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The Garden State Law Podcast discusses all things legal in the state of New Jersey. Presented by lawyers from Saiber LLC, the Garden State Law Podcast highlights trending topics in litigation, transactional law, real estate, and more.
00:00:04:03 - 00:00:12:15
Tim
Welcome back to the Garden State Law Podcast. I'm your host, Tim Lough. Joining me today is Saiber estate planning attorney Mary Joan Kennedy. Mary Joan, thank you for joining us.
00:00:12:16 - 00:00:13:17
Mary
Thank you for having me, Tim.
00:00:13:22 - 00:00:33:03
Tim
So today, Mary Joan and I will be discussing the importance of having an estate plan. This is something I feel very comfortable talking to you about because you handled some of my estate plan. So hopefully I have the right questions for you and that I have enough experience in this to lead a conversation. But you did a great job working with me, so you come highly recommended.
00:00:33:05 - 00:00:40:18
Tim
Thank you. Before we jump into our our topic, why don't you take a second and tell us a little bit about yourself and your practice?
00:00:40:20 - 00:00:59:21
Mary
Sure, Tim. So, I’m Mary Joan Kennedy, I've been practicing estate planning and estate administration for more than 15 years, I'd say. I really enjoy this practice because attorneys sometimes are called counselors and I like counseling and talking to people and dealing with families. And at the end of the day, I feel like I helped people.
00:00:59:24 - 00:01:17:03
Tim
Yeah. And it's one of the more sensitive areas that you can work with. So it's you're doing you're me, you're working with people very closely and you're building a bit of a relationship that's more than some other attorneys may in their line of practice. And you also handle elder law, too?
00:01:17:08 - 00:01:21:08
Mary
I do. I do a little bit of my practice is elderly. I'd say maybe 15%.
00:01:21:10 - 00:01:44:05
Tim
Great. So we're going to talk about estate planning. This was a topic that when I first invited you on to this show, you thought, is this really interesting enough for a podcast? Which I thought was interesting because it's not so much whether or not, in my opinion, if it's interesting, but I think it's really important and it's something that a lot of people overlook.
00:01:44:07 - 00:02:07:28
Tim
You know, we stress to especially young people, professionals, that you want long term planning. And, you know, people are people are stressing so often that you should be saving for your 401k and that you should be saving for retirement. But there's this other component of your life and getting your your your affairs in order that I think is is overlooked too often.
00:02:08:01 - 00:02:25:17
Tim
So we can debate whether or not estate planning is interesting, but I think we both agree that it is very important. It's something that a lot of people tend to kind of put on the back burner and then it becomes important when it becomes important, and that's very often too late.
00:02:25:19 - 00:02:41:22
Mary
So I think that's absolutely right. I think it's one of those things that as adults and maybe even college students, we know this is something we should do, but it's something very easy to put off as we get into the daily grind of the day to day. But I do think it's part of everybody's planning and is important.
00:02:41:24 - 00:02:52:06
Tim
Yeah. So let's talk about estate planning. Okay. I think most people think of wills, but there's more to it than just wills, right?
00:02:52:06 - 00:02:52:26
Mary
Absolutely.
00:02:52:26 - 00:02:57:05
Tim
So what are the main kind of components that we should be aware of when thinking about putting together an estate?
00:02:57:08 - 00:03:16:17
Mary
So I think you touched on it, and that you're absolutely right. Some people use wills and estate planning interchangeably and it isn't really so. Estate planning, at least from my point of view, is a comprehensive review of where you're at and where you want to be. Yeah. So the components of an estate plan and conversation I have with my clients is “Where are you now?”
00:03:16:17 - 00:03:33:06
Mary
What do you want to do now while you're living? So planning for while everything is fine. Then planning for the future through something like a will or perhaps a trust agreement. And then after you pass away, what's going to happen with your assets and your estate? How is it going to be disposed of? Sure.
00:03:33:09 - 00:03:54:07
Tim
So before we get into each component, who are the candidates for estate plan? So, I mean, I had this conversation with you specifically because I think at the time when we first met, I believe I had I had both of my children. I was married and I had owned a home. And I still was a little like, do I think I need this?
