You have accomplished a great deal in your lifetime and have accumulated both assets and responsibilities along the way. An Estate Plan can simplify the process of passing your property on to the people you want to have it and can help keep your assets relatively intact. A good Estate Plan created by an experienced New Jersey estate attorney can not only simplify the process of transferring the property, but also minimize the costs that your estate experiences in estate taxes and administration. In New Jersey, a good plan may also minimize the inheritance tax that the State imposes on some of the people who receive your property.

Who Needs an Estate Plan?

Many people don’t think that they are wealthy enough to need an Estate Plan. Then they are surprised at how much their estate is worth, and how much time, trouble and money they can save later by spending a little time and money now. All you need to be a good candidate for an Estate Plan is:

• A moderate amount of property (a house, furniture, vehicles, and personal effects is more than enough)
• A desire that these assets go to specific people
• A desire that this transfer be accomplished as smoothly, inexpensively and with little acrimony and disputes between your heirs
• The time and energy to compile a thorough inventory of your property
• An experienced estate attorney to translate your desires into legally enforceable plans
• Your signature on the documents to execute that plan

What the Benefits Are

The monetary advantages of a good estate plan are:

• Minimizing various taxes (estate, inheritance, income)
• Avoiding the need to have the estate probated with probate’s associated costs and delays.

A good Estate Plan also offers many non-monetary advantages, especially peace of mind. With the plan worked out while you are still alive and involved, you can inform your beneficiaries of your intentions well before your demise. In some cases that can cause hard feelings, in others gratitude. Whatever the reaction, it prevents surprises at your death when your heirs are already dealing with emotional trauma. It also minimizes the chances that disappointed heirs will try to legally attack your plans.

Estate Planning Tools

Retirement accounts, life insurance policies, and several other kinds of financial accounts specifically state what happens to the funds involved when you die. Good planning can use these devices to keep funds out of your estate, distribute them directly to those you wish to have them, and keep them out of probate. Apart from these assets, estate planning can entail one or more of the following tools:

• A formal will, which complies with the State’s legal requirements, stating what you want to happen to your remaining property, usually subject to probate and taxes
• Various kinds of trusts, particularly irrevocable trusts, which remove assets from your estate, avoiding estate taxes, inheritance taxes, and probate, and transfer assets into the control of a trustee to be used and distributed to beneficiaries according to the trust agreement

An experienced estate planner can match the tools to the assets in your estate and the specific plans you have for those assets.

Legal Estate Planning Assistance in Cape May and Atlantic Counties

The best Estate Plans require that the attorney preparing your plan be aware of your desires, personal relationships, and assets. They must be experienced with the many laws that govern transfers of property and rights. At KingBarnes our ability to communicate clearly and effectively ensures that we understand your situation before drawing up an Estate Plan. We get to know our clients personally and are known for being responsive. We are a small firm which makes for a personalized experience and with 20 years total estate planning experience, our Estate Plans are top notch. Give us a call today to plan for tomorrow. Our offices are located in North Wildwood, Marmora and Egg Harbor Township for your convenience.