Making a will can seem like a lot of work, but it is well worth it. If you pass away without one, no one will know what to do. Your family has to turn to the courts and your assets may not get passed down in the way that you would have chosen. You should take the time now to make an estate plan and meet with our Estate Planning attorneys. You and your family will appreciate the added peace of mind.
What Happens to My Assets if I Don’t Have a Will?
When you make a Will, you can decide where your assets end up. You can pass on money, real estate, vehicles, and any other kind of personal property to your loved ones. You can make charitable donations too.
If you pass away without a Will, then it is said that you have died “intestate.” This means that your assets must go through probate court and then get passed down through the state’s intestate succession rules. This usually means finding the closest family member, like a spouse, or living child, or parent, and giving them the bulk of your estate. For example, in New Jersey, if you die intestate and are married, but have no children, your spouse and your parents will inherit your remaining assets. Or, if you die unmarried, but have children, your children and your parents will share in inheriting your Estate.
If you have specific plans for your assets. or you want to spread them out more, then you do n’ot want to die without a Will. This document makes it possible to make your last wishes known and pass on assets to anyone you want to, not just your closest relatives.
Can I Write My Will Myself?
You can, but we do not recommend writing your Will yourself. Even if you do not think that your estate is all that complicated, a Will needs to meet certain criteria to be legally binding. If you write one yourself and there are issues with it, then it may not be legally binding or may require Court interpretation, which is very expensive and timely. This can cause all sorts of problems and additional stress for your family during an already difficult and sad time.
When you work with an Estate Planning attorney from our Firm, we will make sure that your Will meets all legal requirements. We will also make sure that nothing important is left out. This document does not just determine where your assets go. It can also be used to outline some other last wishes, like how you wish to be buried and how digital profiles, like social media accounts, should be handled when you pass away.
Who Should I Choose as My Executor?
When you write a Will, you need to select someone to be your executor. This is the person who makes sure that your last wishes are carried out. They also settle your affairs and take care of tasks like paying your taxes. You should choose someone you can rely on for the job. You can choose a family member or close friend, but a lawyer or accountant can also serve in the role.
Contact Our Law Firm
So, if you do not already have a Will or an estate plan, do not waste any more time. Contact Laddey Clark & Ryan, LLP to schedule a consultation and see how we can help you safeguard your assets for the next generation.
