The Importance Of Having A Will In New Jersey

Planning for the future can be challenging, yet it plays a key role in protecting your loved ones and assets. An essential part of this process involves drafting a will, which dictates how your estate will be distributed upon your passing. Many delay creating a will, assuming there’s ample time or finding the process too complex. However, in New Jersey, not having a will can lead to complications, potentially leaving your family unprotected.

This article discusses the importance of having a will in New Jersey, distinguishes between wills and trusts, and highlights how proper estate planning can provide peace of mind.

What Happens If You Don’t Have a Will in New Jersey?

In New Jersey, the state’s intestacy laws govern the division of your estate if no will is in place. These laws determine how assets are distributed among surviving family members, starting with the spouse and children. However, this division might not reflect your personal wishes. For instance, if you have children from multiple marriages, your current spouse may not receive the entire estate. Additionally, any intentions to leave assets to friends or charities would not be recognized.

The absence of a will can also lead to family disputes over asset distribution, potentially resulting in lengthy legal battles. Moreover, the state may appoint a guardian for minor children, which could conflict with your preferences. Without a will, you lose control over asset allocation and guardianship decisions, leaving your family to manage complex legal challenges during an already difficult time.

The Role of Wills and Trusts in New Jersey Estate Planning

While a will is a foundational part of estate planning, many also consider creating a trust. Understanding the differences between these two legal tools can help determine which option suits your needs.

A will outlines how your property will be distributed after death. It goes through probate, a court-supervised process where the will is validated, and debts and taxes are settled before assets are transferred to beneficiaries. A will also allow you to appoint guardians for minor children and specify final arrangements.

In contrast, a trust is a legal entity that holds assets on behalf of beneficiaries. It can manage your assets during your lifetime and after your passing. Unlike a will, a trust bypasses probate, which can expedite the process and keep financial matters private.

Trusts also offer detailed instructions on asset distribution. This feature is particularly useful for complex estates or for beneficiaries needing guidance, such as minors or those with special needs.

Why Every Adult Needs a Will in New Jersey

Regardless of your age or financial situation, having a will is essential. Here are key reasons why every adult in New Jersey should have a will:

• Control Over Asset Distribution
  A will gives you complete control over how your assets are distributed after you pass away. Whether you want to leave specific items to certain family members or ensure that a portion of your estate goes to a charity, a will ensures your wishes are honored.
• Guardianship of Minor Children
  If you have children under the age of 18, your will allows you to designate a guardian for them. Without a will, the court will appoint a guardian, which may not align with your preferences or what is best for your children.
• Avoiding Family Conflicts
  When clear instructions are left in a will, there’s less room for disputes among family members. Without a will, disagreements over asset distribution can lead to fractured relationships and complicated legal battles.
• Minimizing Probate Issues
  Having a will can help expedite the probate process. While probate is still necessary, a clear and valid will guides the court and reduces the chances of your estate being tied up in lengthy legal proceedings.
• Personalized Estate Planning
  Every family’s needs are different, and your will allows you to tailor your estate plan accordingly. You can divide your estate equally among your children or make specific arrangements for beneficiaries based on their needs and circumstances.

Common Misconceptions About Wills

Despite the importance of wills, several common misconceptions can prevent people from taking the necessary steps to create one.

• “I’m Too Young to Need a Will”
  Many people believe that wills are only for the elderly or those with significant wealth. However, accidents and illnesses can happen at any age. By having a will in place, you ensure that your family is taken care of, no matter what life brings.
• “My Family Will Know What to Do”
  While it’s comforting to think that your family will automatically know and respect your wishes, the absence of a will can lead to confusion and disagreements. A written will removes any ambiguity and ensures that your wishes are carried out exactly as you intend.
• “It’s Too Complicated to Draft a Will”
  Drafting a will doesn’t have to be a daunting process. While it’s true that specific legal requirements must be met, working with an experienced estate planning attorney simplifies the process and ensures that your will is legally sound.
• “I Can Do It Later”
  Procrastination is one of the biggest reasons people delay creating a will. However, life can change unexpectedly. It’s better to be prepared now than leave your family vulnerable in the future.

Updating Your Will as Life Changes

Having a will is not a “set it and forget it” document. It’s essential to update your will as your life circumstances change. For example, if you experience a major life event, such as marriage, divorce, the birth of a child, or the purchase of a significant asset, you should review your will to ensure it reflects your current wishes. Regular updates help to avoid outdated provisions and ensure your estate plan remains relevant to your evolving needs.

With over 90 years of combined legal experience, we take a hands-on approach to help you create a will that meets all of New Jersey’s legal requirements while protecting your personal and financial wishes.

Our team is well-versed in drafting comprehensive wills, setting up trusts, and providing strategic estate planning advice that addresses your unique situation. We work closely with our clients to understand their goals, provide clear legal guidance, and create customized estate plans that offer peace of mind.

Contact us today for more estate planning guidance.