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When people think of estate planning, the first thought is usually a will. Passing away without a will can have unintended consequences because property may not pass according to their wishes. More specifically, New Jersey legislature has specific rules on how property will pass upon death without a will. Intestacy is the term used for people who pass without a will. To learn more about intestacy and the New Jersey Rules, you can visit our article discussing intestacy. This can be very expensive while tying the hands of your beneficiaries. There are a number of reasons why passing away without a will is never a good idea.
Reason #1: If you have minor children, the only place you legally name your guardian is in the will. If you do not have a will, the Court will decide who will guard your minor children.
Reason #2: Your property will pass to beneficiaries under the Rules of the New Jersey Legislature. Though there are many smart people who write our laws, can a guide be specific enough to our personal situation and wishes.
Reason #3: Many people do not wish to incur the cost of a will. However, there will be costs (mostly unintended) if you pass away without a will. Dying intestate requires the beneficiaries to go through the Probate process. There are many fees associated with this process that could be eliminated with proper planning.
Reason #4: To Carry out your personal wishes and concerns. Failure to complete a will is the failure to verify property will pass according to your wishes.
Reason #5: A will allows you to name who will be responsible to make sure your property passes as you wish. Most people believe it is important to designate an individual they trust to complete their wishes upon their death.
There are many other reasons to pursue a will and we are happy to discuss. Please feel free to sign up for an education and/or a consultation to discuss.
