Bridgewater Probate Lawyer

If you need help with the administration of a loved one’s estate or your own estate planning, the Bridgewater probate lawyers at Van Dyck Law Group are available to help. We’ll walk you through the process, explain what needs to be done, and answer any questions you have.

Dealing with the tasks of settling an estate can be stressful, especially when you are grieving the loss of a loved one at the same time. Unfortunately, it is necessary to carry out the decedent’s last wishes, as well as take care of any lingering financial matters like debts or estate taxes.

Managing the affairs of a deceased person’s estate includes several key duties: validating the will through probate, gathering all assets of the deceased, determining and settling any estate taxes owed, and ultimately distributing the remaining property to the beneficiaries. Navigating this often complex and emotionally taxing process can be easier with the assistance of an experienced Bridgewater probate and estate administration attorney.

Please don’t hesitate to contact us at your convenience for a consultation to learn more.

What Is a Bridgewater Probate Attorney?

An estate or probate attorney assists families with the administration of a deceased person’s estate. They can answer questions and prepare the appropriate documents to continue with various steps in the process.

How Much Does a Probate Lawyer Cost and Do You Really Need One?

We understand that many people are concerned about the costs associated with hiring a probate lawyer. No one wants to think about the assets in their estate dwindling due to legal fees.

However, an experienced probate lawyer can help you avoid many issues that drain the estate’s assets. We’ll work to minimize your costs and fees and settle the estate as quickly and efficiently as possible.

On the other hand, navigating the probate process without legal expertise can lead to costly errors and additional expenses.

What Are the Next Steps Your Bridgewater Probate Attorney Will Recommend?

Your probate litigation lawyer will review the situation and determine what needs to be done to continue the process of probating the estate. Generally, the first step is to file a petition or application for probate with the appropriate court.

This petition must include information about the deceased person, their assets, and any known creditors or beneficiaries.

Eventually, the court will set a date to work out the following:

• Is there a will? If so, the court will need to decide if it is valid or invalid. The best way to avoid issues of will invalidation is to have your will drafted by an experienced estate planning lawyer.
• Is the property mentioned in the will the decedent’s? Sometimes it’s necessary to determine ownership of certain items.
• What if there is no will? In this case, the court will decide who receives the property, based on New Jersey intestacy laws. Additionally, if the decedent did not live in New Jersey, these laws may be different.
• Who are the interested parties? These parties are typically beneficiaries mentioned in the will, or, if there is no will, potential heirs under New Jersey law may qualify as interested parties. Once interested parties are identified, the executor must notify them of the probate proceedings.
• An asset inventory must be conducted. This includes everything from bank accounts and real estate to investments, personal belongings, and other items of value. The compiled inventory helps establish the overall worth of the estate. Then, the executor can ensure that each asset is properly identified and included in the eventual distribution process.
• The decedent’s debts must be settled. During the probate period, any creditors can file a claim with the estate. The goal is to settle all debts before distributing the remaining assets to the heirs.
• The court will approve and pay any administration fees for the estate. You should keep organized receipts to expedite the process.
• Once all necessary payments have been made, the remaining probate assets should be distributed to the heirs. The court will want to ensure that all debts have been paid first, so there may be a waiting period, or you might need to show your efforts to locate any additional creditors.

Additional court dates are scheduled to allow the court to monitor the progress on these steps and identify any potential issues that may arise. For instance, if the executor has difficulty finding an interested party or is concerned about the validity of a debt, they can discuss this in probate court.

Can a Bridgewater Probate Attorney Help You Avoid the Probate Process?

This is a common concern because many clients don’t want to put their heirs through a lengthy or expensive process. Fortunately, there are some strategies your probate or estate attorney might recommend to help you pass property to beneficiaries after death without the probate process.

Joint Tenancy and Tenancy by the Entirety

Naming someone as a joint owner of your property, specifically as a “joint tenant with right of survivorship”, can enable you to bypass the probate process. The property will then pass automatically to the joint owner upon your death.

However, this approach carries significant risks. By adding a co-owner, you expose the asset to potential legal claims or debts owed by that person, including lawsuits or creditor actions.

These legal issues could occur even while you’re still alive and relying on the asset for your own needs. For that reason, you should discuss the risks and benefits of using this method with your probate lawyer.

