Patrick Banks Law

Our Estate Planning Process is Efficient and Easy

Our goal is to be as efficient and time conscious as possible. While your situation may require a different method, typically we can assist a client using these steps.

1. Set up a Free Phone Call or Meeting: We set up a time to either meet or speak on the phone.We know you are busy, so we will always try to complete the task on the phone or over a video phone call, if possible. There is no charge for the initial meeting as the aim is to get to know you and your family and generally explain the estate planning process.

2. Preparation: To make the best use of our time, beforehand, send me your information by completing our online questionnaire.

3. Estate Planning Questionnaire: Most people don’t get much past filling in their names. The more you give me, the more efficient I can make our time together.

4. Our Initial Call or Meeting: During the call or meeting, we will talk about your unique situation and what type of plan fits your needs. In many cases, we arrive at a decision on a project, and I send you a summary and an exact fee quote. If you agree, you instruct me to move forward, and I start drafting your documents. We then find a time to review and sign the documents. Whatever and whenever is most convenient for you.

5. What We Will Talk About: You will have your own, specific concerns, but typically we will talk about a plan that addresses the following issues:

• Reducing or Avoiding Taxes: It takes years to master all the taxes that effect an Estate Plan. A good Estate Plan takes into consideration Estate Tax, Inheritance Tax, Capital Gains Tax, Income Tax, and Real Estate Tax. We have many tools available, such as Irrevocable Trusts, Dynasty Trusts, AB Trusts, SLATs, and more! Let’s talk and see what plan fits your needs.

• Estate Planning for special circumstances: Specific, big events in your life may require special planning. Our years of experience help us recognize Estate Planning needs for your life events such as Marriage, Divorce, Special Needs Children and Planning for Alzheimer’s and Dementia.

• Which Estate Planning Tools Fit Your Needs: Our years of experience allow us to recognize and use the best tools for your specific facts and circumstances. We don’t have a form book; we have an encyclopedia of knowledge. Your plan will likely utilize The Big Three Estate Planning Documents, but may also use advanced Estate Planning techniques such as; Irrevocable Trusts, SLATs, Business Succession Planning and more.

• Protecting Your Surviving Spouse: If your spouse inherits all of your assets, those assets become available to your spouse’s next spouse or creditors. We have techniques that allow your spouse to enjoy the inheritance while providing shelter from attacks. We may apply advanced techniques such as Disclaimer Trusts, Insurance Trusts, AB Trusts, & Marital Trusts. The correct Estate Planning tool will depend on your particular circumstance. • Protecting Your Heirs: We have techniques, such as Dynasty Trusts and Education Trusts, that allow your descendants to enjoy their inheritance but also provide shelter from daughters-in-law and sons-in-law, as well as your children’s creditors and legal entanglements.

• Avoiding Probate: For some clients, an objective is to avoid probate. We will explain the probate process and describe planning techniques that allow for the avoidance of probate.

• Providing for Special Needs Heirs: If your heirs have special needs and receive benefits from the government, we can help ensure that these heirs are provided for without risking eligibility for assistance.

• Family Complications, Such as Second Families and Ex-Spouses: Blended Family Estate Planning requires much thought. Blended families raise specific challenges and problems. We will discuss planning techniques such Irrevocable Trusts, and Funeral Directives with the goal of avoiding conflict and litigation while providing for your loved one’s needs.

• Selecting the Best Executor and Trustee: Your Estate Plan will require appointing individuals to carry out your plan. Each appointee has specific tasks and responsibilities. Some jobs require expertise and the wherewithal to complete the job in an efficient manner while other tasks have a need for diplomatic skills and a personality to help avoid conflict. We will help you select the right person for the right job. It is vital that you choose the right Executor, Trustee and Agent. We will help you sort through the options.

• Avoiding Disputes and Litigation: We take the time to understand your situation and your family. If needed, we know steps that can help avoid needless conflict and litigation between your heirs.

• Making Your Will Will Contest Proof: Our firm is experienced in Estate Litigation. We understand Will Contests and the circumstances that will lead to a contested Will. This knowledge helps us to draft estate planning documents to avoid conflict. Experience is the only way to learn how to avoid traps. An attorney unfamiliar with Estate Litigation hasn’t the experience to avoid Will Contest as we can.

At Banks Law firm, we represent clients in defending and challenging the validity of wills and trusts. Typically, these disputes involve a challenge or contest the validity of a will or trust as a result of many factors, including, but not limited to, undue influence, forgery, fraud, and lack of testamentary capacity. Our experience focusing on these challenges allow us to explain these complex matters to clients in a simple, direct fashion. We work with clients to analyze the case’s strengths and weaknesses and to arrive at a plan of attack or defense that is in your best interest. If we feel that you do not have a strong case, we will not take on your case for the sake of having a new matter.

What is a Will Contest?: The heart of a Will Challenge is the belief that the offered Will does not reflect the testator’s actual intent or that the Will is otherwise invalid. A Will Contest begins with a formal objection to the validity of a Will. Specific procedural rules govern Will Challenges, and failure to follow these standards can lead to the case’s dismissal. It is of vital importance to correctly craft and file the initial Will Challenge Order to Show Cause. If filed incorrectly, crucial issues might be later barred.

