1. Why do I need a Will?
There are many good reasons to have a Will. Planning for the distribution of your estate, tax planning, making provisions for family members and hand-picking the person to settle your estate are among those reasons. All Wills must be entered into probate with the County Surrogate, at which time the Will is checked for compliance with New Jersey legal requirements, and a representative, known as the executor is qualified by the Surrogate to carry out the terms of the Will. If you die without a Will (intestate), your personal representative will be required to post a bond to settle the estate. Generally an executor named in a Will can have that expense waived.
Having a Will enables you to name a guardian and trustee for your children that are still minors. The guardian is the person who would physically care for the children on a daily basis, while the trustee would manage any assets left as an inheritance for the children. While planning your Will you can also determine the age at which your children have outright access to their inheritance, without the need to go through the trustee. If you die without a Will, the Court will appoint a guardian and trustee for your children, as well as a person to settle your estate, known as the Administrator.
Of all the reasons that can be listed for having a Will, the most valuable is the peace of mind you’ll have once you’ve spoken to our office and arranged for the preparation of your Last Will and Testament.
2. What is Elder Law?
As an elder law firm, we work with our clients to develop a plan to help families deal with the challenges of a chronic illness or aging. Our approach combines legal services with practical concerns for the care of the client.
We seek to:
• Permit the client to remain at home as long as possible, with the appropriate care for the client’s best quality of life;
• Locate available resources for payment of long-term care for the client.
• Give peace of mind to our clients and their family members that quality care is being provided while preserving family resources.
• Develop a plan for each client that is individualized to the unique needs and concerns of every client..
3. What is an Advance Health Directive?
Often referred to as a living will or health proxy, an Advance Health Directive is a document that designates a representative to make health care decisions when a person lacks the ability to make those decisions independently. Control over your medical care, selection of health care providers and use of extraordinary measures are some of the responsibilities given to the person you select for your health care representative.
4. What is a Power of Attorney?
A Power of Attorney is a document that authorizes a designated person to handle your financial and legal matters for you. There are different Powers of Attorney (POA), for instance:
• Durable POA – is effective immediately on signing and does not become invalid due to the passage of time or later incapacity of the client. In an emergency, this document will be very valuable in helping to coordinate care and deal with finances.
• Springing POA – is not effective until two physicians certify that you are not able to make decision for yourself. The power springs into action once the doctors do that. It is not generally effective in an emergency situation.
• Limited POA – as it says, its use is limited. Most commonly clients will sign a real estate limited POA for use in a real estate transaction or just for banking.
5. Do I need a trust as part of my estate plan?
There are many types of trusts. Some are revocable, meaning that they can be changed at a future date, and some are irrevocable which can never be modified. We work with clients to determine if a trust is an appropriate planning tool given the specific profile of the client. Trusts permit clients to keep their assets, beneficiaries and wealth distribution private.
Revocable trusts are used in order to avoid probate, and can be helpful if a person loses their mental capacity at a later date in lieu of a guardianship.
An irrevocable trust is a planning tool that cannot be modified or changed which is used to place assets into a trust. Medicaid planning may include the use of irrevocable trust to protect assets from long term care costs, while still providing for family members. Medicaid is the public health coverage that you can obtain from the government.
