Every adult in New Jersey should have a last will and testament. Even if you do nothing else for your estate plan, you should write down your final wishes in a basic will. A basic will is vital even if you have relatively few assets and a small family.
Distribution of your assets
In your will, you can dictate how you would like your assets to be distributed among your beneficiaries after you die. It’s important to be as specific as possible so that your estate planning objectives are clearly understood by everyone.
When there is no will, your assets are disbursed among your relatives according to intestacy laws. Depending on your unique family situation, this may not work out the way that you would have liked it to. When your wishes are clearly described in a will, misunderstandings and fights among your beneficiaries may be prevented.
Care of your minor children
If you are a parent to minor children, it is essential to name caregivers for your children in your will. Name someone that you trust to look after your children so that the important decision about who would take care of them after your death is not left up to a judge.
What happens when you don’t have a will?
If a person dies without a will, important decisions about property distribution and care for minor children and pets is left up to the court system. Since surviving family members often disagree about these things, there may be fights. Settling an estate could also take much longer when the deceased person had no will.