Best Private Client Lawyers in Cherry Hill

About Private Client Law in Cherry Hill, United States

Private Client law covers a broad spectrum of legal services designed to help individuals and families manage, protect, and transfer their wealth. In Cherry Hill, United States, Private Client attorneys focus on estate planning, wealth management, probate and estate administration, trust formation, charitable giving, tax planning, and issues related to incapacity or guardianship. The primary goal is to ensure clients' assets are properly preserved, transferred according to their wishes, and protected from unnecessary taxation or dispute.

Why You May Need a Lawyer

There are several scenarios where seeking legal help in Private Client matters becomes essential:

• You want to create or update a will or estate plan
• You have substantial assets and seek advice on tax minimization
• You need to establish a trust for family, charitable, or disability planning
• You are administering a loved one’s estate or handling probate
• You have minor children and wish to designate guardians
• You are navigating a family member’s incapacity or seeking guardianship/conservatorship
• You are dealing with beneficiary disputes or will contests
• You want guidance on charitable giving or philanthropic foundations

Local Laws Overview

Private Client law in Cherry Hill is governed by a combination of New Jersey state laws and federal regulations. Here are key aspects relevant to residents:

• Wills and Estates: New Jersey law allows residents to create wills and codicils. Intestacy rules apply if there is no valid will, directing how assets are distributed.
• Probate: Estates are generally probated through the Camden County Surrogate’s Court. Summary probate options are available for smaller estates.
• Trusts: Residents often use revocable and irrevocable trusts for asset protection and to avoid probate. New Jersey law outlines strict formalities for trust creation and administration.
• Estate and Inheritance Taxes: New Jersey has eliminated its estate tax but still imposes a state inheritance tax in certain situations. Federal estate tax may also apply to larger estates.
• Powers of Attorney and Guardianship: State law governs the creation of durable powers of attorney, living wills (advance directives), and guardianship proceedings for incapacitated persons.
• Charitable Giving: Philanthropic planning often requires compliance with both state charitable solicitation laws and federal tax provisions.

Frequently Asked Questions

What is a will and why do I need one?

A will is a legal document that outlines how your assets will be distributed after your death. Having a will ensures your wishes are followed and can help minimize disputes among heirs.

How does probate work in Cherry Hill?

Probate is the legal process by which a deceased individual’s estate is settled. In Cherry Hill, probate is typically handled in the Camden County Surrogate’s Court, where the will is validated and a personal representative is appointed.

What is the difference between a will and a trust?

A will takes effect after death and directs how assets should be distributed. A trust can take effect during your lifetime or after death, allows for more extensive control over asset distribution, and can help avoid probate.

Do I have to pay state inheritance or estate taxes in New Jersey?

New Jersey no longer imposes a state estate tax, but certain beneficiaries may be subject to the New Jersey inheritance tax. Federal estate taxes may apply to larger estates.

What happens if I die without a will?

If you pass away without a will, New Jersey’s intestacy laws determine how your assets are distributed, typically to your closest relatives. The outcome may not reflect your intended wishes.

How can I appoint someone to make medical or financial decisions if I become incapacitated?

You can appoint an agent through a durable power of attorney for financial decisions and a living will or healthcare proxy for medical decisions.

How do I create a trust for my children or grandchildren?

A Private Client attorney can help you establish a variety of trusts, such as revocable or irrevocable trusts, to benefit your children or grandchildren according to your specific goals.

How long does probate take in Cherry Hill?

Probate timelines vary depending on the complexity of the estate, but in Cherry Hill simple estates may be settled within a few months. More complex cases can take a year or more.

Can I disinherit a family member in my will?

Yes, in most cases you can disinherit a family member by explicitly stating so in your will. However, spouses and certain dependents may have statutory rights that protect them from total disinheritance.

Is it possible to contest a will in Cherry Hill?

Yes, interested parties may contest a will on specific grounds such as undue influence, fraud, or lack of capacity, but they must do so within a limited time frame after probate begins.

Additional Resources

If you need more information or assistance, consider reaching out to the following resources:

• Camden County Surrogate’s Court - handles probate and estate administration in Cherry Hill
• New Jersey Division of Taxation - for state inheritance and estate tax matters
• New Jersey State Bar Association - provides lawyer referrals and public resources
• Legal Services of New Jersey - offers free or low-cost legal help to eligible residents
• Internal Revenue Service - for federal estate and gift tax guidance

Next Steps

If you believe you need legal assistance in Private Client matters in Cherry Hill, start by gathering any relevant documents, such as existing wills, trusts, and financial records. Consider your goals and concerns, such as providing for your family or minimizing taxes. Then, contact a qualified Private Client lawyer who can review your circumstances, offer legal guidance tailored to you, and help execute the necessary documents or filings. Many attorneys offer consultation appointments to discuss your situation and outline your options. Acting proactively can help ensure your wishes are honored and your loved ones are protected.