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:
NJ Estate Tax Changes Coming This Year Might Impact Your Will and Estate Planning NJ Governor Chris Christie signed a new tax package into law in October 2016; while changes to the gas tax made the biggest headlines, modifications to the Estate Tax will have a larger...
Did you know that when your child turns 18, you are no longer his/her legal medical representative? That is correct. Even though your child may be on your insurance, unless important legal documents are signed by your child you will NOT be provided critical medical...
On Saturday, May 14, 2016, William P. Askin, Esq. presented at the Conference of the Alliance of Private Education Schools of North Jersey. The event was held at the Eisenhower Conference Center in Livingston, NJ from 8:00 am to 1:00 pm. Mr. Askin was...
Estate Planning is indeed an on-going process. It should never be considered a one-and-done event. As our families and needs evolve and change, the focus of the planning will shift over time. When I ask someone if they’ve got an estate plan in place – the...