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Estate planning The Importance of Having a Will A will is a legal document that specifies how you want your assets distributed after your death. In New Jersey, if you die without a will (intestate), your assets are distributed according to state laws, which may not align with your personal wishes. Here’s why having a will is important: Control Over Asset Distribution Guardianship Decisions Minimizing Family Disputes The Role of Trusts in Estate Planning Trusts...

When a loved one passes away, navigating the legal landscape of probate can be a daunting task. In New Jersey, the probate process is a critical step in ensuring that the deceased's assets are distributed according to their wishes and legal requirements. This guide aims to demystify the probate process in New Jersey, providing a clear, step-by-step approach to help you through this challenging time. Step 1: Understanding Probate Probate is the legal process of...

If your loved one is not able to make decisions for themselves because of age, disability or mental illness, it may be necessary to pursue guardianship. There is a process families can go through in New Jersey to request this arrangement, which protects the rights and well-being of their loved one, called the ward. Types of guardianship There are two primary types of guardianship. A guardianship of the person allows the guardian to make personal...

Many people in New Jersey who want to start a new business will choose to purchase a franchise. Using a franchise means that the business gets brand recognition and other financial and business support from the franchisor. The tradeoff is that the business, called the franchisee, has to compensate the franchisor for its support. The franchisee also has to follow the franchisor’s rules when it comes to how the franchisee runs its operation. A franchise...

Running a business in New Jersey comes with many challenges. One of these is knowing the right ways to protect your business from lawsuits, which can cost you money and destroy your reputation. This is especially true when it comes to sexual harassment claims. Even an allegation of sexual harassment that was not properly addressed can cause you problems that you cannot recover from. It is important to know both how to reduce your chance...

The language surrounding estate planning can be confusing. You may already have a will, but perhaps the term “pour-over will” has come to your attention. What is a pour-over will, and how is it different from a more typical last will and testament? What is a will? A will is a written declaration stating how you want your assets distributed to your heirs when you die. Generally, there are certain formalities laid out in state...

Most New Jersey residents view their will as the last step in determining how their assets will be distributed upon their death. In most cases this view prevails, but in other cases, one or more heirs (or potential heirs) will object to one or more specific bequests in a will. In these cases, the dissatisfied heirs may decide to commence a lawsuit to challenge the validity of the will. These lawsuits are commonly called “will...

When couples are heading for divorce, they rarely think of their estate plan. Often, divorce is more about getting through it. But, for those going through the process, you should know that it can have a significant impact on your estate plan both legally and what you actually want the estate plan to contain after the divorce is finalized. New Jersey Statutes 3B:3-14 According to New Jersey Statutes 3B:3-14, a divorce or annulment automatically revokes...

There comes a time when a business owner may need to prepare to transfer leadership to a new group of people. Sometimes, this is because the owner chooses to retire or because they move on to a new venture. Business succession planning can ensure that the business continues to grow, even when it changes hands. In a small, family-owned business, this can involve transitioning the business to a new generation of owners. Business succession planning...

Many individuals and families set up a trust as a way to provide for their children. This goal takes on added urgency when the child has special needs. Fortunately, trusts come in many forms and are highly adaptable to many needs and situations. One type of trust, known as a special needs trust, can provide for a child with special needs both while the parents are alive and after they are gone. Trust basics When...