When there is no will for your estate plan, this puts your family members in a very difficult situation, because it becomes the responsibility of the New Jersey courts to decide what happens to your property. This is referred to as dying intestate and the settlement process that follows might not generate the results that you had intended for your survivors.
Essential Facets of Your Personal Will
There are four primary aspects that should be incorporated in your will. These include naming guardians for any minor children, instructions for when and how beneficiaries are entitled to receive assets, the names of beneficiaries who will inherit assets, and the designation of the person who will carry out the provisions of the will.
For assets that do not allow beneficiary naming, such as real estate or certain bank accounts, the will is an ideal place to determine who will get these and name any special instructions. Some assets allow for beneficiary naming and a direct transfer of the asset outside of the will. These usually avoid the probate process and include investment accounts, IRAs, and life insurance policies.
This can help to maximize what you leave behind to beneficiaries since these can typically avoid certain taxes and fees. Set up a time to speak with your estate planning lawyer today to learn more if you need more information about how to evaluate all the assets you own that belong inside your will.