Monmouth County, NJ Trusts Lawyers

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Patricia  Colligan Lawyer

Patricia Colligan

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Estate, Trusts, Bankruptcy & Debt
Private Practice with Main Concentration in Bankruptcy

Serving Monmouth and Ocean Counties, the Law Office of Patricia Colligan, LLC is a law firm focusing on Bankruptcy Law.

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CONTACT

732-542-6600

K. Edward Jacobi

Wills & Probate, Trusts, Estate Planning, Real Estate
Status:  In Good Standing           

Mary Patricia Magee

Wills, Wills & Probate, Trusts, Estate Planning
Status:  In Good Standing           

Marc Policastro

Wills & Probate, Trusts, Environmental Law Other, Environmental Law
Status:  In Good Standing           

Margaret Mahon

Trusts, Business
Status:  In Good Standing           

Monika Mazurczyk

Real Estate, Trusts, Estate, Bankruptcy
Status:  In Good Standing           Licensed:  35 Years

Joshua Cheslow

Trusts, Tax, Real Estate, Elder Law
Status:  In Good Standing           

Danielle Reid

Trusts, Real Estate, Labor Law
Status:  In Good Standing           

Michele Crispi-Moloney

Real Estate, Trusts, Elder Law, Business
Status:  In Good Standing           

Hans-Linhard Reich

Trusts, Business, Dispute Resolution
Status:  Retired           

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LEGAL TERMS

INTESTATE

The condition of dying without a valid will. The probate court appoints an administrator to distribute the deceased person's property according to state law.

FUNDING A TRUST

Transferring ownership of property to a trust.

TRUST CORPUS

Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, t... (more...)
Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the 'res,' a Latin word meaning 'thing.'

EXECUTOR

The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's... (more...)
The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's left, as specified in the will. The executor also handles any probate court proceedings and notifies people and organizations of the death. Also called personal representatives.

UNIFORM TRANSFER-ON-DEATH SECURITY ACT

A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using... (more...)
A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using a simple form that names a person to receive the property after the owner's death. Every state but Texas has adopted the statute.

IN TERROREM

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)
Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.

PROBATE COURT

A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate cour... (more...)
A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate court' in New York and several other states, this court normally examines the authenticity of a will -- or if a person dies intestate, figures out who receives her property under state law. It then oversees a procedure to pay the deceased person's debts and to distribute her assets to the proper inheritors. See probate.

BYPASS TRUST

A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.

TESTAMENTARY TRUST

A trust created by a will, effective only upon the death of the willmaker.

SAMPLE LEGAL CASES

OBERHARD v. Director, Div. of Tax

... She named her husband Robert Oberhand (Mr. Oberhand) executor and trustee, and established two trusts, a Marital Trust and a Family Trust. ... [1] The formula of the trusts was designed to avoid or limit the amount of federal and state 1205 estate taxes. ...

MATTER OF TRUST CREATED BY AGREEMENT DATED DECEMBER 20, 1961

... set forth. For our purposes, it is sufficient to note that between 1939 and 1963 Johnson created a series of trusts to benefit his family members. At ... Hill's sense of redundancy derived from his review of earlier trusts. In 1939, Johnson ...

In re Estate of Flood

... 378. In the Matter of the Trusts to be Established in the Matter of the ESTATE OF Margaret A. FLOOD, Deceased. ... The parties proceeded on the assumption that the decedent possessed the unfulfilled intent to create supplemental benefits trusts for her two disabled daughters. ...