One of the most important things a person can do for themselves while they are alive is to create an extensive estate plan. In doing so, they make a plan to prepare for what happens to their assets after they pass away. This helps an individual to protect their cherished possessions and belongings. This may include assets such as real estate, bank accounts, securities, and personal items. A crucial part of an estate plan is writing a will. A will is a legal document that recognizes how a person wishes to have their assets handled after they are gone. An experienced attorney can guide individuals through creating a will that is best for them and their loved ones.
Why is a Will Important?
There are several benefits to creating a will. When an individual lives a long life, it comes with many precious belongings that are valuable to them. Many times, they wish to leave these assets to loved ones that can continue taking care of them when their life is over. In writing a will, people are able to pass these belongings on to whomever they wish. This ensures that the assets fall into the right hands. It also prevents any possible concerns about what would happen to an estate if it was left without a plan.
When someone fails to create a will, they die “intestate.” When this happens, their estate may be left in the hands of the state of New Jersey. In the event of this, a judge then makes all decisions about where and to whom the assets go. Dying intestate may also cause disputes amongst loved ones as they may possibly feud over who they believe the assets belong to.
Executing a Will
There are specific guidelines to follow when creating a will. This is to ensure that it is a valid document. In the state of New Jersey, a will is required to be written and signed by the subject of the document. In addition to this, the signing must have two witnesses present to attest to hearing the individual say that they understand signing their will. These witnesses may also be obligated to sign the will.
Modifications
A will can be created at any time in an individual’s life to prepare for the future. Because of this, they are also able to make changes to it. Given that the circumstances of life are subject to may alter over time, the individual is able to change the will to accommodate any life changes. reasons an individual would want to update a will may be:
- A divorce
- Remarriage
- The birth of a child
- Adopting a child
- The death of a spouse or family member
- A change in finances
Contact our Firm
If you or a family member is looking to create a will for your estate and wish to speak with an experienced attorney, contact Margaret M. Mahon, Esq. LLC today.
The planning and administration of an estate requires experienced legal guidance. If you need an effective attorney to assist you with matters of wills, trusts, and estates, or the taxes associated with them, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.