no children?
If you don't have children, having a will becomes even more important because, without clear instructions, your assets might be distributed in ways that don't align with your wishes. If you die without a will, your estate will pass to others through your state's intestacy laws. If you have no children, then property will be disbursed to family members. If there are no heirs according to your state's intestacy laws, then the state may acquire the property. So, even if you do not have children, you still need a will if you do not want the state to make decisions for you about who gets what from your estate.
Keep in mind you do not have to create a will to benefit only family. A will allows you to pass your estate in a way that will serve what matters most to you: this could be preserving the financial wellbeing of your partner, parents, or siblings, but also setting money aside for the care of a pet, or assisting a charitable organization aligned with your values.
Does my will automatically change if I divorce?
Although it is crucial to update your will after getting a divorce so that your most recent wishes are reflected in it, your ex-spouse will be automatically cut out of the will due to the divorce.
Does my will automatically change if I have a child?
It depends on the language in the will. If your will specifies an action that will happen to unnamed offspring (for example: “All of my property equally to my children”), the interpretation would be different than if you made a specific bequest to a named child or children. You should always revisit your will after having a child.
What is the difference between a will and a living will?
A will – also called a last will and testament – comes into effect when its creator dies and directs the executor on how to transfer the property in the estate. A living will, on the other hand, comes into effect when its creator is alive but incapacitated – it tells others what the creator's preferences and medical decisions are regarding their healthcare.
What is a trust?
A trust is a pool of assets that is set aside to be managed by a trustee, for the benefit of someone else, called the beneficiary.
What is the purpose of a trust in New Jersey?
There are many kinds of trusts that serve different purposes, which is why you need to discuss your situation with an attorney. Many people believe they need something called a living trust, but a simple straightforward estate does not necessarily require any type of trust.
Can I have both a will and a trust in New Jersey?
Yes. Many trusts are testamentary trusts, and are created in the decedent's will. Lots of other trusts are made during the person's life to set aside some assets outside of their will. For example, a Supplemental Benefits Trust sets aside money for a disabled individual. A pour-over will combined with an living trust causes all your assets to be placed into a trust upon your death.
Are trusts only for rich people in New Jersey with lots of assets?
No, trusts can be created by anyone who wants to set aside money for someone but who does not want to give them the money in a lump sum. They are especially common when the beneficiary is underage or is unable to manage their own affairs.
What happens to jointly owned property when one spouse dies?
When spouses jointly own property and then one spouse passes away, the property is automatically passed to the surviving spouse. An example would be the marital home owned by both spouses.
What is a guardian?
A guardian is a person who is responsible for someone else's well-being. People often appoint a guardian for their underage children in their will or for their adult children with special needs. These legal guardians can make legal decisions on behalf of their charges, much like a parent.
How can I designate a guardian for my children?
Naming a legal guardian for your underage children is a common provision in a will. You also have the ability to appoint a conservator for adult children who may be unable to make certain decisions.
If you do not appoint a legal guardian via a will, the court will appoint one upon your death. For this reason, it is important even if it seems like commonsense to make sure you designate a guardian in your will.
How can we make sure our special needs child is cared for after we die?
A common way to ensure a special needs child continues to receive the care they need is to appoint a guardian for them (if underage) and to create a Supplemental Benefits Trust for their benefit. If your child is over the age of 18 you cannot name a guardian, as a court application will have to be filed, but you can make your wishes known as to who you would prefer to become the guardian in such an action.
How can I make sure my pet is cared for after I die?
A common way to care for pets after their owner passes away is to state in the will who is to care for the animal and then create a testamentary trust for the benefit of the pet.
When do I need a power of attorney?
A power of attorney is essential for people who are unable to make important financial decisions on their own behalf, usually because they are incapacitated or suffering from a medical condition; however, in the case of a General Durable Power of Attorney, they can be used for convenience purposes too, such as if you are travelling out of the country. There are different types of powers of attorney, each with their own purpose:
1. General Durable Power of Attorney (most common)
2. Springing General Power of Attorney
3. Limited (Special) Power of Attorney
You should speak to an attorney to determine which best suits your needs.
Uses & Differences of a Living Will with an Advance Directive and a Medical POA:
Each document serves a different purpose.
1. Living Will
- Purpose: A Living Will is a written document where you specify your medical preferences for end-of-life care if you become terminally ill or permanently unconscious and are unable to communicate your wishes.
- Uses: It outlines specific instructions on treatments you want or don't want, such as resuscitation, ventilators, or artificial nutrition. It typically covers scenarios like life-prolonging treatments and other critical care decisions.
- Difference: A Living Will is limited to end-of-life situations and doesn't appoint anyone to make decisions on your behalf—it only provides specific instructions about your care.
2. Advance Directive for Healthcare
- Purpose: An Advance Directive is a broader document that may include both a Living Will and the appointment of a healthcare representative (Medical POA). It allows you to provide comprehensive healthcare instructions and designate someone to make decisions if you are incapacitated.
- Uses: It covers a range of medical decisions beyond just end-of-life care, including preferences for any situation where you can't make decisions, like serious injury or illness.
- Difference: It is broader than a Living Will because it may combine specific medical instructions and the appointment of a healthcare proxy. It is more comprehensive in covering various medical conditions, not just terminal illness.
3. Medical Power of Attorney (Healthcare Proxy)
- Purpose: A Medical POA, or healthcare proxy, allows you to appoint a trusted person to make healthcare decisions on your behalf if you're unable to do so yourself.
- Uses: This appointed agent can make decisions about any aspect of your healthcare, including treatments, procedures, and facility choices. Unlike a Living Will, the agent can interpret your preferences based on the situation at hand.
- Difference: Unlike the Living Will or Advance Directive, which lays out specific instructions, the Medical POA appoints a person to make decisions for you. It gives more flexibility, as your representative can act in real-time depending on the circumstances.
Summary of Differences:
- Living Will: Specifies your healthcare wishes, mostly for end-of-life situations.
- Advance Directive: A broader document that may include both instructions and the appointment of a healthcare representative.
- Medical POA: Appoints someone to make healthcare decisions on your behalf when you're unable to do so.
In New Jersey, these documents work together to ensure that your medical treatment preferences are followed, and someone you trust can advocate for you in any medical situation.
You should speak to an attorney to determine which best suits your needs.
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Invest in your residents' futures and show that you care by partnering with Serra Law Group for estate planning services. Contact us today via our contact form below to learn more about how we can help you provide this valuable benefit to your workforce.