I am sure you have heard the advice... you need a Will. And you probably think to yourself, Why? The answer is simple: Because today could be your last day on earth.
You may be thinking that you do not have anything of value that anyone would want. Are you sure about that? Do you have a bank account? A car? A piece of jewelry? Who do you want to get that money or those items (whatever the value) when you die? You may be thinking that you do not have children, so it does not matter. Let me explain why it does.
First I want to drive home the point that we really never know when we are going to pass. The southern New Jersey legal community lost a judge last week. The Honorable Allen J. Littlefield died suddenly at the age of 48. He left behind a wife and two young children, his parents, siblings and in-laws. It was a shock that we are all still processing. His death was from natural causes. But to most everyone who knew him - he seemed "fit as a fiddle". His sudden and tragic death is a reminder that we should always have a plan in place.
Let's start with kids. Are you a single parent? Who will be the guardian for your children if you were to die suddenly? In New Jersey, it is presumed that the other biological parent will assume responsibility and there is an inference that they are entitled to custody or guardianship. If there are facts about this person that make you uncomfortable about that presumption - you ought to name a guardian in your Will. The parent can always try to legally challenge the Will, but at least you will have indicated your preference and put the court on notice that this person is not necessarily the best choice.
Are you married to someone who has children from another relationship? If you die intestate (without a Will), your spouse is legally entitled to inherit all of your estate. And when your spouse later dies, everything that he or she inherited from you will go to (a) whomever they indicated in their Will; or (b) to all of their children, equally. That means that whatever was yours prior to your death may later pass to a child unrelated to you. There are ways to structure your Will to prevent that from happening.
Maybe you are single, or happily married with no children, and you do not believe you have any assets or anything of value that requires the drafting of a Will. That could be true. Many people scrape by each month to pay bills; they don't own a home or a car and have nothing else of value. But there are also many individuals who have a decent job, with a modest bank account, their car is paid off, or maybe there is some equity in their home. If this is you, and you are single, then your estate will pass to your parents (if they are still living) or to your siblings. Is that what you want? Or would you like your brother to get your baseball card collection and your sister to get the car? If you have a Will, you can express those wishes.
Another reason to draft a Will is that you get to name an Executor. The Executor is the person who is responsible for probating the Will and making sure your wishes are carried out. This person should be someone you trust. If you die without a Will, then the Court will appoint an Administrator - usually a family member, and that person will be required to post a bond. A bond is an insurance policy in case the Administrator fails to manage your estate properly; i.e., does not properly handle the debt or the money in the estate. If you name an Executor in your Will, you can also indicate that the bond requirement should be waived. Getting a bond is not easy. Anyone who has had any financial problems in their past is going to have a difficult time getting bonded. Writing a Will makes everything easier for your family and friends after you die.
For people with large valued estates, there may be tax reasons for drafting a Will in a certain way. Almost any lawyer can draft a simple Will. An experienced estate lawyer can help identify more complex issues and explain why certain provisions might be best for you and ultimately best for your family.
Its never too soon to write a Will. For more information I can be reached at 609-601-6600. For daily posts with helpful information to like and share, find and Like my Facebook page.
Have a good week,
Stephanie
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