Estate Planning Simplified
Jul 25, 2023 | Written by: | Share
Estate planning can be a complex undertaking. However, for the vast majority of clients, estate planning is relatively simple. That is to say, if estate tax shelter planning is not needed, and if all beneficiaries are adults without special needs and it is the Testator’s desire for assets to be transferred to the beneficiary as soon as possible and without restrictions, then a relatively simple Will can be used.
To be clear, use of the term “simple” to describe a Will is somewhat of a misnomer. Wills are an extremely important part of the plan for most families to pass on wealth to the next generation. For example, if a child were to predecease both parents leaving a surviving child or children, then trust arrangements should be included for the benefit of those grandchildren, so that the grandchildren’s inheritance will be safely managed until each grandchild reaches an appropriate age. Typically, an appropriate age of distribution is between the ages of 22 and 25 years; and until the grandchild attains the appropriate age of distribution, the funds should be managed by the Trustee for the maintenance, support, and education of the grandchild. Any trust assets remaining when the grandchild reaches the stated distribution age will then be paid over to that grandchild. While this may sound complicated, such trusts are routine and relatively simple to draft.
A well-drawn Will should have several other provisions that, while not complex, help to make the administration of the estate relatively easy. In previous articles, I have explained how the probate process in New Jersey has been streamlined. In most instances, it is not necessary to hire an attorney to probate a Will. The Surrogate’s Office can provide simple instructions and forms for completing the process in a matter of days.
At Gebhardt & Kiefer, we handle estate planning matters ranging from the simple to the complex. In most cases, a simple Will combined with a well-drawn General Durable Power of Attorney will satisfy the legal needs of most families. Please contact us for a free consultation to discuss your family’s needs.
John G. Manfreda, Esq, is a partner with Gebhardt & Kiefer, P.C. His primary practice areas involve estate and business planning; estate and trust administration; corporate, commercial and real estate law, including asset protection planning; business succession planning and related transactional work; and the purchase and sale of businesses. He also has considerable experience in the area of probate litigation, including will contests and the defense of individual and corporate fiduciaries. Contact Mr. Manfreda at 908-735-5161 or via email.
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Any statements made herein are solely for informational purposes only and should not be relied upon or construed as legal advice.