Why should I create a Special Needs Trust for my disabled child?
While many of us plan to have our inheritable assets divided equally among our children, sometimes parents of a special needs child elect to split the estate differently. To this end, a share for their disabled child can be placed in a Special Needs Trust to provide supplemental support beyond what public and private agencies may provide.
In case you are not familiar with a “holographic will,” this is not a document inspired by the movie Star Wars or another scientific source that appears and reappears when summoned.
In simplest terms, a holographic will is one that has been written and signed in the testator’s handwriting. For this type of will to be considered legal and valid, New Jersey law requires that certain elements must be present.
While elder care attorneys can assist in organizing the affairs that will occur after your death, they can also help you prepare for your declining years without becoming a burden on your family. The same lawyer who helped create your will is in the best position to help plan for long-term care needs should the situation become necessary.
What You Should Do After a Loved One Passes Away
Throughout our lives, we accumulate bank and investment accounts, income sources and debt, memberships, insurance policies, utilities, and various personal services. When we die, sometimes unexpectedly, family members or executors must deal with advising all who may be affected by our passing.
Properly closing out an estate demands more than just making sure all beneficiaries receive their shares according to the expressed desires of the deceased. If you are the Executor or administrator of a will in New Jersey, you should become aware of all responsibilities involved in closing out the estate.
