Your Will
A will is a written document that directs how you want your property distributed after your death. In your will you also appoint a trusted person to be your executor. Your executor (or personal representative) is responsible for distributing your property according to the instructions you place in your will.
What Other Terms Do I Need to Know?
A beneficiary is a person you name in your will to receive some or all of your property. Property owned jointly with right of survivorship is property such as your house or a bank account that has specific language stating that the surviving party owns all of the property on the death of the other joint owner.
Why Do I Need a Will?
If you do not prepare a will, your property will be distributed according to New Jersey estate law. This law may distribute your property in a way that is contrary to your wishes.
For example:
- If your spouse and children survive you, your spouse will receive the correct share of your real estate and personality and children will receive the correct share of your real estate
- If you have a will, you can leave everything to your spouse.
If you do not have a surviving spouse and no will, your property will go to your children in equal shares. This may create problems if, for example, you want a particular child to have the family house, or you want to give more to a disabled child. If you are not survived by a child or spouse, your property may go to parents, grandchildren, brothers or sisters, nieces or nephews, or even to the state, depending on your circumstances. Also, you will not be able to leave anything to a religious or charitable institution without a will. T avoid these potential problems, you should have a will.
Will All My Assets be Distributed to the Persons I Name in My Will?
Some types of property are not covered by your will. Who will get certain assets depends on how that property is owned and the words that are used in other legal documents, such as deeds to real estate, bank accounts, trusts and life insurance policies. If you have named someone to be the beneficiary of a life insurance policy, the proceeds from that policy will go directly to the beneficiary. Property that you own jointly with another person with right of survivorship will automatically belong to your joint that joint owner. If you have a joint savings account with one child with a right to survivorship, the money in that account will automatically go to that child even if your will says it should be equally divided between all your children.
Why Appoint and Executor?
A will also gives you the opportunity to appoint an individual you trust, called your executor, to distribute you estate. If you do not appoint an executor in your will, the court may have to appoint a bank or a attorney to administer the distribution of your estate. This frequently increases the costs to the estate.
How Do I Select My Executor?
You should appoint someone you trust to manage your property and who will be able to handle all the financial matters involved with settling your estate. Check with that person ahead of time to find our if they are willing to take on this responsibility. In many states, the executor has to be a resident of your state. It is always a good idea to appoint an alternate if for some reason the first person you name cannot serve.
If I Already Have a Will, When Should I Change It?
Since it is not possible to see into the future, it is virtually impossible to prepare a will that provides for every possibility. You should review and update your will whenever significant changes occur in your life or the lives of those you have named in your will. Some basic changes that suggest you should review your will to see if you need to make corrections include:
Changes in persons you want to receive your property: Someone you have named in your will may die, or a new member may be added to your family through birth, adoption or marriage.
Changes in where you live: If you move to a different state, you should have your will reviewed by an attorney in your new state. Although laws are similar from state to state, there can be important differences in how will should be written or will be interpreted by the courts.
Changes in your finances: If you have a significant change in your financial circumstances, you may want to change to whom you give property or how much they should receive.
Changes in your marital status: If you get married, divorced of become widowed, you will probably need to revise your will.
Do I Need A Lawyer to Draft My Will?
Yes! A lawyers will draft your will according to your states laws to make sure it will be valid when you die. In addition, your lawyer can talk with you about provisions you might want to consider, such as:
Appointing a guardian in the even any of your
- Beneficiaries are minors;
- Establishing a trust;
- Distributing property you own in another state or country;
- Making special provisions for a disabled child, divorced spouse or charitable institution.
How Do I Know If I Need a Simple Will?
A simple will may the appropriate for you if your distribution plan is uncomplicated. For example, a simple will may be all you need if you want everything to go to your spouse, then equally to your children, if your spouse does not survive you. However, if you want minor children or grandchildren to receive property, you will need to appoint a guardian and possibly set up a trust, which is not simple. A simple will would not be appropriate if you want to make gifts to specific people and/or charities.
How Do I Prepare a Will?
At the end of this guide is a worksheet to help you get ready to talk to your lawyer about your will. The worksheet guides you through some of the questions you need to answer before the lawyer can draft your will. There may be other questions for your. Fill out the worksheet and set up an appointment with your attorney to discuss this matter and draft the document for you.
Other Questions?
If you have any other questions, call Burns & Associates at (732) 596-1999.
