Estate Planning

Wayne New Jersey Will Contests & Litigation Attorney

A Will is a legal document that outlines how your assets will be distributed upon your death. If properly drafted and executed according to state laws, the Will is submitted for probate, and your assets are distributed according to your wishes. The person creating the Will is known as the testator. A Will allows you to designate an executor who will manage your estate and ensure your directives are followed. If you have minor children, you can also appoint a guardian to care for them until they reach adulthood.

What Are the Formalities to Make a Valid Will?

To be legally effective, a Will must meet certain formalities:

  • Written Document: The Will must be in writing.
  • Signature: It must be signed by the testator.
  • Witnesses: At least two witnesses must be present during the signing. Each witness must personally observe the testator signing the Will.
  • Acknowledgment: The testator should inform the witnesses that the document is their Will and that they wish the witnesses to attest to its execution.

Witnesses do not need to read the Will or know its contents; they simply need to witness the signing process.

What Is Probate?

Probate is the legal process of validating a Will and administering the estate of the deceased. In New Jersey, when a person dies owning assets solely in their name, the Will must be presented to the Surrogate’s Court for probate. The process cannot begin until at least ten days after death.

The executor must provide:

  • The original Will.
  • A certified copy of the death certificate.
  • A list of names and addresses of the closest next of kin.

These documents are submitted to the Surrogate in the county where the decedent resided. If all requirements are met, the Will is admitted to probate, and the executor receives certificates granting them authority to manage the estate. The original Will is filed with the Surrogate’s Court and becomes a public record.

What Does an Executor Do?

An executor is the individual appointed in your Will to carry out your instructions and handle your property after your death. Responsibilities include:

  • Gathering Assets: Collecting and managing the estate’s assets.
  • Paying Debts and Taxes: Settling any outstanding debts and filing necessary tax returns.
  • Distributing Assets: Ensuring the remaining estate is distributed to the beneficiaries as specified in the Will.

You may choose a family member, friend, legal advisor, or a professional institution as your executor. It’s advisable to name an alternate executor in case your primary choice is unable or unwilling to serve.

Do I Really Need a Will?

Yes, having a Will is crucial. Without one, state laws (intestacy laws) will determine how your estate is distributed, which may not align with your wishes. A Will ensures:

  • Your property is distributed according to your preferences.
  • You can appoint a guardian for minor children.
  • You choose who will manage your estate.

Who Should Make a Will?

Everyone over the age of 18 who owns real or personal property should consider making a Will. This legal document provides peace of mind that your affairs will be handled as you intend.

Who Should Be Named in a Will?

In your Will, you should:

  • Name Beneficiaries: Individuals or organizations who will receive your assets.
  • Appoint an Executor: The person responsible for administering your estate.
  • Designate a Guardian: If you have minor children, appoint a guardian to care for them.
  • Establish a Trustee: If necessary, appoint a trustee to manage assets on behalf of beneficiaries.

How Often Should a Will Be Updated?

It’s recommended to review and update your Will periodically, especially when significant life events occur, such as:

  • Marriage or divorce.
  • Birth or adoption of a child.
  • Significant changes in financial status.
  • Purchase or sale of property.
  • Changes in tax laws.
  • Death of a beneficiary or executor.

Updating your Will ensures it continues to reflect your current wishes and circumstances.

How Do I Change My Will?

To legally change your Will, you should:

  • Create a New Will: This is often the simplest method.
  • Add a Codicil: A codicil is an amendment added to your existing Will.

It’s important to have these documents prepared by a qualified attorney to ensure they meet legal requirements. Do not attempt to alter your Will by crossing out or adding clauses, as this can render it invalid.

Where Should I Keep My Will?

Store your Will in a secure location, such as a safe deposit box or fireproof safe. Inform your executor of its location and consider providing them with a copy. This ensures your Will can be easily accessed when needed.

What Happens If I Die Without a Will?

Dying without a Will is known as dying intestate. In this case, New Jersey state laws determine how your estate is distributed. Consequences include:

  • State-Determined Distribution: Your assets may not go to the individuals you would have chosen.
  • No Control Over Guardianship: You cannot appoint a guardian for minor children.
  • Increased Expenses and Delays: The administration of your estate may take longer and incur additional costs.

Only by creating a legal Will can you ensure your property is distributed according to your wishes.

Take Control of Your Estate Planning

Making a Will is one of the most important steps in securing your legacy and providing for your loved ones. By planning ahead, you can:

  • Reduce Tax Burdens: Proper planning may lower or eliminate estate taxes.
  • Provide Clear Instructions: Minimize disputes among heirs by clearly outlining your wishes.
  • Protect Minor Children: Appoint guardians and set up trusts if necessary.

If you don’t have a Last Will and Testament, now is the time to consider creating one. For personalized assistance, book a consultation with our experienced estate planning attorneys.

Note: This content is intended for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.

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