Legacy Speaks

(201) 743-9354

3 things about a Transfer on Death deed for Real Property:

Posted by Ada Davis | Aug 21, 2020 | 0 Comments

 While some jurisdictions allow you to bypass probate and transfer your interest in real property to your heirs through a Transfer on Death deed, approximately half do not. So be sure to check your jurisdiction before executing one. You should also consider the age of your heir because minors ar...

3 ways you can use a Trust to build Generational Wealth

Posted by Ada Davis | Aug 12, 2020 | 0 Comments

 Here are a few suggestions you may want to consider when leaving assets to your heirs- particularly if you want to build generational wealth: Push back the age of inheritance beyond age 18. By doing so, you ensure that your heirs received their inheritance at a time when they are more mature, a...

3 things you should know about Probate

Posted by Ada Davis | Aug 12, 2020 | 0 Comments

Probate is the legal process of distributing your assets to your heirs when you pass away. This process is overseen by the court in your jurisdiction and is governed by legal statutes already in place. Probate is public. When your estate goes into probate, anyone can find out what assets you lef...

3 Things to know about Medicaid Trusts

Posted by Ada Davis | Aug 12, 2020 | 0 Comments

You may have heard of a Medicaid Trust but maybe you aren't sure why you would need one of if you even need one at all. Consider these three factors. A Medicaid Trust protects your assets from depletion. Long term care is a looming reality for most Americans and can deplete even the most signif...

3 Terms to know before creating a Trust

Posted by Ada Davis | Aug 12, 2020 | 0 Comments

Sharpen your legal vocabulary with these three words you should know when creating a Trust! 1. Trustor: The trustor is the person who created the trust. They are responsible for transferring assets into the trust, choosing what provisions will go in the trust and selecting who the trustee and th...

3 benefits to a Revocable Life Trust

Posted by Ada Davis | Aug 12, 2020 | 0 Comments

Revocable Life Trusts, as with all trusts, don't go through probate. This means that you can keep contents of the trust confidential, there are fewer delays in distribution of your assets,  and there's also less of a risk that the distribution of your assets will be challenged.  With a trust, yo...

3 reasons Blended Families need Estate Plans

Posted by Ada Davis | Aug 03, 2020 | 0 Comments

The structure of blended families presents unique challenges when handling the estate of a deceased parent. Here are a few things you should consider if you're part of a blended family:  Every state has a spousal share. This mean that regardless of how long you've been married, your spouse will ...

3 kinds of Bank Accounts that don’t go through Probate

Posted by Ada Davis | Aug 03, 2020 | 0 Comments

Jointly held accounts are one of the more common types of accounts used to avoid probate upon the passing of one of the owners. When an owner of a jointly held account passes away, the surviving owner only needs to provide the bank with a copy of the death certificate to have the name of the de...

3 common Estate Planning Myths

Posted by Ada Davis | Aug 03, 2020 | 0 Comments

Myth #1:Estate Planning is only for rich people.  Fact: Whether you have a lot of assets or no assets at all, an effective Estate Plan will protect your family in the event of your passing Myth #2: Estate Planning is only for older people.  Fact: Estate planning is most effective when you're y...

3 Considerations when choosing Life Insurance

Posted by Ada Davis | Jul 31, 2020 | 0 Comments

To determine how much Life Insurance you should have, start by tallying up your assets.  What is your house worth? How much money is your bank account? Do you have any financial assets that will be cashed out by your heirs? Once you have calculated your assets, determine how much debt will need...

3 Common Mistakes made when drafting a Will

Posted by Ada Davis | Jul 31, 2020 | 0 Comments

When drafting your will, don't use vague language.  If you have multiple heirs, using language such as “in equal measure” still leaves room for disagreement over who gets what as their share. Instead, designate specific assets to specific individuals- unless the asset is easily divisible such a...

Part 2: How to draft you own Will in 3 steps

Posted by Ada Davis | Jul 30, 2020 | 0 Comments

In Part One of creating your own will, you identified your assets, heirs and executor. We will now move on to the second part- finalizing the document.  Now that you've written everything down, you have to sign your will. You can sign it yourself or you can have someone else sign it on your beh...

Part 1: How to draft your own Will in 3 Steps

Posted by Ada Davis | Jul 30, 2020 | 0 Comments

When you begin drafting your will, write down a list of your assets. Do you own property or bank accounts? Any assets you hold in your name only, are part of your estate. Secondly, you should write down a list of your heirs. Who would you like to inherit you hard- earned assets? Heirs can be yo...

3 Things every Retiree needs to do right now

Posted by Ada Davis | Jul 30, 2020 | 0 Comments

If you are of retirement age, it is recommended that you create a Power of Attorney. While you are more to live a long life, rather than die unexpectedly, you may be in a state of reduced capacity for some of those years. By creating a Power of Attorney now, you ensure that someone you trust wi...

3 Steps to Building your Legacy

Posted by Ada Davis | Jul 30, 2020 | 0 Comments

Creating a vision for your family is the first step to building your legacy. What do you imagine your family doing for generations to come? Is going to college a priority? What about entrepreneurship? Maybe you may want to leave behind a legacy of owning real property? Once you've created that ...

3 Ways to Protect your Estate from Fraud or Theft

Posted by Ada Davis | Jul 29, 2020 | 0 Comments

One of the first steps you can take to ensure that your will is protected, is to keep the original copy of your will in a secure location. At home, consider using a fireproof box or a safe. You also might invest in a safety deposit box at your local bank. Additionally, you should also make a cop...

3 Ways to pass Real Property to your heirs without probate

Posted by Ada Davis | Jul 29, 2020 | 0 Comments

A key way to avoid probate when transferring real property to your heirs is to jointly hold title with your heirs- with Rights of Survivorship. Through this arrangement, your share of the property is immediately transferred to your heirs when you pass away. All that is typically required to hav...

3 Ways to leave assets to you Loved Ones that avoid Probate

Posted by Ada Davis | Jul 29, 2020 | 0 Comments

To avoid the probate process entirely, you could jointly hold property with your heirs- with Rights of Survivorship. When property is held jointly with Rights of Survivorship, your share is immediately transferred to the surviving owner upon your passing. You could also choose to hold bank acco...

3 Things to Remember if you're considering creating a Trust

Posted by Ada Davis | Jul 29, 2020 | 0 Comments

A trust can be created in 2 ways: during your lifetime through an Inter-vivos trust, or through a provision in your will- a Testamentary trust. There are pros and Cons to each of these types of trusts, however, the biggest con of the Testamentary trust is that you still go through probate. Your...

  • 1 of 2

Help us help you!

Davis Law Office is passionate about helping you transform your family's future. Contact us now to get started creating a legacy you can be proud of.

Contact Us Today

The Legacy Attorney is committed to answering your questions about Estate planning needs in Jersey City, New Jersey.

We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.