Who Needs a Will?

Do you need a will? The answer is yes. No matter your age, health, or financial circumstances, it is important to have a will. There are many misconceptions about who needs to have a will, often known as a last will and testament, and about what makes a will valid in New Jersey. Indeed, many people assume that wills are only necessary for older adults, or for adults in poor health. Or, people mistakenly believe that wills are only important for adults with significant assets. In fact, all adults should have a will and should speak with a Summit estate planning lawyer about creating a will and considering other important tools and documents of estate planning.

Why All Adults Should Have a Will 

Why should all adults have a will? In short, this is a relatively straightforward document to create, and it can give you peace of mind in knowing that your wishes will be honored when you die. Having a will can also make the circumstances surrounding your death much easier on your family since there will be no need to determine who will inherit your property, and there will be no complications and costs associated with your assets being divided among your relatives according to New Jersey’s laws of intestate succession. When a person dies without a will, the process of inheriting assets can be long and complex since New Jersey’s laws of intestate succession will apply, which means the state will determine who inherits your property.

Not only can a will allow you to leave your assets to specific individuals, but it can also allow you to make other important decisions, which can be honored when your will is valid and enforceable (and we will explain those additional benefits in more detail below).

Benefits of a Will Beyond Leaving Assets 

It is relatively common knowledge that a will allows you to leave specific assets to particular parties or entities. Yet a will in New Jersey also allows the person making the will — known as the testator — to make other important decisions, as well. And these decisions can be essential when a death occurs unexpectedly.

What else can you do through a will besides leaving assets to specific parties? Making a New Jersey will allows you to do the following additional things:

• Name a personal guardian who will care for your minor children (this is often crucial when a parent or parents die unexpectedly);
• Name a person who can handle your assets and other financial matters for your minor children; and
• Name an executor who can ensure that the terms of your will are properly carried out according to your wishes.

Making Sure Your Will is Valid 

Every state has its own laws concerning wills and other tools of estate planning, so it is important to understand what is required in New Jersey for a will to be valid and enforceable.

Contact a Summit Estate Planning Attorney 

Do you have questions about making a will, or are you ready to get started on estate planning? One of the experienced New Jersey estate planning attorneys at Dempsey, Dempsey & Sheehan can speak with you today.

Source:

law.justia.com/codes/new-jersey/2018/title-3b/