Estate planning document checklist4/12/2024 ![]() (Revocable) Living Trust – A Living Trust document, once executed by a principal (“grantor” for the purposes of this instrument), creates an entity into which assets can be placed. ![]() Signing Requirements ( § 3B:3-2) – Must be signed by all parties involved as well as two (2) witnesses.The estate will be distributed by the executor after the court deems it a legally binding instrument. After the testator’s death, a Will must be reviewed in probate court (unless it is Self-Proved), meaning a court will examine the authenticity and validity of the document. Furthermore, this document can be amended throughout the testator’s life. A Last Will and Testament does not affect the estate during the testator’s lifetime, it only comes into effect after they die. Last Will and Testament – A Will is a document executed by a principal (referred to as a testator) containing specific instructions for an executor (representative of testator) to distribute assets to named beneficiaries. Any portion of the principal’s estate not mentioned in an estate planning device will cause delays and complications for the representative in charge of distributing the estate. The ultimate objective is to have specific instructions written out for a representative to distribute the principal’s estate to the intended beneficiaries without overlooking any assets. Since these instruments are quite different, it is possible that the principal will want to implement both. Benefits from governmental programs or military service Īt this juncture, a person must consider which document is better suited to their needs a Last Will and Testament or a Living Trust.Estate, trust, and other beneficiary transactions.Banking and other financial institution transactions.Tangible personal property transactions. ![]()
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