What is the basis of a Will Challenge?: Claiming that a Will does not reflect the deceased’s intent is not enough. There must be a legal basis and theory for dismissing the offered Will. Examples of grounds for a Will Challenge include: (1) Undue Influence; (2)Duress or Coercion; (3) Fraud; (4) Forgery or (5) Lack of Testamentary Capacity.

Common Questions regarding Will Contests:

• Can I Contest a Will? If within the statute of limitations period, an interested party can challenge a Will. • How long does it take to Contest a Will? A Will Contest that does not settle, and goes to trial, can take up to two years until completion.

• Who can Contest a Will? An interested party can contest a Will. An interested party is someone who can demonstrate financial harm created by the Will.

• What makes a Will Invalid? Several reasons can make a Will invalid including Undue Influence, Duress or Coercion, Fraud, Forgery, and Lack of Testamentary Capacity.

• How do you Contest a Will? A Will Contest begins when an interested party has their Will Contest Lawyer draft a petition spelling out the Will Contests’ basis, which is filed in the appropriate court.

• How long do you have to Contest a Will? Each state has a statute of limitations period. Contact our Will Contest Lawyer, let us know in which jurisdiction the Will falls, and we can tell you how long you have to contest the Will.

• Can I Contest a Will after Probate? If the statute of limitations period has not passed, you can challenge a Will after it has been probated.

• What are the grounds for a Will Contest? Grounds for a Will Contest include Undue Influence, Duress or Coercion, Fraud, Forgery, Lack of Testamentary Capacity, Superseded Will and Improper Will Execution.

• Who pays for Contesting a Will? The person bringing the challenge typically pays their own legal fees and the person defending the challenge typically pays their own legal fees. There are circumstances where the Court can award legal fees to the prevailing party and we will discuss these circumstances prior to taking your case.

What is Estate Administration? Estate administration is a term that encompasses all the steps necessary to settle an estate—from probating the Last Will and Testament to distributing the estate. It can be a time consuming process and it is not a process that applies only to the wealthy. Estate administration can actually be more complicated when the deceased person had only a partial estate plan or no estate plan at all.

Do I need an Estate Administration Attorney? Most people lack the time or expertise to settle issues and distribute an estate. Even those with enough time are typically overwhelmed by a process that is foreign to them and occurs at the most inopportune time—immediately after the death of a loved one. At Banks Law Firm, we recognize that families don’t always need an attorney to handle every estate. Instead, we will talk with you and assess whether or not you should engage a professional. If the estate administration is complicated or you just need a guiding hand on an estate, we are here to help.

What is the the first step for Estate Administration? The first step is to obtain the original Will of the decedent and have it admitted to the Probate Court where the decedent lived prior to passing away. Estate administration is the process that allows a named Executor to handle the affairs and wishes of the person who has passed. In order for someone to be appointed as the Executor, the will needs to be probated, which is the process of “proving” a will in court. The probate process needs to happen in the county where the decedent last lived, and the court legally won’t consider the will until ten days after the decedent has passed.

What steps must be taken to settle the estate? Once the initial probate process is complete, the executor must attend to the following:

• Identify and gather all assets

• Identify all debts

• File any tax returns that may be due

• Distribute anything specifically designated in the Will

• Open an estate account and pay debts

• Confirm the value of the estate

• Determine how the estate should be distributed

• Prepare release forms for beneficiaries to sign

Keep in mind, however, that each part of the process tends to involve its own additional steps.

Patrick V. Banks, Esq. provides effective, efficient estate planning and administration services. We recognize that every estate and situation is different, and we take pride in providing compassionate and individualized services.

What Do Real Estate Lawyers Handle? Real estate lawyers handle real estate transactions, real property issues such as real estate litigation, real estate law, and business law. They also aid in real property transfers, mortgages, and residential real estate transactions. If you believe that your real estate transaction or property issue has not been conducted legally due to a potential breach of contract, it is important to seek legal advice from an attorney who has experience in real estate law.

Why Is Having A Real Estate Lawyer Important? Real estate transactions are complicated and involve many parties like realtors, realty agents, homeowners associations (HOA) as well as realty attorneys. Having real estate transaction representation is very important because it can protect your rights throughout the real property transfer process, which begins with offer and acceptance and ends with closing. We work hard to make sure our clients’ real estate issues are treated fairly and lawfully.

When Should I Consider A Real Estate Attorney? Many realtors, realty agents, homeowners associations (HOA), buyers, and sellers require the services of real estate lawyers when working on real property transfers, mortgages, and realty litigation issues such as breaking a contract or evicting tenants. A realtor would also benefit from the counsel of a real estate lawyer for assistance with the purchase or sale of residential homes. We offer realty services for realtors and realty agents so they can feel confident throughout the real property transfer process. We understand that realtors want their clients to be happy with how the transaction is conducted so our clients trust us to handle transactions fairly and legally while protecting their interests through every step of the real estate transfer process.

Why Should I Hire A Real Estate Lawyer? It is important to hire real estate lawyers in Bergen County when working with realtors, realty agents, and realty companies because realty transactions are very complicated. The real property transfer process involves several different parties and clients, all of which can complicate the real estate transaction. A real estate lawyer can help you due to their experience in real estate law and knowledge of how a real property transfer is conducted.