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Patricia A. Bennett
: Definitions
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Patricia A. Bennett
97 Maple Avenue
Red Bank, NJ 07701
Phone: 732-747-8646
Fax: 732-758-0970
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1. WILL—A Will is a legal document, which allows you to dispose of your property after death. If you do not make a Will, the State of New Jersey does it for you. And, the State only cares about blood kin, not those who have been good to you during your lifetime and who you want to benefit from your bounty. In a Will, you can also name the person(s) you want to administer your estate and avoid a bonding fee. Parents must have a Will to protect minor children by naming a Guardian for their person and a Trustee for their property. Without a Will providing for and protecting children, the State again can step in and do that for you; the people the State names are probably not who the Parents would choose.
A Will must be in writing and signed in the presence of two (2) witnesses. If it is notarized, the Will is “self-proving,” and you don't need the witnesses to “prove” the Will after death.
2. POWER OF ATTORNEY—A Power of Attorney is a legal document, which allows you to name a person or persons to take care of your person and/or property while you are alive but unable to take care of those matters yourself because of physical or mental disability. A Power of Attorney must be in writing and notarized. It must also be “Durable” by inserting language stating that it will be effective despite your disability. It must also refer to the public law authorizing the "Attorney-in-Fact” (your Agent) to conduct banking transactions. A Power of Attorney is only good while the person is alive.
3. LIVING WILL (Advance Directive)—This document allows a person “in advance” and before he or she is in a terminally ill condition, which necessitates the use of some type of life-support or artificial means “to direct” that he/she does not want to be kept alive by such means. It is only for those situations where a person cannot live apart from the life-support and will never return to a condition whereby he/she can sustain their own existence. A Living Will must be in writing, and signed either 1. in the presence of two (2) witnesses, 2. in the presence of a notary, or 3. in the presence of an attorney.
4. TRUST—This legal entity allows a person to set up a device whereby he or she can transfer his or her property into a form of holding company for a specific purpose. Most people use trusts to avoid probate after death. In some states, where probate is very expensive and time-consuming, this is an excellent idea; however, probate is not like that in New Jersey and the need for such use is not present. Although, if someone has real property outside New Jersey, a Trust is a good vehicle to avoid the expense of probate. However, a Trust must be in writing and all property to be included in said Trust must be transferred into the name of the Trust for it to be effective.
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