Between 50 to 70% of people across the country do not have a will. Many New Jersey residents who fall into this category may think they don’t need a will, but this could not be farther from the truth. Regardless of one’s wealth level, they most likely have some assets or property that they have an emotional attachment to and want to pass on to loved ones. A will, a legal document that details the way property is distributed after one’s demise, is one way to achieve this.
Who needs a will?
Anyone with property, money, or minor children should be drafting a will. The will ensures their wishes are being heard and the person they appoint is either receiving the property they worked their whole life collecting, business they worked their whole life developing or minor children who need taking care of until they become adults. All of these positions can be appointed through a will, including an executor to ensure one’s wishes are carried out as laid out.
What happens if someone dies without a will?
If a New Jersey resident dies without a will, then the court will make these important decisions on their behalf. As a result, property might be inherited by someone who the decedent did not wish for or children may be without a guardian to ensure their best interests. This process is known as probate, and is often lengthy and complicated.
Though it is not something many like to think about, death is inevitable and planning for it can ease confusion and anxiety for loved ones at a time that is already stressful. Probate and Estate Administration is an aspect of estate planning that people should invest time in regularly to ensure their wishes are respected when they are no longer around to make sure they are fulfilled.