Estate planning is an important legal process in which you make arrangements for transferring your property and possessions after death. By making these arrangements ahead of time, you can ensure that your valuable possessions are awarded to specific friends or family members according to your requests. As you meet with your New Jersey attorney to plan your estate, you will encounter some important terms that you should be familiar with:
A beneficiary to your estate is an individual whom you have chosen to legally receive any money, property, or valuable assets after your death. In your will, you can select multiple friends or family members to be beneficiaries, assigning them each particular sums of money or assets.
The executor to your will is a person you have designated to carry out the instructions set out in this legal document following your death. By appointing someone to be the executor of your will, you give him or her the responsibility of dividing your assets to designated beneficiaries.
Any person or firm that is responsible for managing and distributing your property to a third party is referred to as a trustee. Your trustee can be a bank, trust company, or combination of both of these entities.
Before the property of your estate can be divided, a probate court will first assess the validity of your will. Once approved, the court will officially give your will’s executor the legal responsibility of dividing your assets according to your set-out instructions.
Residue refers to any portion of your assets that remain after your property has been distributed to your beneficiaries according to your will. If you haven’t appointed any individual to receive your residue, your remaining assets will be divided according to the laws of descent in your state.
The Law Firm of Walter K. Schreyer has extensive experience handling a range of legal matters in the state of New Jersey. Our experienced team can help guide you through the estate planning process. To schedule a consultation, contact us at (888) 511-2837.
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