Wills, Trusts and Estates
By preparing a Basic Will, an individual gets to control how their property is distributed. Without a will, the government will determine how your property is distributed.
Protect Your Family – Understand Your Options
While the Will is considered the foundation of any good Estate Plan, it may not be the only legal document necessary to carry out your wishes. We also develop sophisticated Estate Plans based on each person and each family’s unique circumstances and specific situation.
When a loved one passes away, we are here for you: we work hard to provide compassionate help and effective legal services during your time of need.
The legal process of transferring a person’s assets after his/her death is known as Estate Administration. Probate is a part of the Estate Administration process. During probate, the deceased person’s Last Will and Testament is presented to the Surrogate’s Court, and the Heirs at Law are notified and informed of the Will. When the court determines that all is in order, the Executor is appointed. Then estate bills are paid, tax returns are filed, the assets are distributed according to the Will’s instructions and generally, the estate is closed after the assets are distributed.
If one does not have a Will, then his or her estate is handled with an Administrative Proceeding in Surrogate’s Court. An Administrator is appointed to represent the estate, conduct estate business, and distribute the assets according to New Jersey Law.
Trust Administration is the process where a trustee manages and distributes assets in the manner dictated by the terms of the trust instrument. While Estate Administration can span a period of many months, Trust Administration can span a period of many years, depending on the situation. Whether the Creator of the Trust is still living or is deceased, we ensure that the trust assets are properly managed according to your wishes.
Our comprehensive services also include Elder Law and Planning including:
- Asset Protection Strategies
- Medicaid Planning
- Living Wills
- Power of Attorney
- Family Trusts & Special Needs Trusts
Important Information About Wills, Trusts and Estates from Askin & Hooker, LLC:
5 Important Estate Planning Documents for New Parents
Estate Planning For New Parents No matter what stage of life you are in, Estate planning is essential. Becoming a new parent is stressful and overwhelming. With so much to think about, it's easy to put off the topic of estate planning until later. But by then, it may...
Can You Transfer Assets Out of an Irrevocable Trust?
As you plan your estate, you might be considering whether an irrevocable trust should be part of your asset protection plan. You've worked hard for your money and want to protect your finances, but in order to protect your assets, you need to have an asset protection...
The Most Common Misconceptions About Power of Attorney
Did you know that just over half of adults have a power of attorney in place? A recent survey found that, while 83% of people over the age of 72 have a power of attorney, only 41% of millennials have one. A power of attorney, and other estate planning...
Do You Have an Asset Protection Strategy to Protect Your Estate?
An asset protection strategy is designed to safeguard your assets from unexpected threats. Often times this is an afterthought or not even considered because someone feels that they do not own enough assets to consider such options. However, an asset protection...