Estate Planning in New Jersey: A Comprehensive Guide

New Jersey is a state steeped in rich history, cultural diversity, and stunning landscapes ranging from bustling cities to serene beaches. Known for its robust legal and financial framework, estate planning in New Jersey ensures that residents can secure their legacy effectively. Whether you’re a lifelong resident or a newcomer, understanding the unique aspects of estate planning in the Garden State is essential.

1. Legal Documents Used in Estate Planning

Estate planning in New Jersey involves several key documents:

• Wills: Specify asset distribution and guardianship for minors.
• Trusts: Manage and protect assets for beneficiaries.
• Powers of Attorney: Assign someone to handle financial or legal matters if you’re incapacitated.
• Healthcare Directives: Outline your preferences for medical care.
• New Jersey-Specific Documents: Ensure compliance with state laws, such as homestead declarations.

2. Remote Online Notarization (RON)

New Jersey allows Remote Online Notarization (RON), streamlining the notarization process for estate planning documents. The requirements include:

• Both the notary and the signer must appear virtually via secure video conferencing.
• Digital signatures must comply with state guidelines.
• Electronic records must be securely stored.

3. Guardianship Assignment

In New Jersey, guardianship laws ensure that minor children or incapacitated adults are cared for:

• Guardianship can be specified in your will.
• The court must approve the appointment of a guardian.
• Backup guardians are recommended for additional security.

4. Inheritance for Foreigners

New Jersey allows non-residents and foreigners to inherit assets. Key points include:

• Inheritance may be subject to federal estate taxes for non-citizens.
• Cross-border inheritance planning is recommended for international heirs.

5. Probate Rules and Costs

The probate process in New Jersey involves validating the will and distributing assets:

• Probate typically takes 6-12 months.
• Costs include court fees and attorney fees, averaging 4-7% of the estate’s value.
• Simplified procedures exist for small estates.

6. Legal and Professional Costs

Estate planning costs in New Jersey include:

• Attorney Fees: $1,500-$4,000 for wills and trusts, depending on complexity.
• Notary Services: In-person notarizations average $5-$15 per document, while RON services cost $25-$50.

7. Unique State Laws

New Jersey has unique laws affecting estate planning:

• Homestead exemptions protect primary residences from creditors.
• Inheritance taxes may apply depending on the beneficiary’s relationship to the deceased.

8. Introduction to Ethical Wills

Ethical wills allow individuals to pass on values and life lessons. The Wills App helps create and distribute ethical wills, ensuring that your legacy extends beyond material possessions.

9. The Wills App for Estate Planning Automation

The Wills App offers secure, automated solutions for estate planning:

• Vault Storage: Safely store critical documents.
• Automated Distribution: Ensure timely and accurate asset transfers.
• Wellness Checks: Confirm your status before triggering execution.
• Cross-Border Functionality: Simplify estate planning across states and countries.

10. Practical Storage Advice

Store your estate planning documents safely:

• Use a fireproof and waterproof safe for physical copies.
• Share access codes with a trusted individual.
• Leverage the Wills App for digital backups and automated distribution.