The Most Common Questions About Giving Money Away In Your Will

Drawing up a Last Will and Testament is a process that requires a lot of thought and consideration, and it’s important to get the right information in order to ensure that your wishes are carried out in the way that you intend. Here are some frequently asked questions about making a Will, from a leading elder law attorney New Jersey.

  • What happens if I don’t have a Will? If you don’t have a legal Last Will and Testament, your assets (money, home, car, etc.) will go through probate – a legal process where the State of New Jersey decides who should inherit and what they should get. This generally benefits your spouse first, and then children, your parents, grandchildren etc., based on the laws of preference in NJ. This is not ideal for most people, as probate can take a long time and not necessarily benefit the people you’d prefer.
  • Do I need to have certain assets to have a Will? Not at all. You can and should make a Will regardless of what assets you have or how much they are worth. Above all, your Will is about your wishes and who you want to benefit from your assets. As your assets become worth more, this is also a helpful way of reducing taxes on your estate.
  • Where should I keep my Will? Your Last Will and Testament needs to be kept in a safe place that can be accessed easily after your passing – and it’s important that someone knows where it is and how to access it. The best place to keep it is at your lawyer’s offices, as they know how to store it safely, can provide access to it quickly, and can make any change you need with ease.
  • Who makes a good executor? Your executor is a person you choose who will be responsible for making sure that your Will is carried out. You can choose a professional executor (like your lawyer) or a trusted family member. Generally, executors are not beneficiaries of the Will.
  • What if I need to change my Will? As your life and priorities change, your Will can too. It’s advisable to take a look at your Will once a year to ensure that you’re happy with it, and to revise it after any big life event – like having children, getting married, or getting divorced.
  • Do I really need a lawyer? While anyone can make a Will, the best route is to speak to an estate planning attorney. This will ensure that there is no chance that your wishes are misunderstood or challenged legally in court, and that your wishes are carried out properly.

Create your Last Will and Testament today and get peace of mind 

For assistance in creating or modifying your Last Will and Testament, speak to Frank R. Campisano today. Experienced in elder law and NJ estate planning, compassionate and committed to his clients, you’ll receive the highest quality legal expertise and guidance that will help you secure better care. In addition, he can assist you with all other estate planning documents, such as Financial Power of Attorney documents, Medical Directives and Healthcare Proxy documentation. For more compassionate legal guidance and a free consultation, please contact us or visit our website at today.

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