Have you been putting off drafting a Will and doing long term planning because you believe that it is either: 1) unnecessary for you; or 2) a daunting task? New Jersey makes it very simple to have all your wishes followed and your loved ones protected, but a few steps need to be taken.
A Will can save your heirs a tremendous amount of time, money and aggravation. You are able to decide to whom, when, and in what amounts your assets should go. You have greater assurance that your plans will be carried out as you desire. For those with minor children, a Will is essential in order to establish your wishes for physical and financial care of your children.
When there is no Will, then an Administrator is appointed by the County Surrogate. Any close relative may be appointed. Without a Will, you die “intestate,” which means you have no say in your transfer of wealth. If this is the case, the court will attempt to distribute your property and the result may be that the state will take ownership of your assets.
If you already have a Will, it is very important for you to periodically review your Will to keep it up to date. The major life changes such as marriage, birth of a child, death, purchases or sale of property, a change in your financial status, or a change in estate tax law make it imperative that a Will should always be up to date.
Contact me and I will explain how to get started, how the process works, the current tax situation, the pitfalls of not taking the time to draft a Will, and basic long-term care strategies.