Estate Planning in NJ: What to Expect

Death is understandably not high on the list of most people’s favorite topics of discussion. But it is, of course, something all of us can expect to experience. And since we all have to admit that it’s coming, it is an important responsibility to plan ahead for the inevitable.

Estate planning is the process of determining what happens to your assets after your death, and regardless of the size of those assets, establishing a plan for your estate can provide crucial peace of mind to you and your family – and help to avoid the potential for conflict and estate litigation.

The mere thought of estate planning can be anxiety-inducing for many, and at our law firm, we aim to make this process as streamlined and stress-free as possible. We have in-depth knowledge of New Jersey’s estate law and extensive experience in working with the rich diversity of clients throughout the Morris and Sussex County areas. The team of estate planning attorneys at Gruber, Colabella, Thompson, Hiben & Montella have “seen it all” and can apply all of that background to helping you establish your best possible plan for posterity.

The Estate Planning Process in NJ

Estate planning can mean many things to different people, and the process can vary considerably depending on your individual circumstances. For some, planning your estate can be a simple and straightforward process. For others with complex family and financial situations, the estate plan may require more time and effort to work through. However, when we boil it down to an overview, the process is fairly straightforward and simple:

Step One:

The easiest part of the process is to get it started! Begin by contacting our law offices to schedule your initial estate planning consultation. The sooner you reach out, the sooner you ultimately have the peace of mind that you’ve “crossed it off the list” and taken care of this important task. You’ll rest more peacefully knowing that you have assured your legacy and clearly established your final arrangements.

Step Two:

During your consultation, your attorney will discuss an overview of the specifics of your estate and answer any questions you may have about our practice. As you might expect, our attorney will have plenty of questions to ask of you as well. Some of the topics discussed during this meeting may include:

• Marital Status
• Children and/or grandchildren
• Prior marriages
• Your assets
• Your current will and other estate planning documents you may have (if applicable)

We can also provide you with materials that will help you to think through many of the options you have – considerations including wills, living trusts, power of attorney, healthcare considerations, etc.

You will need to provide us with the names of your beneficiaries, executor, and guardian(s) for your children.  We can then discuss what your options are for your estate, as well as make recommendations based upon your circumstances.  Understandably, some clients may feel reluctant to share certain personal situations.  However, it is important to be open about these so that your attorney knows what issues to anticipate and can help you plan around them.  Please keep in mind that these conversations are kept confidential.

This consultation is also an opportunity for you to get to know our attorney and our firm. Even though we’ll be asking you questions, we encourage you to ask questions of us as well. We pride ourselves on our accessibility and individual care, and we truly believe that you should feel as comfortable as possible while you’re planning your estate. So ask your questions and listen to our answers, and consider whether you feel an authentic trust and connection. Do you feel at ease speaking with our attorney?  Do you feel as though your questions and concerns are being adequately addressed?

By the end of your consultation, we anticipate having determined the framework of a plan that will fulfill your wishes. We also would be able to provide an idea of the cost of our services to implement that plan. If you wish to proceed at this point, you would sign a retainer for our legal services. If you are not sure at that time, that is completely acceptable – you may take the retainer document home to review and decide later.

Note that if your estate is more complex, we may need to schedule further meetings or phone calls to meet your estate planning goals.

Step Three:

Once you have retained our services, we move forward with your estate planning, and begin preparing your estate documents. During that process we will also take care to consider any applicable NJ estate regulations that could impact your situation. Should we have questions or find that additional decisions need to be made, we will contact you. Likewise, if there are additional tasks that you need to complete, we will make you aware of these at this time.

Step Four:

Once the estate documents have been drafted, the last step is for us to review the documents with you, and if they meet your approval, you sign the documents to make them official.  A representative from our firm will reach out to you to schedule an appointment – this action is typically performed in our offices in Hopatcong, NJ, and we will provide the requisite witnesses.

Once your documents have been signed,  take them with you and store them in a secure location.  At any time in the future, should adjustments need to be made, simply contact us and we will help you execute the changes.

North Jersey’s Trusted Estate Planning Attorneys

Determining what will happen to your assets upon your death may seem intimidating, but it is one of the most important things you can do for yourself and your family. These priceless documents remove the burden from your survivors of attempting to decide how to distribute your estate and avoid the potential conflicts that could occur if your guidance is not provided.

If you have not created an estate plan – or if your existing documents are outdated – contact us today!