Designation of a Beneficiary

You can add Transfer on Death (TOD) or Payable on Death (POD) designations to financial accounts, allowing those assets to pass directly to named beneficiaries after your death. Unlike joint ownership, these designations don’t give the beneficiary any rights to the asset during your lifetime, which can make them a more attractive option for maintaining control.

However, relying solely on beneficiary designations can create challenges when trying to divide your estate fairly among multiple heirs. It’s also important to note that assets with named beneficiaries will go directly to those individuals upon your passing, regardless of any conflicting instructions in your will.

While it isn’t the right solution for everyone, this option may be ideal for someone with a small estate who wants to leave everything to one person. Alternatively, someone with multiple heirs may decide to leave a financial account to one beneficiary and divide other assets, such as real estate or valuables, among additional heirs.

Breaking Down the Different Kinds of Legal Trusts

A legal trust is a formal fiduciary arrangement in which a grantor, also known as a settlor, places assets under the control of a trustee. The trustee is responsible for managing those assets on behalf of one or more beneficiaries.

In essence, it divides the legal ownership of the property from the right to enjoy or benefit from it.

Here are some different types of trusts and how they might be used:

Revocable Living Trusts

A revocable living trust is a legal tool that creates a separate legal entity to hold title to your assets during your lifetime. Through this trust, you can appoint trustees to oversee and manage those assets based on the instructions you outline in the trust agreement.

In most cases, you act as your own trustee while you’re alive, retaining complete control and using the assets for your benefit. If you become incapacitated or if you ever pass away, a successor trustee named in the document takes over the responsibility of managing or distributing the trust’s assets.

When properly structured, a trust can achieve several objectives, such as avoiding guardianship proceedings, sidestepping probate, and preserving wealth for your family while offering protection from creditors and divorcing spouses.

Ultimately, the strategy involves minimizing the number of assets left in your personal estate by proactively transferring them into the trust. This requires thoughtful trust funding, consistent oversight, and periodic updates to ensure the trust accurately reflects your current asset portfolio.

Other Trusts

Depending on your situation, your probate lawyer may recommend other types of trusts. These might include:

• A special needs trust to support a family member with disabilities. This is often a good option for families who wish to help a child with significant medical issues or limitations.
• A charitable trust, such as a charitable remainder trust, charitable gift annuity, or charitable lead trust. Your probate lawyer can explain the differences and how they fit your situation.
• An irrevocable trust to allow for Medicaid eligibility or to protect assets from bankruptcy, lawsuits, or other issues. Irrevocable trusts allow less control over your assets, but they can have additional benefits in some situations.

Administering a Trust

When a trust is properly created and fully funded, the assets it holds typically bypass the probate process. Since the trust does not need to be submitted to the probate court, it offers a more private and efficient means of transferring property.

However, administering a trust still involves a series of essential responsibilities, including:

• Notifying beneficiaries
• Identifying and managing assets
• Appraising property
• Alerting potential creditors
• Settling outstanding debts and taxes
• Distributing the remaining assets according to the trust’s terms

Because these tasks can be time-consuming and complex, successor trustees may find it difficult to handle everything on their own. They often need guidance from attorneys, accountants, and financial advisors.

Your probate law firm should support your successor trustees in navigating the administration process and ensuring everything is handled accurately and in accordance with your wishes.

Bridgewater Probate FAQ

Who Is Responsible for Administering the Estate?

If the decedent had a will, they would have named an executor to handle all the tasks of closing out the estate. If they did not have a will, a probate court judge would appoint an administrator to complete these duties.

What if the Estate Has Few Assets?

In cases involving small or minimal estates, the probate procedure may be simplified. However, the probate court will still oversee it. In general, smaller estates settle more quickly than larger estates due to the lower number of tasks involved.

Do You Need Help From a Bridgewater Probate Law Firm? Contact Us Today!

If you need guidance with estate planning, probate matters, or trust administration, the team at Van Dyck Law Group is here to help. Whether or not we prepared the original will or trust, you’re welcome to contact our office to arrange a consultation at your convenience.

To schedule a private, no-obligation appointment, please call us at (908) 201-0629 or contact us through our website.