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Why Do I Need a Last Will and Testament?

No one likes to think about one's own death; however, planning ahead can help your family avoid unnecessary complications, delay and expense.  This may be accomplished through properly written Last Will and Testaments, joint ownership of assets such as real estate and bank/brokerage accounts, and life insurance. 

We commonly prepare Last Will and Testaments as part of our overall estate planning strategy with clients in preparing their Durable Power of Attorneys and Combined Advanced Directives for Health Care/Living Wills.  

If you would like for this firm to review your estate plan, please click this LINK to our client resources page for the estate planning questionnaire that best fits your situation.  We ask that you complete this questionnaire and bring it with you to your appointment. 


Understanding the following terms is the first step toward planning your estate; however, no estate planning steps should be taken without consulting with a qualified professional.

  • Probate - This is the process in the county Surrogate's Court through which an individual qualifies to act on behalf of a Deceased individual and administers a Decedent's estate.
  • Last Will and Testament - Your Last Will and Testament is a legally binding statement of who will receive your property upon your death. It also appoints a legal representative to carry out your wishes (a/k/a you "Executor/Executrix), as well as your Funeral and Disposition Representative.
  • Testamentary Trust - Your Last Will and Testament may also include a "testamentary trust," which is simply a trust contained within a Will.  A trust is a legal entity under which one person - the "trustee" - holds legal title to property for the benefit of others - the "beneficiaries." The trustee must then follow the rules provided in the trust intrument (such as the Will).  Common trusts we include in Last Will and Testaments are Credit Shelter Trusts (to protect assets from the New Jersey Estate Tax) and Minor's Trusts (to protect money for the benefit of minor children/grandchildren of a Decedent).
  • Death Taxes - There are three types of death taxes that may impact a Decedent's estate or beneficiaries of a Decedent's Estate in New Jersey:
    • New Jersey Inheritance Tax (Form IT-R);
    • New Jersey Estate Tax (Form IT-Estate); and
    • U.S. Estate Tax (Form 706).
    • NOTE: It is very important that your estate plan take into consideration what impact your desired distribution may have on taxes. 
  • Estate/Trust Administration - Estate and Trust administration is the process by which your Estate or Trust marshals assets, pays debts and expenses, receives income, pays taxes and distributes assets/monies to beneficiaries.  For a further discussion as to these services, please click this LINK.

 

 

Important Notice: All attorneys of the Law Office of Frank M. Williams, L.L.C. are licensed to practice law in the State of New Jersey, Commonwealth of Pennsylvania and/or the District of Columbia. 
  

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