Wills and trusts are important estate planning documents that can serve a number of different purposes. A proper estate plan should be designed with your unique goals in mind. Whether you are just starting a family and beginning to build wealth, or if you have significant assets and numerous heirs, experienced legal counsel can help craft a plan to suit your needs. At the law firm of Cohen Fineman, LLC, our Burlington County wills and trusts attorneys are prepared to help you achieve your objectives.
Contact our South Jersey estate planning lawyers online or call 856-375-1738, toll free at 800-499-3153, to schedule an initial consultation to discuss your legal situation.
Common Estate Planning Terms
To help you think about your estate planning goals, it is important to know the meaning behind some common estate planning terms, such as:
Last will and testament — This is the formalized expression of your intentions concerning the disposition of your financial affairs upon your passing.
Beneficiary — This is the person or persons to whom you would like to leave your assets.
Executor — This is the person who will take care of winding up your financial, legal and business affairs upon your passing.
Trustee — The person who will take care of administering the financial affairs of any beneficiary whose inheritance was placed into a trust because of his or her young age.
Guardian — The person who will take care of raising your minor children if both parents pass away before the children reach the age of 18.
The Functions of a Will
A will is much more than a document that simply states who is to receive what after you have passed on. It can perform a number of important functions, including:
- Transferring assets and property to designated heirs
- Naming guardians for your minor children
- Designating a personal representative for your estate
- Naming a custodian to manage property for minor children
- Specifying funeral arrangements
Helping to Determine the Proper Trust for Your Situation
In general, a trust is simply a vehicle for one person to hold money for another. A trust can perform a number of financial objectives, including protecting your property in probate, reducing estate tax liability, helping your loved ones avoid the probate process and setting aside assets for a loved one. Our attorneys can help draft a wide range of trusts to meet your needs, including revocable trusts, irrevocable trusts, special needs trusts, life insurance trusts and A/B trusts.
Contact Our Camden Trust Attorneys
We can help plan for your family's future through the use of wills, living wills and trusts. Contact our New Jersey County wills and trusts lawyers online or call 856-375-1738, toll free at 800-499-3153, to schedule an appointment to discuss your legal needs.