The Importance of Having a Will in New Jersey

Many people wait to prepare a Will for many reasons. Often times, people wait until an unexpected event happens, such as needing to get on an airplane in an emergency or having to undergo surgery or a medical procedure. Others feel they are still young in age do not need to worry about having a Will prepared until they are older. However, having a Will is an easy process that should be done at an early age and will ensure that a person’s last wishes are followed.

If a person dies without a Will in New Jersey, the New Jersey intestacy statutes (N.J.S.A. 3B:5-3 and N.J.S.A. 3B:5-4), set forth who gets the deceased person’s assets and what percentage of the assets each individual is to receive. While the distributions may not have been the intent of the deceased person while he or she was alive, if those wishes were not written in a Will, the state law prevails. However, by having a Will, the deceased person’s assets are distributed in accordance with the terms included in the Will.

Once an individual has children or any assets of value, a Will should be drafted to ensure the assets are appropriately distributed, and that the children of the deceased are taken care of, both physically and financially. By having a Will, the individual is able to decide who will be appointed the Executor of the Estate, who is the person that is in charge of the Estate and handles payment of the Estate debts and distribution of the assets. If an individual dies without a Will, someone, usually a family member, will have to make an application to the Court to be appointed Administrator, who has the same general powers as an Executor, but often times has to post a bond with the Court until the entire Estate is finalized. This can be costly and will also delay the administration process.

By having a Will drafted, the individual can name the beneficiaries, or the persons who are to receive assets of the Estate, and, if the beneficiary is a minor, the Will can provide the age at which the minor is to receive his or her share of the Estate and also include a Trustee, or person who will manage the minor’s share until he or she reaches the appropriate age. Additionally, if the individual passes with minor children, the Will should appoint a Guardian, or person who will care for the minor child until he or she reaches the age of eighteen. If the person passes without a Will and with a minor child, someone will have to file a guardianship application with the Court to be appointed Guardian of the minor child. This will result in the Court, rather than the child’s parent, deciding who will raise the child or children and the process can be expensive and time consuming.

Contact The Law Office of Edward V. Murachanian For Wills and Estates at The Jersey Shore

It is never too early to have a Will drafted and the cost is minimal, especially in comparison to what it may cost if Court involvement is required when a person dies without a Will. For questions and concerns regarding Wills and Estates in Ocean and Monmouth County, NJ please contact The Law Office of Edward V. Murachanian. Email: attorney@njlawyersite.com Phone: 732-477-3030 Website: www.NJLawyerSite.com

Date: March 25, 2024