Trusts & Estates
What Happens if I Die Without a Will?
Posted in Trusts & Estates
If someone were to die without having a will in place, a common misconception that is often times mentioned is that the deceased’s assets are turned over to the State. This is completely false. Instead, state law determines who will receive the deceased’s property. Each state has a statute (the intestacy statute) that provides who the people are that are the closest relatives to the deceased, and those relative receive the deceased’s estate. Continue reading
Protective Arrangements: Guardianships and Conservatorships
Posted in Trusts & Estates
It is an issue that most of us will be confronted with at some point in the future; how best to care for an aging loved one. People commonly think a Power of Attorney is the only method by which to manage another person’s affairs who may no longer be competent to do. There are other forms of protective arrangements, however, under New Jersey Law which provides a person who is to serve in a fiduciary role with substantial latitude to provide care for their loved one. These arrangements differ in nature as to the scope of the supervisory role. Continue reading
Why Family Business Succession Planning is Important
Posted in Business & Corporate, Trusts & Estates
Most family-owned business owners put off their succession planning because they don’t want to think about their retirement, disability or death, however, business succession planning should be a priority in every family owned business. A family owned business owner’s decision to eventually retire is not as simple as no longer going to the office. Continue reading
Real Estate Tenancies Explained
Posted in Real Estate, Trusts & Estates
There are three principal types of tenancies related to the ownership of real estate. Perhaps the most popular, and most familiar, is the joint tenancy. If two persons own a property as joint tenants, upon one person’s death, the other person automatically owns all of the interest in the property. There is no limit on the number of persons that can hold property as joint tenants. If a husband and wife own a property together and add their child to the deed, each will own a one-third interest in the property. Continue reading
What Happens if you Die Without a Will in Pennsylvania?
Posted in Trusts & Estates
Clients often ask what happens if they die without a will. It is a common misconception that if you die in Pennsylvania without a will that everything will be left to the Commonwealth. Because of the statutory scheme that Pennsylvania has in place, it is a rare occurrence that anything will be left to the Commonwealth. Continue reading
What Happens if you Die Without a Will in Pennsylvania?
Posted in Trusts & Estates
Clients often ask what happens in the Commonwealth of Pennsylvania if they die without a will. It is a common misconception that if you die in Pennsylvania without a will that everything will be left to the Commonwealth. Because of the statutory scheme that Pennsylvania currently has in place, it is a rare occurrence that anything will be left to the Commonwealth. Continue reading
