The Importance of Having a Will Under New Jersey Inheritance Law

New Jersey estate law makes having a well-written will crucial.

At first glance, the concept of creating a will may seem somewhat morbid or uncomfortable. After all, the process involves contemplating our mortality and deciding on the distribution of our assets after we’re gone. However, there is a compelling case to be made about the importance of having a will. Not having a will leaves your assets to be transferred according to New Jersey estate law when you pass, and not according to your own wishes.  That is why our New Jersey estate planning attorneys firmly believe in the importance of having a will, helping you face the legal complexities of making sure the law will enforce your wishes when you pass, and helping provide peace of mind and security for you and your loved ones.

First, a will gives you complete control over the distribution of your assets. Without this legal document, New Jersey intestacy law will determine how your property is divided among your heirs after you pass. This could potentially lead to a distribution that is not in line with your wishes. For instance, you may want to leave certain items to friends or charities, but without a will this would not be possible.

Secondly, having a will allows you to appoint a guardian for your minor children. In the unfortunate event that both parents pass away, a will can ensure that your children are cared for by the person you trust the most. Without a will, a court will decide who will raise your children, and this could lead to disputes among family members.

Thirdly, a will can reduce the potential for conflict among your heirs. By clearly stating who gets what, you can prevent disputes over your estate that could lead to protracted legal battles. This can save your family not only time and money but also the emotional strain associated with such conflicts.

Fourth, a will allows you to make charitable bequests. Many people want to leave a legacy that extends beyond their immediate family, and a will can enable you to do that. You can choose to support a cause that is close to your heart, furthering its mission even after you’re gone.

Fifth, a will allows you to plan for the tax consequences of your passing, and minimize the tax bit for your heirs.

Sixth, you can create a trust to administer a bequest that you don’t want the heir to receive immediately, such as a minor child or a family member who is not good at managing money.

Further, creating a will can also expedite the New Jersey probate process. Without a will, probating your estate can be a long, drawn-out, complicated and expensive process. A well-drafted will can simplify and speed up this process, ensuring a more efficient distribution of your assets and reducing costs.

Finally, creating a will with an estate plan can provide peace of mind. Knowing that your wishes will be carried out and that your loved ones will be taken care of can provide a sense of relief and security. While no one likes to think about their own death, preparing for it can alleviate some of the anxiety associated with the unknown.

At McLaughlin & Nardi, LLC, our New Jersey estate planning attorneys understand the importance of planning for the future. Our team of experienced attorneys can guide you through the process of creating a will, ensuring that your wishes are clearly articulated and legally binding. Call us today at (973) 890-0004 or fill out the contact form on this page to learn more about how we can assist you in this essential task.  We can help.