Estate planning is more than drafting documents—it’s about protecting your loved ones, preserving your assets, and ensuring your wishes are honored during your lifetime and after your death. An experienced estate planning attorney helps you create a comprehensive plan, both before and following your death, customized to your objective, whether that includes minimizing probate, planning for incapacity, protecting beneficiaries, or reducing potential tax burdens. Below, I have provided answers to some of the most frequently asked questions from clients about estate planning and the process.
What Does an Estate Planning Attorney Do?
An estate planning attorney helps you create legally valid documents that outline how your assets will be distributed upon death, who will make financial and medical decisions if you become incapacitated before death, and how your estate will be administered upon your passing. It also ensures your plan complies with New Jersey law and reflects your specific family and financial objectives.
What Documents Are Typically Included in an Estate Plan?
A comprehensive estate plan often includes a Last Will and Testament, a durable power of attorney, a healthcare directive (also called a living will), and, in many cases, one or more trusts. Additional documents may be recommended depending on your assets, business interests, and/or family dynamics.
What Is the Difference Between a Will and a Trust?
A will directs how your assets are distributed after your death through the probate process. A trust, on the other hand, can hold assets during your lifetime and distribute them according to your instructions while you are alive, and allows trust assets to pass to beneficiaries outside of probate upon death. A trust can offer you greater control over the timing and conditions of distributions to beneficiaries.
What Is Probate and Can It Be Avoided?
Probate is the legal process in New Jersey of validating a will and administering a deceased person’s estate. Probate in New Jersey is generally simple, straightforward, inexpensive, and allows, within a Last Will and Testament, certain planning tools such as placement of a trust(s) and beneficiary designations.
What Happens If I Die Without a Will?
If you pass away without a valid will, New Jersey’s intestacy laws determine how your assets are distributed. These laws may not align with your personal choices and can create unnecessary stress or conflict and fights within your family. A written estate plan ensures you remain in control.
When Should I Create an Estate Plan?
It is never too early to create an estate plan. Adults of all ages can benefit from having documents in place, especially once they acquire assets, marry, have children, start a business, or begin to experience physical or mental decline. Estate planning is particularly important if you want to designate guardians for minor children.
How Often Should I Update My Estate Plan?
You should review your estate plan after major life events such as marriage, divorce, the birth of a child, the death of a beneficiary, significant changes in assets, or changes in tax law. Without major life changes, attorneys often recommend reviewing your plan every few years. I think that can be a waste of your hard-earned money unless tax laws have changed.
What Is a Durable Power of Attorney?
A durable power of attorney allows you to appoint someone to manage your financial and personal affairs if you become incapacitated and/or disabled while alive. Without this document, your family may need to seek a court intervention, called a guardianship, to gain the authority to act on your behalf if you become highly disabled or lose competency.
What Is a Healthcare Directive or Living Will?
A healthcare directive outlines your medical treatment preferences and designates someone to make healthcare and/or death decisions if you are unable to do so. This document also ensures your medical and/or life-sustaining wishes are respected and reduces uncertainty for your loved ones if and when a major medical or end-of-life decision needs to be made.
Can Estate Planning Help Protect Assets?
Yes. Strategic estate planning can help protect assets from unnecessary taxes, creditors (in certain situations), and beneficiary mismanagement and waste. Trusts and other planning tools can provide structured distribution(s) and long-term protection.
How Long Does the Estate Planning Process Take?
The timeline depends on the complexity of your assets and goals. Simple plans may be completed within a few weeks, while more advanced planning involving trusts or business interests may take slightly longer to properly structure.
How Much Does Estate Planning Cost?
The cost varies based on the complexity of your estate and the documents required. At Hanlon Niemann & Wright, we generally quote a flat fee for all proposed documents and planning services for thoughtful estate planning, saving families significant time, expense, and stress in the future.
TESTIMONIALS
Friendly and Professional Atmosphere!
We had a wonderful experience working with Hanlon, Niemann & Wright on our will. From start to finish, the team was warm, patient, and incredibly courteous. They created a friendly yet professional atmosphere where we felt completely at ease asking questions—no matter how small. Every step was clearly explained, and their knowledge of elder care law gave us real confidence that we were in good hands. We truly appreciated the personalized service and attention to detail and wouldn’t hesitate to recommend them to anyone looking for thoughtful and trustworthy legal guidance.
-Les and Enid Mattia, Keyport, NJThe entire staff was welcoming, knowledgeable and professional
My husband and I would highly recommend the law firm of Hanlon Niemann & Wright. The entire staff was welcoming, knowledgeable and professional. Our questions and concerns were answered promptly and clearly. It was a pleasure dealing with the firm.
-Robert & Diane Shaw
Creating a well-structured estate plan provides you with peace of mind and your loved ones with security. By working with an experienced estate planning attorney, you can ensure your wishes are clearly documented, legally enforceable, and tailored to your unique situation. Taking action today helps prevent uncertainty tomorrow and safeguards the legacy you have worked hard to build.
Have more questions? Want to learn more or better understand what estate planning is… and is not? If so, then visit our companion pages at Frequently Asked Questions (Q&A) About a Last Will, and NJ Trusts Frequently Asked Questions (FAQ). Both were written by Fredrick P. Niemann, Esq., in clear, easy-to-understand language. When you’re ready, feel free to contact him directly to discuss your estate planning matter. He can be reached at (732) 863-9900 or by email at fniemann@hnlawfirm.com. He welcomes your inquiries and is known for being approachable, straightforward, and easy to talk to. Clients love him!
Fredrick P. Niemann Esq
Estate Planning Lawyers serving these New Jersey Counties:
Monmouth County, Ocean County, Essex County, Cape May County, Camden County, Mercer County, Middlesex County, Bergen County, Morris County, Burlington County, Union County, Somerset County, Hudson County, Passaic County