00:03:54:07 - 00:04:06:12
Tim
And I have kids and but I don't know. I don't think people realize when they should and shouldn't should not plan for these things. So who are the candidates who should be considering estates?
00:04:06:15 - 00:04:31:00
Mary
So again, if we're going to think of estate plan comprehensively, I think every adult, every person over the age of 18 is a candidate for an estate plan. Now, the complexity of that estate plan will vary greatly based on the person. But even a college student is ripe for coming to have a conversation with an estate planning attorney because they might need just an advance directive and a power of attorney, which I know we'll get into later.
00:04:31:00 - 00:04:34:08
Mary
But I would say every single adult is ripe for an estate plan.
00:04:34:10 - 00:04:55:00
Tim
And there are I feel like there are probably some milestones, too, where you're like, okay, I didn't do it in college. You know, that would have been great. I didn't. Right. But there are some I mean, I could imagine a few. Well, I'll let you touch your bottom. Right. But what are some things that. All right, this happens in your life you really should be thinking about, like getting your affairs in order.
00:04:55:01 - 00:05:14:06
Mary
Yes. So, of course, when you're getting married, I think that's an important thing. And of course, getting married, you're you're in the thick of it, as we say. And it's a very busy time. But I think that's a very important time to think about at least your estate plan. And maybe that's something you want to address in the first year after you're married because you want your spouse to be your fiduciary.
00:05:14:06 - 00:05:21:12
Mary
I would suspect and expect most people would want their spouse instead of their parents. Right. Another time is when you have children.
00:05:21:14 - 00:05:29:16
Tim
Can I interrupt you? So before you're married, you're if you don't have an estate plan or we may get into a complicated area.
00:05:29:19 - 00:05:45:06
Mary
We're in a sticky place there. And that's why the college students need them, because there are laws that you would expect that as a mother or a parent that you have control and say over your adult child. No, you may not. So that's what we get into later. Okay.
00:05:45:09 - 00:05:47:04
Tim
So marriage one.
00:05:47:04 - 00:06:06:05
Mary
And then, of course, when you have a child because you want to name someone to be guardian of your child, if, God forbid, something happened to the two of you. Okay. Then I would say every 5 to 10 years you need to reevaluate whether or not you have a milestone in your life. Anything happens, divorce, death, separation, change in financial circumstances.
00:06:06:12 - 00:06:28:01
Mary
You certainly want to reevaluate. And I think touching on this, that's why it's very important to start early with an estate planning attorney, because you want to develop that relationship of somebody that you can just touch base with and say, this happened. Do we need to reevaluate where we are? Right. Then again, as you approach retirement, I think you need to start thinking about long term care planning and elder care planning.
00:06:28:04 - 00:06:32:25
Mary
And then, of course, when you pass away, there's going to be need for an estate administration attorney.
00:06:32:28 - 00:06:54:22
Tim
I can think of one other thing as well, because we went through it. Okay. I remember when the pandemic happened, it seemed like everybody was clamoring for an estate plan. Right. Which I guess really points to you never really know what what can happen in a dramatic fashion in your life that will lead you to need something like this.
00:06:54:25 - 00:07:10:23
Tim
So get it done while you can get it done. Don't wait until the last moment. Right. Because I remember specifically with you in our firm and other people that the people in my life, as well as the attorneys that they work with life was, Oh, wow, I need to get that. We don't know how bad this is going to get.
00:07:10:23 - 00:07:13:01
Tim
We need to get an estate plan together ASAP.
00:07:13:03 - 00:07:18:11
Mary
That's true. And back then, you know, everything was feeling emergent and rushed and stressed. And that's what we want to avoid.
00:07:18:12 - 00:07:44:03
Tim
Yeah, exactly. So let's jump into the components. So the first component being, you know, while you're alive and the early stages and these are advanced directives and power of attorney, I still don't totally have my mind wrapped around each of those. So what is a power of attorney? I think more of a general understanding of what they are.
00:07:44:05 - 00:07:46:24
Tim
But if you can spell out what are these things?
