Frequently Asked Questions
1.) How do we keep our estate & assets private after we pass away?
When someone passes away, their Will needs to be submitted to probate. The best way to avoid probate is by having the bulk of your assets owned by trust during your lifetime. However, a Will is always required because there may be assets that are left in your individual name, either intentionally or unintentionally.
The next best way to preserve privacy may be to have your assets poured into your trust after you pass. The Will continues to be a public record document, but the only known information to the public would be who the executors are, and that the assets were poured into the trust. The Trust remains private. Other ways to avoid probate or to use transfer on death/payable on death designations as well as beneficiary designations. After your documents are signed and we conduct an asset alignment meeting I will guide you on each of your assets individually.
2.) Can an Executor be forced to serve?
No executor can be forced to serve. If the executor chooses not to serve, they can renounce and the next one in line names in the Will will serve. If the executor chooses to serve & then delegate their role to an attorney, accountant, or any other professional they can do so.
They may be paying the professional fees out of the estate. However, once formally renounced, it would be difficult to regain that title.
3.) Can a Trustee chose to not accept their role?
Yes, they have the power to not accept the trusteeship. At that point, it would just go to the next person in order, and if there is no one else named, there are provisions within the trust to have an independent trustee named.
4.) What happens when someone moves states?
We do ask that you let us know so we can update our records but because you were a New Jersey resident when you created your plan, your plan is still 100% legal and effective. However whenever there is a change of residency we always suggest having somebody local review your estate plan to make sure you're not missing any opportunities.