Why is Creating a Will Important?
It can be very overwhelming to think about death, let alone plan for it. However, it can be beneficial in the long run to have a plan. This can be done with a comprehensive estate plan that allows an individual to prepare for what happens to their assets when they die. This helps to protect the assets and ensure they are passed down to those of their choosing.
When a person creates an estate plan, they often write a will. This is a document that outlines an individual’s wishes for their estate to be handled when their life is over. This includes how the asset should be taken care of and distributed. An experienced attorney can assist in guiding a person to create an estate plan that is right for them.
Why is a Will Important?
People who live a long life often have many important belongings in their possession. Often times, they want to pass down these assets to loved ones when their life is over. Writing a will allows a person to do this. With this, they can choose where their assets end up and ensure there are no difficulties in which they fall into the wrong hands. Doing so also prevents any worries about where the assets would belong if a will was not created.
One of the most important reasons to create a will is to avoid dying intestate. When a person creates a will, they are known as “testate” when they die. If they do not create one, they are known as dying “intestate.” When a person dies intestate, there is no written consent of where their assets should go. It is because of this that the deceased’s loved ones do not have control of their estate. Instead, it can be controlled by the state of New Jersey.
When an estate is controlled by the state, they have the right to decide where the individual’s assets end up. Generally, this is done based on a succession schedule. By following this schedule, the assets are distributed depending on the surviving family members of the deceased. This may be to the individual’s spouse, children, parents, grandchildren, siblings, etc.
The way each estate is distributed can change depending on the family in question’s personal situation.
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