Wills Attorney in Lawrenceville, New Jersey
Planning for the future is one of the most important steps you can take to assure peace of mind for both you and your loved ones, and one of the most critical components of estate planning is a will.
Having a legally valid will can prevent disputes among beneficiaries, reduce estate taxes, and simplify the probate process.
As a dedicated wills attorney in Lawrenceville, New Jersey, I know how to craft personalized wills that reflect your unique wishes, protect your assets, and provide clarity for your family when it's needed most. Whether you're looking to make sure that your estate is distributed according to your desires or want to minimize potential legal complications, I’m here to guide you through every step of the process.
Contact me, James P. Manahan, today to schedule a free consultation and get started on safeguarding your future, your family, and your legacy.
Why Having a Will Is Essential
A will is a legally binding document that outlines how you want your assets to be distributed after your death. Without a will, your estate will be distributed according to New Jersey’s intestacy laws, which may not align with your personal wishes. Here are some key reasons why having a will is crucial:
Control over asset distribution: A will allows you to specify who receives your property, money, and other assets.
Protecting minor children: If you have minor children, you can name a guardian to care for them in the event of your passing.
Avoiding family disputes: Clearly defining beneficiaries and asset distribution helps prevent conflicts among heirs.
Minimizing estate taxes: A well-structured estate plan, including a will, can help reduce the tax burden on your estate.
Choosing an executor: You can appoint someone you trust to manage your estate and make sure that your wishes are carried out.
Legal Requirements for a Valid Will in New Jersey
Additionally, to create a legally enforceable will in New Jersey, certain requirements must be met:
Age and mental capacity: The testator (person creating the will) must be at least 18 years old and of sound mind.
Written document: The will must be in writing; oral wills aren't legally recognized in New Jersey.
Signature: The testator must sign the will, or direct someone to sign on their behalf in their presence.
Witnesses: At least two competent witnesses must sign the will in the testator’s presence.
Notarization: While notarization isn't required, having a self-proving affidavit notarized can simplify the probate process.
An experienced New Jersey estate attorney will help you work through these legal requirements and create a valid will.
Types of Wills
There are several types of wills that can be implemented in New Jersey. Some of the most common ones include:
Simple will: A simple will is a basic document outlining the distribution of assets and the appointment of an executor.
Testamentary trust will: This type of will establishes a trust upon your passing to manage and distribute assets according to specific conditions.
Living will (advance healthcare directive): A living will, or advance healthcare directive, is a legal document outlining medical care preferences in the event of incapacity.
Holographic will: A holographic will is a handwritten and unwitnessed will that may be accepted by New Jersey courts if its authenticity is proven.
Reviewing the different types of wills available can help make sure that your estate planning aligns with your unique wishes and provides the right protections for your loved ones.
What to Consider When Creating a Will
Also, when drafting a will, there are several important factors to consider to make sure that your wishes are clearly communicated and legally enforceable.
Identify Your Assets and Beneficiaries
Make a comprehensive list of your assets, including real estate, bank accounts, investments, and personal property. Decide who will inherit these assets and specify their shares.
Choose an Executor
Select a trusted individual to oversee the administration of your will and make sure your instructions are followed. This person should be responsible, organized, and willing to take on the role.
Appoint a Guardian for Minor Children
If you have young children, name a guardian who will be responsible for their care in case of your passing. This decision should be made carefully and in consultation with the person you intend to appoint.
Consider Special Bequests
You may want to leave specific items, such as family heirlooms or sentimental valuables, to particular individuals. Be explicit in your will to avoid misunderstandings.
Address Debts and Expenses
Clearly outline how outstanding debts, funeral expenses, and taxes should be handled to prevent confusion among your heirs.
Establish Trusts for Long-Term Asset Management
If you want to provide for minor children or beneficiaries who may need financial guidance, consider setting up trusts within your will to manage distributions over time.
Plan for Contingencies
Name alternative beneficiaries and executors in case your primary choices are unable or unwilling to serve.
Review and Update Your Will Regularly
Life circumstances change, and your will should reflect these changes. Review and update your will after major life events such as marriage, divorce, the birth of children, or the acquisition of significant assets.
What Is the Probate Process in New Jersey?
Moreover, I can help you with the probate process in New Jersey. The probate process is the legal procedure by which a deceased person’s will is validated, and their estate is administered. Here’s a general overview of the probate process:
Filing the will: The executor begins by submitting the will to the Surrogate’s Court in the county where the deceased resided.
Validation of the will: The court verifies the will’s legitimacy and appoints the executor.
Inventory of assets: The executor gathers and values the deceased’s assets.
Payment of debts and taxes: The executor settles any outstanding debts and pays applicable estate taxes.
Distribution of assets: After debts are paid, the remaining assets are distributed to the beneficiaries according to the will.
Working through the probate process can be complicated, but with my guidance, I can help assure that your estate is handled efficiently and in accordance with New Jersey law.
What Happens If You Die Without a Will?
If you pass away without a will (intestate), New Jersey’s intestacy laws determine how your assets are distributed. Typically, assets go to the closest relatives in the following order:
Spouse and children
Parents (if no spouse or children)
Siblings (if no parents, spouse, or children)
This process can be time-consuming and costly. It also may not reflect your true intentions for your estate, which is why it's a good idea to reach out to an estate planning attorney.
How Can an Estate Planning Attorney Help?
While it’s possible to create a will on your own, working with an estate planning attorney makes sure that your will is legally sound and aligns with your specific goals. Here’s how an attorney can assist:
Drafting a legally valid will: Working with an estate planning attorney makes sure your will meets all New Jersey legal requirements.
Customizing your estate plan: Customizing your estate plan allows you to tailor your will to address complicated family situations, such as blended families or business ownership.
Minimizing estate taxes: Estate planning attorneys can also help by advising on strategies to reduce estate and inheritance taxes.
Setting up trusts: Estate attorneys create trusts to protect assets and manage distributions over time.
Updating your will: Attorneys can help by making necessary adjustments due to changes in life circumstances, such as marriage, divorce, or the birth of children.
Due to my extensive knowledge of the subject and experience working through wills with my clients, I’m able to help them create a valid will that aligns with their financial and familial goals.