Lisa S. Presser, left, and Brian M. Balduzzi, right, of Faegre Drinker Biddle & Reath. Courtesy photosIdeas We Should Borrow: A Legislative Wishlist for NJ Trusts and Estates
Recent changes in the law affect estate planning and could provide a template for our New Jersey legislature to improve estate planning within the state and for its residents.
January 29, 2025 at 03:09 PM
14 minute read
As we begin another calendar year and legislative session in our New Jersey state legislature, we could not help wishing for certain new updates to our Uniform Trust Code and Uniform Probate Code in New Jersey, as well as New Jersey inheritance tax laws, to reflect our modern and evolving practice of trusts and estates. Thankfully, we do not have to look far for model statutes and processes for us to implement in New Jersey. From Connecticut, we have a new decanting statute, effective as of Jan. 1, 2025; from Pennsylvania, a nonjudicial account settlement statutory process for trustees, and a directed trust statute to bifurcate the trustee roles according to skill-sets and desired responsibilities; and from Maryland, a registration process for unmarried couples to avoid inheritance tax based on their long-standing relationships. These recent changes in the law affect estate planning and could provide a template for our New Jersey legislature to improve estate planning within the state and for its residents.
Connecticut Uniform Trust Decanting Act
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