00:07:46:24 - 00:08:12:29
Mary
Sure. So a power of attorney is a document by which you appoint someone to be your agent who will handle legal and financial matters for you. So it can be limited where, for example, perhaps when you bought a house, you appointed the attorney who was handling the closing for you to sign papers on your behalf. That's a limited power of attorneys for a specific purpose and has a specific time frame before it expires or a general power of attorney, which is all encompassing.
00:08:13:06 - 00:08:34:02
Mary
Anything legal and financial. This agent can handle step into your shoes and do for you. Sign beneficiary designations, clothes, bank accounts, withdraw money from your account, write checks, enter into contracts. I mean, it can be as broad in scope as the statute allows in the state in which you reside. Mm hmm.
00:08:34:05 - 00:08:57:21
Tim
So let me ask a question. Is a power of attorney something that you generally recommend for someone in their twenties or thirties? If you, for example, you got married, right? Is that necessary or recommended? When I hear power of attorney, I usually think someone's very much older, maybe coming to their end of the life. They can't really make the decisions on their own.
00:08:57:21 - 00:09:13:17
Tim
So they to point their child or their spouse or whoever to be the power attorney. Is this something that people who are, you know, twenties, thirties, forties, Yeah. Healthy and young. You have better terms for me. Should they be thinking about that?
00:09:13:18 - 00:09:39:13
Mary
I think everybody should be thinking about that. Yeah, absolutely. Even college students, like I said, because you want but you want to choose someone that you trust because you are giving them, in most cases, broad access to your assets. Right. But you you don't want a situation where there's an emergency and no one can pay your bills, get to your bank account, access your digital assets, for example.
00:09:39:14 - 00:09:43:28
Tim
Yeah. Now, under 18, you're in college, you're still 17 and defaults to your parents.
00:09:44:01 - 00:09:48:03
Mary
Right, right, right, right. Okay. So because under 18, you can't sign a contract.
00:09:48:05 - 00:09:58:29
Tim
Right. So basically, that's a milestone, like you mentioned before. 18 years old. A lot of people are going to college. So the other aspect is advanced directives, right?
00:09:58:29 - 00:10:22:18
Mary
Advanced directives for health care. And what I do is a what's called a combination advance directive for health care. It includes two parts, a living will, which most people would be familiar with, where you say what you want to happen at your end of life. So if you were terminal or otherwise in a very serious medical condition, do you want the doctors to take all means necessary to keep you alive, beating the flu with your tubes, etc.?
00:10:22:23 - 00:10:40:29
Mary
Do you want to donate your organs? If they're viable? Do you want to donate your organs for research or just to another human being? And the second part of the advanced directive is where you appoint somebody as your health care representative. So that's the person that can talk to your doctors and make decisions for you if you can't speak for yourself.
00:10:40:29 - 00:11:08:25
Mary
So that's an important point that I mentioned to people, that this is only if you can't communicate to the doctors yourself or someone else be making decisions for you. Yeah. So that that document I absolutely recommend for everyone that's over the age of 18 going to college around this time of year. I bring it up to everyone because HIPA laws, which people might be familiar with for our privacy laws in the health care area that prevent parents from speaking.
00:11:08:25 - 00:11:19:15
Mary
So if you are at college, you end up in the infirmary or the hospital. The doctor should not really talk to any other adult about your care without an advanced directive being signed.
00:11:19:17 - 00:11:40:13
Tim
Yeah, and I suppose this is going to be a theme throughout much of what we talk about. But these are all, as we call it, like living, breathing documents, right? At any point in time, if you want to change any component of any part of your estate plan, it's easy enough to change. We're not we're not starting from scratch.
00:11:40:18 - 00:11:52:20
Tim
If you want to change a beneficiary or designee or whatever it might be, that's an easy enough to call it. Or I call you Mary Jo and I have a quick change. It's not like I'm starting over the whole process.
00:11:52:23 - 00:12:03:29
Mary
Absolutely. And that's why sometimes my clients get stuck on. I'm not sure if this is the right person. And I say, Just do your best now. And if you call me tomorrow and say, I want to not name Jean, I want to name Joe, that's an easy change.
