The last acts of an Executor of an estate are often making final distributions to the beneficiaries of the estate. But beware, in New Jersey, before making distributions, an Executor should require each beneficiary to provide a properly executed refunding bond and release. Under New Jersey law, N.J.S.A. 3B:23-24, the…
This is called dying intestate and if you die without a Last Will and Testament as a resident of the the State of New Jersey your estate will be distributed according to the New Jersey laws of intestacy. Since there is no will to probate, your nearest living relative who…
Individuals are permitted to change their names as long as they have a permissible reason to do so. Obviously, a name change will not be approved if the purpose or effect of the change is fraudulent, such as avoiding creditors or criminal proceedings. The court can also deny an application…
It is a fairly common practice for people to open joint bank accounts. Often joint accounts are held by spouses, and the funds do actually belong to both individuals. However, sometimes these accounts are opened for the convenience of allowing a child or to access funds and write checks to…
Under New Jersey estate planning law, a living will, which is legally called an advanced directive, allows a person to give instructions for what care she is to receive her health is extremis. A living will must be in writing, signed and dated before two adult witnesses who attest that…
Attorneys often focus on the importance of an estate plan and having a will to minimize costs and conflicts when a person dies. But it is just as important to plan for problems that may occur during people’s lives if they are unable to manage their own affairs, particularly the…
A self-cancelling installment note (“SCIN”) can be used to sell a business interest, stocks, real estate or other types of assets, usually to a family member of the current owner. This is a variation of an installment sale where the remaining payments are cancelled upon the death of the note…
The short answer is yes. Your will ensures that: • your assets are given to those whom you want to receive them; • you can control the way in the which your assets are distributed (for example, establishing a trust for the protection of a beneficiary, and designating the trustees);…