A Will Is The Beginning Of A Solid Estate Plan
The simple will is anything but. Our lives are complex and our wills need to accurately reflect that complexity by including our assets, our beneficiaries and our goals.
For example, your will can do more than determine who receives your property when you die. If you have children, for instance, it can determine when your children will receive their inheritance. If you have a blended family, your will can prevent your biological children from being disinherited if you should die before your spouse.
At J. Jeffrey Press, P.A., in Parsippany, we draft customized wills and other estate planning documents for clients throughout northern New Jersey.
What You Need To Know About Wills
One of the most important reasons to have a will is to avoid intestacy, or, dying without executing a will. 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.
The Probate Process
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.
Diligently Choose An 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.