Why is a will so important?
We spend a lifetime building, preserving and managing our estates. Thus, it is only right that we make thoughtful choices about how our estate will be distributed at death. Another critical issue for people with minor children is who will become the legal guardian of the children in the event of an untimely death of both parents. A will is essential to accomplishing these objectives. (Jointly owned assets and named beneficiaries of a life insurance policy or retirement plan will not be affected by the lack of a valid will, unless those named are no longer living.)
What if I die without a will?
Some sixty percent of Americans die without a valid will. This is unfortunate in most cases, because State laws will take over and will distribute your probate estate in accordance to a prescribed formula — possibly in ways that you would not choose. Any charitable interests you wanted to benefit will not occur and in many instances those people who you leave behind, will not
recieve those things in your estate, you wished them to recieve upon your death.
When do I need to change my will?
One thing is certain as we go through life and that is change.
The circumstances of life change constantly. If you have taken steps to write a will, you can be certain that your circumstance and the makeup of your estate will change from time to time. It is important that you do not procrastinate to get your will amended or even re-written as these changes in life occur. Here are some common events that should nudge you to change your will: Marriage; divorce; a new baby; step children; named heirs pass away; you move from a common-law property state to a community-law property state or visa versa; you dispose of or purchase significant assets; guardianship is no longer needed for your adult children; you change your mind about your bequests to heirs; you wish to add or change a charitable beneficiary.
Do I need an attorney to write my will?
Some states allow an individual to compose a will. If it is properly witnessed and signed, many Probate Courts will accept such a will.
However, most people have no idea how to get started with such a task. And will they adequately cover all the bases in a self-authored document?
A will is a very important legal document, and it is wise to employ the expertise of a qualified attorney. A will is one of the least expensive legal documents you would pay for, but a well-written document could save your heirs much more in dollars and hassle.
How do I select and executor or personal representative?
An executor or personal representative is the person you assign the responsibility to manage and distribute your estate in accordance with your will. An executor’s work will be monitored by the Probate Court. An executor does not need to be an expert in finances, probate law or taxes. They can and should hire such experts that are needed to assist them. A good executor will be honest, organized and possess good common sense. Your executor should be willing to serve in this capacity too. Most people will name their spouse or an adult child, or some other close heir. If possible, name someone who lives nearby and who is familiar with your financial matters. That will make it easier to do chores like collecting mail, selling assets and finding important records and papers.
What is probate court?
This is the court which determines the validity of a will and provides judicial oversight over the distribution of the estate. If there is no valid will then the Probate Court will appoint an administrator of the estate to facilitate the estate’s distribution in accordance with state law.
What are my non-probate assets?
Non-probate assets are any assets in your estate that will pass to heirs outside of the Probate Court. Examples include jointly held property such as real estate or jointly held bank accounts; and assets that will pass to heirs based on a death benefit beneficiary designation that are prestated in a life insurance policy or qualified retirement plan (such as an IRA).
Additionally, some people title all their property to a living trust, and at death, the named trustee will distribute or manage assets in accordance with the trust document. The trust and assets possessed by the trust are not reviewed by the Probate Court. In states where probate fees are expensive, a living trust can save on those costs. Also, those who own property in another state may want to consider a living trust so that they do not have to deal with two Probate Courts.
What is a codicil?
This is a simple amendment to a will, which avoids the cost, and complication of re-writing an entire will. The codicil must be signed and witnessed or notarized as is the original will.
What is durable power of attorney?
This essentially gives a person of your choice the power of attorney to make financial decisions on your behalf. This power of attorney will survive and incapacity or disability that you may suffer.
What is a power of attorney for health care decisions?
This is a legal document in which you appoint an individual as your “attorney-in-fact” giving that person the legal the power to make decisions about your medical treatment in the event of incompentency. Such a power is often used in conjunction with a living will.
What is a living will?
This is a legal document in which you indicate whether or not you would want your life to be “artificially prolonged” in an injury, disease or terminal condition that prevents you from communicating your wishes to medical professionals. Living wills are often used in conjunction with a power of attorney for health care.
See links below for more New Jersey State specific probate laws:
Riviere Cresci & Singer LLC
222 Schanck Road
Suite 201
Freehold, NJ 07728
Phone 732.64.NJLAW (732.646.5529)
Fax 732.358.0238
Cell 732.995.4168
The following locations are by appointment only:
260 Madison Ave
New York, NY
116 Village Blvd
Princeton, NJ
2500 Plaza 5
Jersey City, NJ
197 RTE 18 South
East Brunswick, NJ