00:12:04:00 - 00:12:06:23
Tim
Yeah. And it's not a big expense. It's not a big is times.
00:12:06:23 - 00:12:08:28
Mary
The document is already drafted, right? Right.
00:12:09:00 - 00:12:15:08
Tim
Perfect. See, I try to make it seem lawyers like players are expensive. That's right. Sometimes they are, but not right. Certainly not.
00:12:15:13 - 00:12:33:11
Mary
And hopefully, as we talk, I'll show that it's more expensive in this area to not have a lawyer. Sure. And I really do believe that I'm very conscious of price. Most of my clients are, you know, regular people that have a budget. And I'm not looking to exploit anyone. I just really feel strongly that you will save money by hiring a professional.
00:12:33:12 - 00:12:33:20
Tim
Yeah.
00:12:33:26 - 00:12:34:05
Mary
Yeah.
00:12:34:11 - 00:12:43:15
Tim
So, component number to estate plan. I'm calling in components however we want to look at it, but we're looking at a will and a trust. Is that right?
00:12:43:19 - 00:12:46:09
Mary
Or that will or may be a trust. Yes.
00:12:46:09 - 00:12:48:11
Tim
So what is the difference between a will and a trust? Right.
00:12:48:11 - 00:13:13:12
Mary
So a trust is a document that you could use again, many different ways. But it's an agreement, a contract where you appoint someone to take what's legal. The legal term is nominal ownership. But ownership over certain assets and manage them on your behalf. So it's a written agreement and you set forth their beneficiaries of the trust, and that's who the trustee, the person is called, is managing the assets for a will.
00:13:13:12 - 00:13:23:04
Mary
On the other hand, is a document where you say where you want your assets to go upon your passing. So it really has no active effect until you pass away. Yeah.
00:13:23:06 - 00:13:41:21
Tim
So the feel like the will is probably one of most common things you're working with, right? Someone says to you, That's great. I would love a will. I have nothing to give away right now. I don't have a whole lot. What? What do you say to those people who feel as if it doesn't make a whole lot of sense right now?
00:13:41:21 - 00:13:44:08
Tim
Because I don't. I haven't acquired much over the years.
00:13:44:09 - 00:14:05:07
Mary
Yes, you know, that could happen. I suppose that somebody calls me and I will say, you know what? You don't need a will. We're fine. Just doing an advanced directive and a power of attorney. And right now you have a beneficiary designation on your one checking account and you own your house with your wife and you're fine. I'm not going to oversell anyone on a document or a product that they don't need.
00:14:05:07 - 00:14:20:27
Mary
Right. But most people, especially in the tri state area, will need a will because our lives are a little bit more complicated than that. Especially, you know, as you grow your family and have other people that you want to pass assets on to.
00:14:20:28 - 00:14:50:12
Tim
Yeah. Now, some of your assets are securities or other, you know, pieces of complicated financial vehicles. Are these incorporated will should you be bringing in a financial adviser if things become a little bit more complicated where it is, how does the financial advisor component right and the lawyer how do they work together and how do you designate one from the.
00:14:50:15 - 00:15:08:25
Mary
That's a great point. And often we work as a team. If a person is a trusted financial advisor, we absolutely get them on board and say, What have you been talking about with these clients? I want to hear what the goals they've expressed to you. I want to make sure we're all working together, but a point that I don't want to miss is with the will.
00:15:08:25 - 00:15:30:24
Mary
You're appointing someone as your executor. Mm hmm. Now, that alone is a cost saving method. And I know we're going to get into this later about why do I need a lawyer, But if you do not have a will, your assets will pass by what's called intestacy law. And that means according to the statute. So you are no longer making the decisions for yourself.
00:15:30:24 - 00:15:55:05
Mary
The New Jersey statute, if you reside in New Jersey, is making decisions about how your assets pass. But that means that an administrator will have to be appointed for you and you need to go to the surrogate and post a 30 bond. The cost of a certi bond is not inexpensive. So that's a very important consideration for people when they say I don't have a lot, do I really need a will?
