Why Do You Need A Will?
West Essex Tribune
January 20, 2005
When you have a properly prepared Will:
- You decide who will raise your children, not the Court.
- You decide who inherits your money, not the State-your assets don't go to any one you don't want to receive them.
- You can leave your child's assets in trust where you set the terms so the money isn't held by the Surrogate in a CD and given to your child when they are 18 years old.
- You name someone you trust as an executor to oversee your estate instead of the Court picking an administrator.
- You can save thousands of dollars so the people you want to receive your money get more of it and not the Court, bonding companies, and others.
- You can pay less tax. New Jersey has an estate tax once your assets exceed $675,000 (including your home, life insurance and retirement plans).
If you want to change an existing Will your attorney can prepare a codicil or a new Will.
A simple mistake can change who receives part of your estate and could add significant costs. It is important to have an attorney who practices extensively in this area prepare your Will.