Morris, Downing, Sherred LLP

Morris, Downing, Sherred LLP

Sussex County Personal Injury Attorneys | Family Law Lawyers Newton NJ

973-383-2700
  • Home
  • Attorneys
  • Areas of Law
    • New Jersey Personal Injury Attorneys
      • Motor Vehicle Accidents
      • Motorcycle Accidents
      • New Jersey Truck Accidents Lawyers
      • Commercial Vehicle Accidents
      • Pedestrian Accidents
      • Uber Accidents
      • Drunk Driving Accidents
      • Slip and Fall Injuries
      • Dog Bites
      • Construction Accidents
      • Products Liability
      • Nursing Home Neglect
      • Severe Injuries
      • Spinal Injuries
      • Traumatic Brain Injuries
      • Walmart Lawsuits
      • Wrongful Death
      • Workers’ Compensation
      • Third-Party Claims
    • Employment Law
      • Employment Discrimination
      • NJ Workplace Harassment Law Firm
      • Wage and Hour Disputes
      • Severance Agreements
      • Non-Compete and Confidentiality Agreements
      • Whistleblower Claims
    • Medical Malpractice
      • Birth Injuries
      • Surgical Errors
    • Family Law
      • Divorce
      • Mediation & Arbitration
      • New Jersey Child Custody & Visitation Lawyers
      • Child Support
      • Alimony
      • New Jersey Complex Property Division Lawyers
      • New Jersey Domestic Violence Lawyers
    • Real Estate
      • Commercial Real Estate
      • Title Closings
      • Zoning and Land Use
    • DUI & Traffic Violations
    • Trusts & Estates
      • New Jersey Estate Planning Attorneys
      • Will Drafting
      • Probate and Estate Administration
      • Trust Administration
      • Revocable Trusts and Living Trusts
      • Irrevocable Trusts
      • Special Needs Trusts
      • Durable Powers of Attorney
      • New Jersey Living Wills Lawyers
      • Asset Protection
      • Executor Assistance
      • Fiduciary Services
    • Business Law
      • Business Formation
      • Business Transactions
      • New Jersey Contract Disputes Attorneys
      • Mergers and Acquisitions
      • Commercial Real Estate
      • Non-Compete and Confidentiality Agreements
      • Environmental Law and Litigation
    • Environmental Law
    • 9/11 Victims’ Compensation Claims
  • Testimonials
  • Articles
  • Blog
    • 9/11 Victims Compensation Fund
    • Employment Law
      • Whistleblower
      • Wrongful Termination
      • Discrimination
      • Sexual Harrassment
      • Employment Contracts
      • Severance Agreements
    • Family Law
      • Divorce
      • Domestic Violence
      • Alimony
      • Child Custody
      • Child Support
      • Property Division
      • Marital Settlement Agreement
      • Same-Sex Couples
    • Medical Malpractice
      • Birth Injuries
    • Personal Injury
      • Car Accidents
      • Motorcycle Accident
      • Truck Accidents
      • Slip & Fall Accidents
      • Pedestrian Accidents
      • Dog Bites
      • Products Liability
    • Trusts & Estates
      • Probate
      • Living Trusts
      • Power of Attorney
      • Wills
      • Will Contests
    • Workers’ Compensation
  • Contact

What Are the Dangers of Preparing My Own Will?

Posted May 13, 2019

There are a number of websites that have a forms you can fill out to prepare your will. However, every state has its own requirements with respect to the execution of a last will and testament and it’s very easy to run afoul of those requirements on a website that uses a generic one-size-fits-all template. In New Jersey, you need to have the will duly witnessed, duly executed and acknowledged.

Beyond the formalities of the will execution, many of those forms simply do not include clauses and provisions to properly protect you and your estate. For instance, the wills we prepare contain personal property clauses which allow you to separately list valued items such as family heirlooms to leave to certain people, which we refer to within the four corners of your will.

In addition, your will should provide for tax provisions to the extent necessary and should be very cautious in listing the representatives.

Our  wills also provide for a trust for the benefit of minor children who might otherwise receive a share of the estate outright. It allows  you to provide that any share in the estate be held until they reach a certain stage in their life or a certain age.

Our clients typically embrace the idea of delaying the distribution of money to minor children until they reach adulthood. They often feel that their children are too young at the age of 18 or 21 to have a significant amount of cash paid out to them. Sometimes, they’ll provide that a third of what their children would get would be paid out at the age of perhaps 25 and another third at the age of 30, and then the last third at 35, depending on the formula they’re comfortable with.

The form wills that you might otherwise get online or in the store simply will not go into that sort of thoughtful detail.

Q: What do you call a trust for minors in this situation?

 It’s a testamentary trust if it’s included in the four corners of your will. It’s a survivor’s trust if it’s created outside of your will during your lifetime. If it’s a testamentary trust included in your will, it does not come to life, legally speaking, until after you’ve passed away.

 

Q: In the case of a trust for a minor, are you required to allow the opportunity to invade that trust at the age of 18 for a short period?

Not in New Jersey.

The person for whom we draft the will can dictate the terms. There is a tremendously wide range of discretion. For example, the trust can provide that the trust’s beneficiary simply receives the trust assets when he or she reaches the age of majority. Or the trust can give the trustee the discretion to pay or withhold income generated by that trust and/or to invade its principal from time to time for the benefit of the beneficiary of the trust.

The discretion and judgment of the trustee may be necessary for the support, education, medical care, etc. of that minor child. Even after the child reaches 18 or 21, whatever the age of majority is in that jurisdiction, depending on the trust, it can be held or invaded from time to time at the trustee’s discretion for the benefit of a trust beneficiary until certain age thresholds are reached.

The trustee’s discretion can also be limited and, for example, might require that you pay the income to the beneficiary when he or she meets a certain age. It might also require you to make periodic distributions of the principal in certain amounts yearly, or however frequently you choose.

 

Q: Is the trustee normally a person or an institution?

 It can be either. Institutional trustees used to be in greater favor, but the trusted relative or friend can serve as trustee and typically does today. We still have circumstances in which our clients elect to appoint a bank or other institution as the trustee, but those situations have become much rarer.

 

 

 

Trusts & Estates, Wills

Contact us for a free consultation.

"*" indicates required fields

Disclaimer*
This field is for validation purposes and should be left unchanged.

Small Town Attention, Big City Results

Follow Us on Social

We Would Love Your Feedback

Have something to share?
Facebook | Google My Business | Yelp

Morris, Downing & Sherred, LLP | 1 Main Street, P.O. Box 67 | Newton, NJ 07860
Phone: 973-383-2700 | Fax: 973-383-3510

©2025 Morris, Downing, Sherred LLP. All Rights Reserved.

Disclaimer. Privacy Policy.