In the event that someone dies without a last will and testament, their assets will be distributed according to the intestacy laws of New Jersey state. However, such a transfer of assets might not be in line with the desires of the deceased.
Benefits of having a will
Creating a will may ensure that the courts will follow someone’s wishes after death. This legal document allows a testator to detail how they want to distribute their assets by naming their properties, beneficiaries and executors. In addition, having a will could lead to more benefits, such as:
- Ensuring the orderly transfer of assets: Upon the execution of a valid will, the asset distribution process will ensue in an organized manner according to the law.
- Giving financial security to beneficiaries: The transfer of assets may provide financial support for the designated beneficiaries. They could include the testator’s heirs, loved ones, relatives and friends. Some testators also name charitable institutions as beneficiaries.
- Avoiding family troubles: Executing a will may help avoid arguments in the family about who will get the assets of the deceased. However, will disputes could happen if there are dissatisfied family members.
- Designating guardians for minor children: Parents can name a trustworthy and reliable guardian in their will. This would ensure continued care and support for their minor kids.
In New Jersey, anyone aged 18 and above can create a will. It does not matter whether their estate is small or large or if they are single or married. For as long as they have property, they can proceed with making a will.
Planning for the unexpected
The journey of life may end in an unexpected way. With proper estate planning, you may ensure that your wishes for asset distribution post-death will come to fruition for the benefit of your beneficiaries.