A Two-Part Series on Your Estate Plan and Real Estate

April 17, 2017

Planning ahead for what will happen to your property after you pass away is an important venture and one that should be done under the guidance of an estate planning attorney. Most people don’t want to broach the subject of estate planning as it relates to their real estate but it is extremely important to discuss what will happen to your property if you were to become incapacitated or pass away.NJ estate planning

Managing your final wishes can be extremely challenging for loved ones in this situation. It is strongly recommended that you put together a will to pass down any real estate. The intestate statute in New Jersey will automatically pass down your land and other assets to your closest relatives in accordance with the laws. However, if you want the land to go to a particular individual or to stay together, then it is necessary to write a will. There are other situations in which it might make the most sense to put together a will for estate planning purposes. You might not want certain heirs to inherit particular assets.

Without a will you will not be able to determine where you want the property to go instead of to unfavored relations. If you do not have any children and do not plan to in the future, you can select siblings, nephews, nieces or charities as your beneficiaries but you may want to have primary and contingent beneficiaries that can help you ensure that certain individuals do not profit from your estate. In the event that you do not have a will, an individual’s estate is classified in New Jersey as intestate and enters the official probate process.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Out-of-State Trusts: What They Are and How They Can Support Long-Term Wealth Planning

Learn how out-of-state trusts work, their potential benefits, and key considerations for business owners and families seeking tax efficiency, asset protection, and legacy planning. Out-of-State Trusts: A Strategic Tool for Modern Wealth Planning For business owners, executives, and multigenerational families, managing wealth across ...

<p>The post Out-of-State Trusts: What They Are and How They Can Support Long-Term Wealth Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

How to Protect Yourself from Financial Scams: A Practical Guide for Individuals and Families

Learn how to identify, avoid, and respond to financial scams with practical strategies designed to protect your wealth and personal information. How to Protect Yourself from Financial Scams: A Practical Guide Financial scams are becoming increasingly sophisticated, targeting individuals and families across all income levels. Whether through phone calls, emails, social media, or even trusted-looking websites, bad actors are constantly ...

<p>The post How to Protect Yourself from Financial Scams: A Practical Guide for Individuals and Families first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Can W-2 Employees Reduce Their Tax Burden? Strategies to Consider

Learn how W-2 employees may be able to reduce their tax burden through strategic planning, tax-advantaged accounts, and thoughtful financial decisions. Can W-2 Employees Reduce Their Tax Burden? For many professionals, earning income as a W-2 employee can feel limiting from a tax-planning perspective. Unlike business ...

<p>The post Can W-2 Employees Reduce Their Tax Burden? Strategies to Consider first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>