Weiner Law Group LLP

Having and executing an estate plan provides you with meaningful peace of mind that your loved ones will be taken care of and your wishes honored after you are gone.

It may never seem like the right time to plan for the end of our own life, but the sooner you get started, the longer you will have to enjoy that peace of mind, knowing that you have taken care of those who matter most to you.

At Weiner Law Group, LLP, our estate planning lawyers can help you prepare your estate to protect your future. We provide individualized services tailored to your unique needs, whether that means setting up several complicated trusts or drafting a brief will.

If you need a New Jersey estate planning lawyer, reach out today.

Estate Planning 101

Sometimes, those of us who have spent much time working in a particular area often take the words we use for granted. But our clients come to us from all walks of life, and we have found a brief vocabulary primer that can help ensure everyone is on the same page.

What Terms Should I Know?

Your estate includes all the property you own when you die, unless you have removed it from the estate.

Specifically, your estate includes real and personal property, financial assets, and any intellectual property you own. That property is divided between “probate” and “non-probate” assets. 

Probate and non-probate assets

In New Jersey, probate assets must go through the probate process, while non-probate assets bypass probate. Typically, non-probate assets can reach their beneficiaries sooner. Careful planning can also remove non-probate assets from your taxable estate. 

Examples of probate assets include:

• Real estate held in your own name,
• Personal property, and
• Financial accounts held in your own name.

If you only own property in your name, it is likely probate property.

Examples of non-probate assets include:

• Real estate with a right of survivorship,
• Joint bank accounts,
• Life insurance with a named beneficiary,
• Retirement accounts with a named beneficiary, and
• Trusts that you create during your lifetime.

If you own property specifying that it passes to another person automatically when you die, it is probably a non-probate asset and will not be subjected to the probate process on your death.

Wills

Most people know they should create a will. However, they may not be familiar with terms relating to wills, like:

• Dying testate—to die with a valid will;
• Dying intestate—to die without a valid will;
• Intestate succession—the process of distributing assets of someone who died without a will;
• Decedent—the deceased person;
• Testator—the person who created the will;
• Heir—a person entitled to take property through intestate succession; and
• Beneficiary—a person entitled to take property under a will.

Understanding these terms makes a big difference in how confident you can be that you and your wills and trusts attorneys are on the same page.

Trusts

Unsurprisingly, trusts also involve several confusing terms, for example::

• Grantor—the person who establishes the trust;
• Beneficiary—the person who benefits from the trust; and
• Trustee—the person or entity who administers the trust.

Again, knowing these terms can help you feel confident that you understand your estate plan.

What Does an Estate Planning Attorney Do?

An estate planning attorney can design a uniquely tailored estate plan for you. Our knowledge lets us advise you on protecting your assets, minimizing taxes, and ensuring your wishes are respected after death. 

How Much Does an Estate Planning Attorney Cost?

How much it costs to hire a New Jersey estate planning attorney depends on a few factors. The first is whether the attorney uses flat fees, bills by the hour, or uses some combination.

The second is how complicated your estate plan is. Since the cost depends so much on your unique circumstances, the easiest way to learn the cost is simple: ask us!