An Effective Estate Plan Starts With A Will
The simple will is anything but. Our lives are complex; our wills need to accurately reflect that complexity, including our assets, our beneficiaries and our goals. For example, your will can do more than determine who receives your property when you die. Among other things, if you have children, it can determine when your children will receive their inheritance or which goals they must accomplish first. If you have a blended family, your will can prevent your biological children from being disinherited if you should die before your spouse.
At the law office of J. Jeffrey Press, P.A., our attorneys draft wills and other estate planning documents for clients in Parsippany, Clifton and throughout northern New Jersey. Give us a call at 973-323-2654 to discuss your specific situation.
Wills, Intestacy And The New Jersey Probate Process
One of the most important reasons to have a will is to avoid intestacy. If you die without a will in New Jersey, our state’s laws of intestate succession will determine how your assets will be distributed and who will administer your estate. The person appointed to administer the estate will also have to post a bond, which requires the payment of an annual premium. This situation may not be as you would have intended. For example, if you die without a will, children would receive their entire inheritance at age 18, whether they are prepared to handle the money or not.
A will must go through the probate process before assets can be distributed to beneficiaries. While the probate process can be avoided through the use of a trust, New Jersey probate courts are user-friendly and are not necessarily to be avoided.
Your Will And Your Executor
You will designate a trusted person, usually a family member, professional adviser or trusted acquaintance, to serve as your executor and carry out your wishes. In addition to helping individuals draft their wills, we provide legal advice to executors and guide them through the probate process.
If you die without a will, the New Jersey statutes determine who will be the administrator of your estate, and that person will be required to post a fiduciary bond. This bond requirement can be waived if you name an executor in your will.
Contact Our Office In Parsippany For More Information About Wills
To schedule a consultation with a lawyer at J. Jeffrey Press, P.A., please call our office or complete the brief online form.