Your Will, more formally known as your “Last Will and Testament,” will let you dictate the way your assets will be distributed after your passing, what arrangements you prefer for the asset protection and upbringing of any minor children, and who will handle your affairs when you have died or become incapacitated. Below are some functions of a well thought out Will:
If you die without having made a Will in New Jersey, your estate will be divided up according to the State’s laws of intestacy to your nearest relatives, who are usually your spouse and children. If you have neither a surviving spouse nor children, your parents or your grandchildren are next in line to inherit, and on to your brothers and sisters, uncles and aunts, cousins, or to other relatives by blood or marriage. If no relatives can be identified, the State will take ownership of your property. Wouldn’t you rather make the decision where your assets will go, rather than having the government decide?
For most people, although not required, it is a good idea to have an experienced New Jersey estates and trusts lawyer help you inventory all of your property and decide how you want it to be distributed. KingBarnes will (i) advise you on the best estate planning strategies to protect your assets (ii) minimize taxes to your heirs and (iii) achieve the goals you’ve set for your estate. A well-drafted Will can prevent delays, stress and misunderstandings by making it clear exactly how you intend for your assets to be distributed. If your assets are extensive and complicated, the services of an experienced attorney to prepare your Will are indispensable.
If you live in Atlantic or Cape May County and have not yet written a Will or if you need to update an existing Will, call our office to speak with an attorney who is prepared to accomplish the desired planning for the distribution of your estate.