00:15:55:08 - 00:16:01:23
Mary
And sometimes, most often I'll say you need a will just so that you don't have to go. The administration intestacy route. Yeah.
00:16:01:25 - 00:16:02:26
Tim
It's an insurance policy.
00:16:02:26 - 00:16:03:24
Mary
It's exactly right.
00:16:03:25 - 00:16:12:02
Tim
We're really just saying that I'm protecting protecting myself for what may happen and I'm going to end up spending should something happen. I'm spending the money anyway. Right.
00:16:12:02 - 00:16:26:05
Mary
And I think the truth is like an insurance policy. You're doing it for your loved ones, right? It's not going to help you at all. Sure. The advance directive and the power of attorney is helping you. But as we said, that the will and doing these things are like an insurance policy that help your loved ones.
00:16:26:05 - 00:16:48:19
Tim
Yeah, it's interesting you think when you think of it as an estate plan, you're thinking it's about it's about you, right? And it's protecting you. But in all fairness, you're protecting the ones around you, right? Because they have to deal with the fallout of what may or may not, what may have happened. Right. So to have things in order, you're really kind of helping your family along through the process.
00:16:48:20 - 00:16:49:18
Mary
Absolutely.
00:16:49:21 - 00:17:11:07
Tim
So other components of. Well, you actually mentioned and you I remember you wrote an article about this a few years ago about digital assets. Right. And, you know, this could be anything from and this was before I think cryptocurrency really became a big thing. But we're talking about, you know, someone has a collection of thousands of, you know, songs on iTunes, right.
00:17:11:08 - 00:17:29:17
Tim
Or a robust account in, you know, I and I'm not really thinking about what the the websites hold all the, the, the pictures or whatever, but it's a ton of digital assets. That's something that people should be considering as well. I believe.
00:17:29:20 - 00:17:48:17
Mary
Absolutely. I mean, right now everybody has some sort of a digital footprint. And the reality is, whether it's your online banking account or your iTunes account or your Amazon photos or your Apple ID without planning for how that's going to be handled if you're incapacitated or if you pass away, your loved ones will be left with a mess.
00:17:48:19 - 00:18:00:19
Mary
Yeah. The reality is, for example, the Apple ID, you need to get a court order if you haven't given someone the authority to handle those after your passing. Yeah. So it's an important.
00:18:00:19 - 00:18:05:16
Tim
Topic and it's probably not just the Apple idea. There's probably six other versions of the Apple ID.
00:18:05:19 - 00:18:06:26
Mary
I expect so. Yeah.
00:18:06:26 - 00:18:33:00
Tim
Yeah, yeah. Okay. So what about someone who is looking to be more charitable with, you know, their end, their end of end of life distribution? Is that something that is also incorporated in a will or a trust? Or if someone's trying to just it's not going to a person? You know, I'd like to give it to you. I was very involved with the Boys and Girls Club of my little town.
00:18:33:02 - 00:18:38:25
Tim
Is that something I need to work with them or how do how does someone go about dealing with some more of a charitable contribution?
00:18:38:26 - 00:18:53:12
Mary
Absolutely. And I guess it depends on whether they want that to happen at their passing or and how they want the money to go. Meaning immediately upon death. You want to leave the specific amount. Are you leaving a percentage? And again, that's sort of one of the reasons why you want to get a professional to help you and guide you.
00:18:53:12 - 00:18:57:18
Mary
But yeah, that's something you would name in a will or a trust if you go that route.
00:18:57:18 - 00:19:09:21
Tim
Okay. So anything else about a will or a trust before we move on to the probate side that you think is worth mentioning that I may have missed?
00:19:09:24 - 00:19:11:09
Mary
I think that's good for this kind of.
00:19:11:09 - 00:19:32:11
Tim
Yeah. Okay. So the final piece is, is probate and I still don't I believe that's what we're talking about, right? Is once you've passed or once someone has passed, what happens after that? Right. I've never been very certain about how any of this process works. I never really went through it myself, thankfully. What is probate and how does the whole process work?
