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 B.

AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!

Klenk Law Logo
Stars

Chantee C.

Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!

Klenk Law Logo
Stars

Maxine G.

Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.

Klenk Law Logo
Stars

Rachel Roney

Peter has done a great job with the estate planning for my father. He is very thorough and patient as we, the family need to make decisions.

Klenk Law Logo
Stars

Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.

Let us put our expertise to work for you.

Free consultation within 24 hours.