Undoubtedly, drafting a will is a critical part of your estate plan and ultimately in ensuring that your assets will be passed down to your loved ones as you would have wished. Read more to find out why it is helpful to employ the services of a seasoned wills attorney in Monmouth County, NJ of Margaret M. Mahon, Esq., LLC for your will drafting.
What steps should I follow when drafting my will?
Below is a simplified step-by-step approach on how to draft your will in the state of New Jersey:
- Decide what property to include in your will.
- Decide who will inherit your property.
- Choose an executor to handle your estate.
- Choose a guardian for your children.
- Choose someone to manage your children’s property.
- Draft your will.
- Sign your will in front of witnesses.
- Store your will safely.
- Deposit your will with the state’s will registry, if desired.
Why do I need an attorney to help me with drafting my will?
If you specifically have many assets and many family members to distribute them to, it is especially necessary that you draft your will with the assistance of a knowledgeable Monmouth County estate planning attorney. That is, if you do it alone, you are more prone to legal pitfalls, as even the simplest of misphrases can alter the outcome of your estate plan. This will cause the family you depart from to be left with the burden of correcting these mistakes.
How else can an attorney help you with drafting your will?
Unique to the state of New Jersey, the estate planning law cites that taxes are applicable to estates valued at more than $675,000. This is all the more reason to draft your will with one of our attorneys, as we can assist you with addressing inheritance tax issues arising from gifts made to an individual who is not a family member. Additionally, it is in your best interest to allow us to draft an advanced healthcare directive and power of attorney to ensure that your medical and financial affairs are handled the way in which you desire should you become incapacitated.
Once your will is drafted, there may be circumstances that prompt its modification to retain its validity. Common instances in which modifications are necessary are as follows:
- If a new child in your family is born.
- If you get a divorce.
- If a child is adopted into your family.
- If your spouse passes away
- If you get remarried.
- If your financial situation changes.
If you have any further questions regarding the drafting of your will, do not hesitate in contacting our firm today.
Contact Our Red Bank, New Jersey Firm
The planning and administration of an estate require 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.