A testamentary document is executed to declare your wishes for the future. Whether it is a living will to declare how you want your end of life care to proceed or a will or trust to declare how to handle your estate while you are gone, testamentary documents allow a person to establish clear instructions for those who are left to handle the outstanding legal and financial decisions. Furthermore, testamentary documents relieve some of the stress a family is already enduring mourning a loss. Wills and trusts are testamentary documents that should be executed to affirm your vision of what should happen with your estate and what assets should be left to whom. Taking care of your estate is important. Through wills and trusts, you can state your wishes for the future. If you need a compassionate law firm to guide you through the estate planning process and draft wills or trusts, contact Velasco Law Office today.
When people have assets that they wish to pass on to their heirs or loved ones, a will is an important document to execute. Some of these assets may include:
Items of personality
Even the smallest items can be detailed and allocated according to your wishes through a will. Though you may not want to think about what happens after you are gone, you probably have an idea of how your estate should function when the inevitable occurs. A will can let your loved ones know your intentions.
There are a few requirements to make a will valid in the eyes of the law. A will must be in writing and signed by the subject of the document. A will must be witnessed. In New Jersey, a will must be witnessed by two individuals. Generally, the witnesses must be present, understand that they are at a will signing, and hear the signer proclaim that they understand that they are at a will signing. In many cases, the witnesses are required to sign a document attesting to the fact that these obligations have been satisfied. Once the requirements are met, you have a document that can be filed or probated with the local courts.
A trust is another way to manage the assets of your estate. There are two types of trusts:
Revocable trust: Allows you to change the guidelines at any time
Irrevocable trust: No changes are allowed to the guidelines
People often prefer irrevocable trusts because there are many positive tax implications compared to a revocable trust. Once you execute an irrevocable trust, it is binding. Both trusts have advantages, including:
Passing assets outside of probate
Legal costs saved
For both types of trusts, you will appoint a manager known as a trustee. There are many types of trusts available, including marital, charitable remainder, bypass, charitable lead, testamentary, and generation-skipping, just to name a few. To know more about trusts and to make an educated decision about which one is right for your situation, contact an attorney.
If you need more information about wills and trusts, contact Juan C. Velasco, Esq. Attorney Velasco has been a legal resource for the people of New Jersey for over 25 years. Through his years of service, he has guided clients through all estate planning matters and drafted countless wills and trusts. If you need a quality lawyer, contact Velasco Law Office today.