Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

New Jersey Rule of Thumb: Wills and Trusts

Posted on Fri Mar 20, 2015, on Trusts

From our “Ask a Question” Mailbag: New Jersey Rule of Thumb: Wills and Trusts

Most Recently Updated July 10, 2018

“I am a resident of Camden County, New Jersey. If I have recently formed a Revocable Living Trust and moved all my New Jersey assets into the trust, do I still need a Will?”

New Jersey Rule of Thumb: Wills and Trusts

New Jersey Rule of Thumb: Wills and Trusts

If the goal in forming your Revocable Living Trust was to avoid probate, then you must either transfer all your assets that would otherwise be Probate Assets into the Revocable Trust during your lifetime or have them pour into the Revocable Trust at your death. That is often done by using a Payable on Death Account or naming the Trust as Beneficiary.

If all goes as planned, there is no need to file a Will with the Surrogate’s Office as there is no longer a Probate Estate. But, we are all human, and it is possible you will forget to set up an account at your death to pour into the Revocable Trust.

The Pour Over Will

This is why all of my clients with Revocable Living Trusts also have what we call a “Pour-Over Will”. A Pour-Over Will is a Will that simply names an Executor and says that any Probate Assets that exist at your death “Pour” into your Revocable Trust.

If everything is set up correctly, the Will is never filed as there is no Probate Assets. The Pour Over Will also serves an important purpose in case you die in an accident. If a lawsuit need be filed, the Executor you have named in the Pour-Over Will is authorized to file the Will for litigation purposes (less expensive) and pursue the case. If successful, any recover “pours into” the Revocable Living Trust.

More Planning Questions?

The Pour Over Will is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: New Jersey Rule of Thumb: Wills and Trusts

I hope that this article was helpful in explaining the pour over will. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Camden County, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, New Jersey, Trusts, Wills

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Chris Nezu

Klenk Law is a professional and class act from start to finish. Peter, and all of his staff members are patient, clear, and trustworthy, all within the context of a user friendly, kind, and comfortable ambience.

Klenk Law Logo
Stars

Wendy Charlap

We came to this firm based because of the online reviews we read and were not disappointed. Peter and the staff were a pleasure to work with - Peter was friendly, knowledgeable and patient with all our questions and the office staff were extremely responsive and efficient with all the scheduling and follow up needed to get us ready for the signing. We also like that all documents are housed in a portal that is easily accessible. Thank you to Peter and the team for helping us cross 'update estate planning documents' off our list.

Klenk Law Logo
Stars

Maureen O'Ryan

Peter Klenk was great at explaining complicated issues and making them understandable. He and his team were extremely efficient and I highly recommend them for the creation of wills and trusts.

Klenk Law Logo
Stars

Sydney Magerman

Daniella was fantastically wonderful. A joy to be around and filled our conversations with so much educational knowledge. I’ve learned so much from her about being a great person and I can’t wait to work with her again

Klenk Law Logo
Stars

Jeff Bretz

Both Melissa and I thank Jackie and Daniella, and your firm for excellence in the handling of Mary's estate!!!

We look forward to working with you in the future on other family estate matters.

Let us put our expertise to work for you.

Free consultation within 24 hours.