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How does a Trust work?

Jul 21

Posted by admin in Estate Planning, News, Wills | No Comments


The following article was written by E. Gregory M. Cannarozzi, Counselor-at-Law, L.L.C. and can be found on New-Jersey-Lawyers.com

Trusts are the process by which the grantor transfers legal ownership to a person or institution (called the trustee) to manage the property for the benefit of another person (called the beneficiary).

Trusts create a fiduciary relationship between the trustee and the beneficiary. The trustee must act solely in the best interests of the beneficiary when dealing with the trust property. If a trustee does not live up to this duty, the trustee is legally accountable to the beneficiary for any damage to his or her interests. The grantor may act as the trustee himself or herself, and retain ownership instead of transferring the property. A grantor may also name himself as one of the beneficiaries of the Trust.

To find more articles about New Jersey  Wills and Probate Law can be found at New-Jersey-Lawyers.com.  New Jersey lawyers who can help with wills and estates in new jersey can be found at New-Jersey-Lawyers.com , NJLawFirms.net and Njlawyers-NewJerseyLawyers.com

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Are there different types of Wills?

Jul 14

Posted by admin in Estate Planning, Wills | No Comments


The following article was written by E. Gregory M. Cannarozzi, Counselor-at-Law, L.L.C. and can be found on New-Jersey-Lawyers.com

There are many types of Wills:

  • Holographic Wills are entirely handwritten, dated, and signed by the testator.
  • A Living Will, Medical Directive or Health Care Directive is one that authorizes the continuance or cessation of life-sustaining medical treatments from an individual who is incapable of making that decision due to debilitating circumstances.

Who should make a Will?

Every adult person should consider making a Will. Each year a large number of people die without Wills, leaving major decisions in the hands of the states of New Jersey or New York.  Wills are especially important for parents of children who are under eighteen, as arrangements for the children’s financial support and/or appointed guardian can be determined. Without a Will, any property distributed to minor children could be subject to an expensive court-appointed guardianship, which could greatly affect inheritance. And in some states, if you were married and childless, your parents could split your property with your spouse if not alternatively predetermined in a Will.

To find more articles about New Jersey  Wills and Probate Law can be found at New-Jersey-Lawyers.com.  New Jersey lawyers who can help with wills and estates in new jersey can be found at New-Jersey-Lawyers.com , NJLawFirms.net and Njlawyers-NewJerseyLawyers.com

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How A Power of Attorney Functions in Estate Planning

Jan 7

Posted by admin in Estate Planning | No Comments


The following article was written by Franklyn Aronson, Esq. Of Kamensky♦Cohen & Associates and can  be found on New-Jersey-Lawyers.com

A Power of Attorney (POA) is a legal document giving another person or institution the right to do certain legal acts or tasks for another person (the Principal).  This document may be one of the most important in an Estate Planning.  It will save significant time and money if circumstances necessitate its use.  A person giving another Power of Attorney can make it very broad (General POA) or can limit it to certain acts ( Limited POA).

The person giving another a Power of Attorney does not surrender his or her rights.  It simply authorizes another to act on his or her behalf, much like giving another person an extra set of keys to your house; you, of course, still maintain the access to your house yourself and you can take back the key or change the locks if you choose.

A “General” Power of Attorney gives your agent very broad powers to do almost every legal act that you can do.  The document will list numerous authorizations and then contain a general catch-all authorization for the person with the Power of Attorney to perform acts for you.  It will include financial, health and property management powers.  A “Limited” Power of Attorney gives the agent only certain powers or rights to engage in a particular transaction on your behalf, such as signing financial documents on your behalf if, say, you cannot be present at a house closing.

A “Durable” Power of Attorney comes into play if what you want to accomplish is having . …..click here to finish this article

For more information about  NJ Estate Planning  Law or to find a New Jersey Estate Planning Lawyer.  Additional lists of NJ Law firms can be found here.

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Trusts – Questions and Answers Introduction

Feb 3

Posted by admin in Estate Planning | No Comments



The following article about Estate Planning
Is featured on New-Jersey-Lawyers.com


Written by Michael B Mangini, J.D.

Question 1: What is a trust?

Answer: A trust is a legal relationship among persons that requires: (1) a person who creates and funds the trust (trustor), (2) a person who benefits from the income and principal in the trust (beneficiary), and (3) a person who manages the property in the trust and distributes income and principal according to the terms of the trust (trustee). Think of it as a contract. The governing instrument is the writing that contains the relevant provisions.

Question 2: What is the purpose of a trust?

Answer: There are many purposes for trusts. Each trust is different. Primarily, the purpose of the trust depends on what the trustor wants to accomplish. The goals of the trustor dictate the way a trust is drafted, i.e. the drafter will write provisions designed to accomplish the trustor’s goals within the limits of the applicable law. After the trustor signs and funds the trust, the rights of the trustor and beneficiary and the duties of the trustee are determined with reference to the written provisions of the trust. Trusts may be used to protect assets, limit the use of assets, manage transfer taxes, avoid probate, benefit charities, provide for pets, and to address many other situations…….


To read the balance of this article or find a New Jersey Estate Planning and Administration Lawyer or visit twww.New-Jersey-Lawyers.com.

For additional listings of NJ lawyers, we suggest you also visit Njlawyers-newjerseylawyers.com

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