Secure Your Legacy: Why Estate Planning Is Essential for Everyone

Estate planning is something that most of us put off. This is often because we think we are not wealthy enough to require an estate plan, or because we think we are too young to need a plan. The fact is anyone who has any type of asset should consider an estate plan.

Having an estate plan in place does not mean that you cannot change your mind later, however it does provide peace of mind that if something should happen to you, that your surviving family members are aware of your wishes.

Without having an estate plan in place, the State of New Jersey will be determining how your assets should be divided. 

Trust & Estate Planning

Oftentimes, there is a belief that trusts are only for those who have a high net worth. There are advantages to setting up a trust which include:

• Privacy — when you create a will to pass on your assets to your loved ones, the will must be presented to the Probate Court before your assets can be distributed. A trust is private, which means that no one except the successor trustee and your loved ones will have any idea about how your assets were divided.
• Property Ownership — trusts can serve as beneficiaries for your life insurance and retirement plans and can be the owner of record of most hard assets. Trusts can be added to over time, or you may opt to liquidate properties from the trust assuming it is written correctly.
• Taxes and Transfers — it is possible that your family could lower their tax burden after your passing if your assets are in a trust. Property in a trust automatically transfers to the successor trustee upon your passing without the necessity of going to court.
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Every estate plan is unique to the parties for whom it is created. If you live in Bergen, Essex, Union, Morris, Hudson County, or anywhere in New Jersey, contact Lewis Legal LLC regarding your estate plan.

Trust & Estate Administration

After the loss of a loved one, you may feel overwhelmed by the number of issues which you must deal with. While dealing with the grief you are feeling, the last thing you are prepared for is dealing with the distribution of assets. At Lewis Legal, we can help you with all forms of administration of the estate or trust of your loved one. We have experience handling all types of estate administration, whether it means dealing with an estate handled with or without a will, or with a trust agreement in place.

We can help you navigate the probate process, whether that means interpreting administration procedures, contesting wills, or distributing assets. We provide the same level of service to estate executors, beneficiaries, and trustees as well as other parties who may have an interest in the estate. Let Lewis Legal help you explore your legal options in New Jersey and find the one that is most effective for your needs.