News & Resources: Blog: Estate Planning

News & Resources: Estate Planning

Estate Planning

What are the different kinds of wills? Scott Bloom Law

WHAT ARE THE DIFFERENT KINDS OF WILLS?

LAST WILL AND TESTAMENT The Last Will and Testament is commonly known as a Will. The Will: defines the contents of your estate. names your executor, the person who will dissolve your estate after you die. names your beneficiaries, who will receive portions of your estate based upon your documented wishes. may also define who […]

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Establishing-Your-Will-Step-by-Step-Scott-Bloom-Law

ESTABLISHING YOUR WILL: STEP-BY-STEP

Your to-do list to establish your Will may sound like a lot of work. Steps don’t need to be rushed, be sure to cover all of the bases. ASSETS. MAKE A LIST. Think of this as an inventory of all of your “worldly goods;” these are things you want to pass on to others. For […]

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What-is-a-Will-Scott-Bloom-Law

WHAT IS A WILL?

• A will is an estate planning tool–a legal document–which is used to manage the disposition of assets after the person who created the will (the testator) passes away. In addition, a will can be used to name guardians for minor children. • A living will documents your wishes for medical care in case you […]

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Establish Your Trust with Scott Bloom Law

Establishing Your Trust: Step-by-Step

Your to-do list to establish your trust may sound like a lot of work. Steps don’t need to be rushed, be sure to cover all of the bases. ASSETS. MAKE A LIST. Think of this as an inventory of all of your “worldly goods;” these are things you want to pass on to others. You’ll […]

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Establish Your Trust with Scott Bloom Law

What is a Trust vs a Will?

WHAT IS A TRUST vs A WILL? Both trusts and wills are used in estate planning. Both are used to name your beneficiaries and which beneficiaries will receive your assets after you are gone. The paths your beneficiaries will take with a trust and a will are, however, quite different. A LIVING TRUST IS ABOUT […]

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Establish Your Trust with Scott Bloom Law

What Are The Different Kinds Of Trusts?

TESTAMENTARY TRUST A testamentary trust is part of a will. This type of trust will be established after the grantor’s passing and during the will’s probate phase. For example: An older couple, Michael and Stephanie, have adult children and grandchildren. Michael and Stephanie want to help their grandchildren, great-grandchildren (and more, if possible) with their […]

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Establish Your Trust with Scott Bloom Law

What Is A Trust?

WHAT IS A TRUST? A trust: is an estate planning tool–a legal document–which is commonly used to manage the disposition of assets after the person who created the trust (the grantor) passes away. In addition, a trust can be used to distribute assets while the grantor is alive. It all depends on the purpose of […]

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Scott Bloom Law Trustee Blog

What is a Trustee vs an Executor?

A TRUSTEE IS APPOINTED IN A TRUST. A trustee performs an oversight role for the assets in your trust. If the trust is a living trust, then the trustee’s role may be quite similar to an executor, except a living trust is not subject to the oversight of a probate court. In this case the […]

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Scott Bloom Law Trustee Blog

Choosing a Trustee

CHOOSING A TRUSTEE Since the role of a trustee carries significant financial and administrative responsibilities careful thought should be put into choosing who will perform that role for you. THESE ARE SOME OF THE SKILLS AND TRAITS TO LOOK FOR IN A TRUSTEE: Intelligence. Your trustee needs to be able to handle a variety tasks–financial, […]

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Scott Bloom Law Trustee Blog

What Does a Trustee Do?

WHAT DOES A TRUSTEE DO? A trustee is responsible for many tasks in administering a trust including personal involvement, managing money, record keeping and, in some cases, healthcare decisions. A trustee becomes familiar with and understands the terms of the trust. A TRUSTEE HAS PERSONAL INVOLVEMENT A trustee is personally involved with the actions related […]

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CLIENT Testimonial

Dear Scott - Thank you for a job well done. I've settled the estate with my siblings. I also remitted my executor's fee to the children of my deceased sister. Thanks again for all you do!
- Estate of Fay B., Cranbury, New Jersey