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Law Offices of Nancy M. Rice
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Cherry Hill, NJ 08034
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Cherry Hill NJ Probate & Estate Administration Law Blog

How does a trust end?

If you are in the process of creating an estate plan, you may wonder if a trust is right for you. With many types to consider, this could be the document that works best for you and your loved ones.

Of course, you can't move forward with this until you have answered all your questions. Here is one of the most important to address: When does a trust end?

What is a beneficiary silent trust?

A beneficiary silent trust is a type of trust that allows for the creator of the trust to dictate that the beneficiaries of the trust not be given notice of the trust's creation or the assets held within. There are many reasons why a trust creator may want to designate a trust as quiet or "silent," but for it to be legally recognized, the trust may need to have several specific features.

The creator should include or at least reference the specific statutory language within the body of the trust instrument that expresses clearly the desire to withhold certain information from beneficiaries. This will protect the trustee from accusations of bad faith. It may be particularly useful to include a letter from the creator of the trust expressing why it is in the best interests of the relevant beneficiaries for the trust to be kept silent to them.

Legal marriage means new estate law options for LGBT couples

The ruling that marriage is legal for same-sex couples opens a great many chapel doors for ecstatic brides and grooms, but it also opens a variety of legal doors that are worth considering. Whether you're planning to keep your relationship as is or you're opting to tie the knot, now's a good time to have a serious conversation about the future.

With legal marriage possible, lesbian, gay, bisexual and transsexual couples might need to consider estate planning. In many cases, the same laws governing married different-sex couples in this area are now relevant for LGBT couples.

Does your estate executor have to live in the same state?

If you are a New Jersey resident working on your estate plan, you might wonder how limited your choice of executor is. The law doesn't put that many limitations on your choice, and it doesn't limit your executor to those who live in the state of New Jersey. This is not the same in every state -- some states require an executor who lives in the same state where the estate is to be probated.

If you choose someone who lives out of state to execute your estate, they do need to know a few things about the process. Someone who is already named as an executor of an estate and decides to move away from the state should also know about these things. First, a person outside of the state might be required to post a bond if they want to continue as an executor for an estate in New Jersey.

Even millennials should consider estate planning

For millennials, retirement might seem like a long way off, and worries about your estate are an even distant concern. While many younger individuals don't yet have assets or potential heirs to share them with, some do, and that makes estate planning an important consideration. Even if you haven't built up any wealth and aren't concerned with caring for beneficiaries, there are two estate planning documents everyone should consider having on file.

The first is a durable power of attorney. This document lets you appoint someone to handle certain financial matters for you if you are ever unable to do so. While many people associate POA powers with someone who has aged and is unable to continue handling his or her own affairs, this document can come in handy during temporary emergencies too.

Don't fall prey to one-size-fits all estate laws

What happens when someone dies without a will or other estate plan in place? Because many people don't take the time to deal with estate planning, this happens more often than you might think, so the courts can't spend time hearing arguments or evidence on what the person might have wanted. Instead, each state has a set of laws called intestacy laws to govern estate processes in the absence of a will or estate plan.

On the surface, this is a good thing. It means that something will happen with your estate should you pass away without a plan in place. Your estate won't just go to the state, either -- most state intestacy laws make provisions for heirs such as surviving spouses and children.

Understanding your legal options in late life

Last week, we talked about the importance of choosing the right power of attorney to assist you with legal, financial and health care choices should you deal with incapacity or lower capacity as you age. Choosing a power of attorney is not the only thing you should do in preparation for enjoyment of your later years.

Our firm works with you so you understand the many important aspects of elder law and estate planning. In addition to tasks you might traditionally associate with estate planning, we also help you understand how to cover your own expenses later in life so you don't have to worry so much about emergencies or how you'll pay for living if you are lucky enough to experience longevity.

Making someone your power of attorney

In recent weeks, we've talked several times about the administration of your estate after you pass away, but in some cases, you might need assistance administering your finances while you are still alive. If you are ever incapacitated by injury or health issues, even temporarily, you might need someone to take over the helm of your financial issues. The person you choose to handle such matters must be given power of attorney over money matters so he or she can act and make decisions on your behalf.

This is a big responsibility, so you never want to choose someone lightly. The person you select will have access to your financial information and funds, and depending on your situation, he or she might represent you in financial or business dealings during the time you are incapacitated. You'll want to choose someone who is responsible, willing to learn about your wishes and most likely to carry out your wishes.

State Supreme Court rules despite 'repugnant' action

The state Supreme Court is siding with a woman on the basis of the law, despite what it calls "repugnant" action on her part. The case had reached the Supreme Court after numerous appeals after a trial court ordered the woman to pay the estate's legal fees.

The case stems from alleged suspicious activity before the woman's husband passed away in 2007. According to reports, the woman and her husband, who was older, visited a bank just before his death to have the deed to a property signed over to her. Reports also indicate that the woman filed codicils to the man's will just before or just after his death, and those documents have been called into question by the man's other heirs.

What you need to know about death certificates

Most people know that the death certificate is a piece of paper that officially declares the death of someone. The certificate is issued, sometimes by the funeral home, to the family or executor of an estate. As with almost any piece of legal paper, though, it's not always that simple.

If you are dealing with the estate or funeral arrangements of a loved one, you might be surprised when the funeral home or someone else involved asks you how many certified copies you will need of the death certificate. The truth is: You probably need more than one. In some cases, a certificate simply confirming a death is enough; in other cases, you might need a certificate that provides a cause of death.