00:19:32:13 - 00:19:50:08
Mary
Yeah, so a lot of times you'll hear if you listen to news programs or you read articles, one thing you want to avoid is probate. And they make probate sound like this horrible, scary thing. At least in New Jersey, probate is not at all a complicated or scary thing. What happens is there's a surrogate in each county when you pass away.
00:19:50:08 - 00:20:15:08
Mary
If there is a will you present the will to the Surrogate's office, the surrogate court and there is a surrogate that's a person who is designated for that county. They accept the will and they appoint the person who's named in the will as the executor. So it's a very simple process. It runs very quickly, costs a couple hundred dollars, depending on the name, the number of pages of the will.
00:20:15:09 - 00:20:20:03
Tim
Mm hmm. Okay. So not as bad as it sounds, at least in, say, New Jersey, right? That's the big that's a big take.
00:20:20:03 - 00:20:21:14
Mary
Away, right? That's exactly right.
00:20:21:19 - 00:20:22:16
Tim
Great.
00:20:22:18 - 00:20:41:26
Mary
And then I also want to mention there might be something called the tangible Personal Property Memo that is sort of an annex to the will where people say, I want my this collection or my china or my doilies or my, you know, whatever my my special things to go to particular people.
00:20:41:29 - 00:21:01:14
Tim
Yeah. Yeah. One thing I failed to mention earlier was and this is a question I actually had, I remember you get a set of documents, you have the physical documents. They're signed were done. Am I keeping these? Am I putting this in a safe deposit box? Do I need to alert people's where they are to you? You store them?
00:21:01:14 - 00:21:04:20
Tim
Where are these documents? Where does the physical, tangible documents go?
00:21:04:22 - 00:21:23:21
Mary
Right. So that's a client decision. And you can either keep them if you have a fireproof, waterproof place, like a safe deposit box or a fire box in your house. That's totally fine. At our firm, we also have a place where we can store them, and then we give you what we call a conformed copy, which says the original is in the vault at our law firm.
00:21:23:21 - 00:21:44:22
Mary
Mm hmm. As far as notifying people, again, that's a personal decision. I always suggest that you do. Some people feel their privacy is important to them, and Will would rather choose to leave a note in some accessible place that says, This is where you can find my documents, but don't want to address that upfront. So whichever way, the client's comfortable.
00:21:44:24 - 00:22:02:15
Tim
Okay. So really, at the end of the day, what we're talking about is these documents serve as an insurance policy for you right there, protecting your loved one, not just you, but your loved ones as well. And at the end of the day, these expenses are going to get paid one way or another. So might as well do it the right way.
00:22:02:20 - 00:22:11:09
Tim
And have things kind of plan the way you want and plan by conferring with your loved ones and having everything kind of established kind of upfront.
00:22:11:12 - 00:22:12:15
Mary
I think that's absolutely right.
00:22:12:18 - 00:22:14:00
Tim
All right. Nailed it.
00:22:14:03 - 00:22:22:09
Mary
Great. I think that's absolutely right. You're going to save time, money and angst if you hire professional and get this thing done. Yeah. Yeah.
00:22:22:11 - 00:22:47:16
Tim
So some of the challenges I would imagine you face and the things that I've actually heard from family and from friends is, you know, I'm just crushed. 40. A lot of people in my position are thinking about this. If not, they've if they haven't taken care of it already. But I think a lot of people don't want to face the worst case scenario, really by walking through this process.
00:22:47:17 - 00:23:14:21
Tim
You are talking about very difficult, you know, aspects of what could happen. What is your advice to those who, you know, they don't want to confront these types of things and honestly, not too concerned about the expense or the, you know, going through it, but they don't want to face. Yeah, it's very emotional. What do you say to clients who say, you know, you're kind of conferring with and meeting and or potential clients that really apprehensive about going through the process.
00:23:14:23 - 00:23:33:24
Mary
I think you're absolutely right. I think many people are apprehensive, but unfortunately, this is just one of the things as an adult that we need to do. Yeah. I try my best to empathize and guide them and we take it as slow as they want to. But I say you'll feel so much better once this task is off your list and you know the things are going to be handled the way you want.
