If your Will was properly executed and witnessed, you have no problem. However, you must realize that your Will must be probated in the County in which you die a resident. Assuming your will does not contain a Self Proving Affidavit one of two things must happen: the out-of-state witness must appear personally before the Surrogate of the county where you were a resident or your Will must be forwarded to a Probate Court near where the witness resides. In either event, the cost of probating the Will is significantly increased. A Self-Proving affidavit in a Will is established by having the signatures of the witnesses notarized at the time of the signing of the Will. Upon presentation of the Will for Probate, as the signatures of the witnesses have been notarized, there is no reason to have them, the witnesses, appear for Probate purposes. Probably the easiest remedy would be to have new wills prepared. Since moving to another state, there may have been life changing events to your beneficiaries such as divorce, a serious illness, a new birth, etc. which is cause enough to review and make changes in your Will. Continue reading “Moving with a Will- What Changes Will You Need to Make?”
A Will can only distribute assets that are in the sole name of the deceased. For example, jointly held assets (your bank accounts), assets payable on death to a named beneficiary cannot be distributed by a will.
The registration of the assets dictates how the assets are to be distributed upon death. Using the registration of assets to distribute your estate oftentimes contradicts the intended distribution in your will. Continue reading “How Joint Bank Accounts Can Override Your Will”
You should give thought to a living trust. Under a Revocable Living Trust, assets are consolidated under one roof. Should illness strike, all of your assets will have been identified and placed in a trust, which is being managed by a trustee who is familiar with you and your personal and financial needs.
When Garden State Trust Company is named as a Trustee or Co-Trustee, not only do we help with the day-to-day management of a client’s investment portfolio, but we also assist with the payment of bills and the preparation of income tax returns. Continue reading “Protecting your Finances”
This month our newsletter articles focus on financial security. The most important article touches on the importance of asset allocation. Asset allocation is how you diversify your investments among different asset classes: stocks, bonds, and short-term investments (such as money markets). Asset classes react in different ways to ever-changing economic conditions. The correct asset allocation can help provide you with peace of mind through economic ups and downs and may even increase your potential for better returns over time.
Always remember that neither diversification nor asset allocation guarantees a profit or guarantees against loss. We maintain a disciplined approach to asset allocation where we create an Investment Policy Statement at the beginning of our relationship with our client establishing a mutually agreed upon asset allocation. As time goes on we revisit the Investment Policy Statement to be sure the current asset allocation is meeting the needs of our client.
The emergence of the Independent Trust Company has challenged the traditional sources of trust and estate administration and investment services, such as bank-owned companies, for the following reasons:
Determining how to invest your retirement savings is dependent on several factors.
Two key factors in the process are your tolerance for risk and your time horizon. Increased risk brings greater return, but also increased volatility and market fluctuations. One key to successful investing is balancing the risk you are willing to take with your time horizon.
A Will is necessary no matter the size of your estate. Be aware, if you die without a Will, the laws of the State of New Jersey dictate who is to receive your estate. Wouldn’t you like to be the one who decides on the beneficiaries of your estate rather than let the state choose them? Lastly, consider if you have an only child or if there are other children or grandchildren that might inherit your estate. When minor grandchildren are involved there are other things you might want to consider. Continue reading “The Importance of Wills”
A living trust is an agreement in writing, in which you the owner (the Grantor) of assets transfers legal title (not ownership) to a trustee. The trustee then holds and manages these assets for the benefit of the owner (you) or someone designated by the owner. Continue reading “Benefits of a Living Trust”
This past October, our community was hit by one of the most destructive storms ever experienced on the East Coast. Our office in Toms River escaped without damage, but members of our staff and many of our clients were not so fortunate. Garden State Trust Company is proud of the resilience of our community and the generosity of all those that have donated their time and money to restore what was lost. We, like you, know that 2013 will be a year of rebuilding but also of renewed hope for all those affected. In the spirit of moving forward, we present our new monthly newsletter which was designed to provide our readers with valuable financial guidance. Each month we will present a newsletter filled with topics that we believe will be both informative and valuable to you as you plan for the future.
We wish you and your family the best in 2013.
I recently read an interesting article from Spectrem’s “Millionaire Corner” titled High Net Worth Wealth Management: Protection From Dementia. The article reports that the greatest fear of millionaires is losing the ability to make financial decisions. I would modify that to include all investors of an advanced age. According to a well-publicized study by Harvard University researcher David Laibson the Article reports that the ability to make effective financial decisions peaks in middle age and then declines substantially over time. In fact, significant cognitive impairment that is not dementia affects another 30% of seniors 80 and over. According to elder law specialist Jeff Marshall that leaves half of investors age 80 and older unfit to make complex financial decisions. Continue reading “Protecting Assets From Dementia”