Autumn Years Summer 2024

Congratulations Autumn Years on 10 years in publication!

2021 Top TOCR Team

Deirdre 'DeeDee' Butwin Edward 'Scott' Miller Sales Associates DeeDee: 201 739 4616 (C)

dbutwin @ tocr.com

Scott: 201 960 3240 (C) smiller @ tocr.com 75 W Allendale Ave, Allendale NJ 07401 | (O) 201 825 0500 | www.tocr.com

• Totten Trust • Tentative trust • Informal trust • Revocable bank account trust • ITF, short for “in trust for” In most cases, you cannot name an alternate beneficiary, so staying current with the paperwork designating your choice is important. No matter what information is in your will, it cannot override a properly established benefi ciary designation. Joint tenants or joint tenants by the entirety designate real estate This property designation type has two owners. When one of the owner dies, the surviving owner automatically owns the property. This ownership is common ly referred to as the right of survivorship.

Streamlining the process Many states have simplified probate procedures for smaller estates, meaning they are under a certain dollar valuation. Depending on your state’s rules, even if your estate exceeds the definition of a small estate, there may be an avenue to exclude large chunks of assets to lower its size and value. Many states do not consider the value of certain properties when evaluating an estate. These property types may include real estate, real estate located in another state and even motor vehicles. Additionally, many states will not count the value of a property that does not pass through probate. In essence, pro bate avoidance can pay double dividends after your death. When trying to minimize an estate’s value to streamline probate, some states permit you to subtract any amounts owed on a property you do not fully own. This can make a huge difference.

Knowing your state’s definition of a small estate is crucial when creating probate-avoidance strategies. Staying under a certain threshold can simplify probate. A sound estate plan can circumvent many issues that arise from probate, which may cause a lengthy process and reduce your estate’s value and legacy.

Nick Stratton is a partner with the Stratton Ashtyani Law Group in Franklin Lakes, NJ (www. LawGroupSA.com). Nick focuses

on real estate transactions, estate planning, elder law and probate matters. This article is provided for general information only; it is not legal advice and should not be acted on before consulting with an attorney.

SUMMER 2024 I AUTUMN YEARS 27