00:23:33:25 - 00:23:55:04
Tim
Yeah. It's almost like sometimes, at least how I operate. You're lying in bed at night and you're thinking about all the things, and I just want to, like, if I could just get it down on paper real quick, I can take the load off of my mind. I know it's done. I know what needs to be handled. I know it's planned and it can kind of you know, it's reassuring to know that I have some sort of plan ahead of me.
00:23:55:05 - 00:23:56:01
Mary
Yeah. Yeah.
00:23:56:06 - 00:24:22:08
Tim
Yeah. Now, a lot of people are also apprehensive about hiring returning you here, Attorney. You think this is going to cost money? And I know for a fact I believe while I don't know, in fact, I believe there's probably things you can grab off the Internet. Yeah. Trying to do this on your own. Why is it important to hire a professional as opposed to going on this trip on your own?
00:24:22:15 - 00:24:43:10
Mary
You know, this is something that comes up all the time, especially in conversation. Just, you know, when I'm out somewhere and friends and family, even as this Kiplinger actually addressed it once, one of their 2012 questions like, Do you save for retirement or save for your children's college? Do you hire an attorney or just download a form of the Internet?
00:24:43:10 - 00:25:05:13
Mary
And I guess the truth is, and I'm as aware as anyone else, you can go on YouTube, you can go online and get a form. There's absolutely you you can do this on your own. I am not denying that. But similarly, I could go on YouTube and find out how to install my new sanctuary. I'm not going to do it right because the risk is greater than the reward.
00:25:05:19 - 00:25:30:03
Mary
You know, I would not even venture to do that. But it's true that you can go online and learn how to do anything in theory and can some people. But I think the better choice is to consult with an estate planning attorney and choose an attorney who is willing to structure your estate plan to your circumstances. Isn't looking to give you more than you need.
00:25:30:07 - 00:25:49:06
Mary
Right. And is willing to tailor the the products in the plan to you. Yeah, because I think the peace of mind that comes from having that relationship and knowing things are done correctly and knowing that you have someone that if the law changes, is going to call you up or send an email or send an alert. Right. It is invaluable.
00:25:49:07 - 00:25:53:25
Tim
Or God forbid you make a mistake. Right. And you think you have everything in place and you've made and you did.
00:25:53:25 - 00:26:12:01
Mary
You did it wrong. You did. The truth is, in New Jersey, there are technicalities to how you can sign a will. Sure. Right. And we've all heard stories of famous people. I think it was just Aretha Franklin who they found her, what was deemed to be her will under a couch cushion.
00:26:12:03 - 00:26:12:16
Tim
So. Right.
00:26:12:16 - 00:26:33:29
Mary
Right. And then they found another one in a locked cabinet. And they had to have a court battle to get one admitted. And not none of them neither of them was done with an attorney. So they you know, I mean, you're talking a multimillionaire. And why she wouldn't have hired an attorney is beyond me. But, you know, some people, I think for what you address before are spooked by the idea of dressing these things.
00:26:33:29 - 00:26:41:21
Mary
Right. So it happens over and over and over again. But I think the peace of mind that can come knowing that you did it right is is invaluable.
00:26:41:24 - 00:26:50:28
Tim
Yeah, I guess at the end of the day, you're trying to do what's best and you're trying to do things right. Right. So why would you last moment, take a shortcut and just say, I could do this?
00:26:51:03 - 00:26:52:02
Mary
Yeah, absolutely.
00:26:53:16 - 00:27:17:06
Tim
Well, Mary Joan, this is all very helpful. I appreciate you taking the time and talking to us. Talking to us today. If you're interested in talking to Mary Joan about preparing an estate plan, you can reach her at (973)622-8405 or MKennedy@Saiber.com. Thank you for everybody who's listening.
00:27:17:06 - 00:27:23:13
Tim
Thank you Mary Joan. Make sure to subscribe to our YouTube channel and a podcast channel and we'll talk to you next time.
00:27:23:20 - 00:27:24:03
Mary
Thank you.