Review Your Will While on Coronavirus Lockdown
When life is operating normally, we usually find ourselves with too little time to handle some of the less urgent matters that we face. Many of us tend to procrastinate, believing there will be plenty of time in the future to address those issues.
Are there any properties not distributed under a Will?
Estate planning is the process of identifying how and to whom your assets should be distributed after your death. The process, best managed with the advice and guidance of an experienced estate lawyer, means creating a strategy to distribute your wealth as you wish without confusion, contention (hopefully), or an unnecessary tax burden on any of the recipients.
Some assets may pass to your beneficiaries through your will, but some can transfer ownership by way of a specific beneficiary designation or co-ownership.
What is a common disaster clause, and should I include it in my will?
Your will should cover any contingency. As we know, none of us can predict the future and events having the minimal likelihood of occurring do happen.
Since most couples designate each other as their primary beneficiary should one die, the estate of a deceased spouse usually passes automatically to the survivor.
Can Wills Written in New Jersey Affect How Property in Other States Are Sold?
When a loved one dies, the division of most assets among beneficiaries can be a straightforward process, mainly when a well-prepared will is in place. However, if the deceased happened to be the sole owner of real estate in another state, liquidation of the property may become a bit more complicated.
In these instances, an additional process known as ancillary probate may be required before the property can be sold.
What happens if you die without a will in New Jersey?
If you should die without a will in NJ, also known as intestate, the State of New Jersey has precise guidelines for dividing your estate. While these rules might result in a fair distribution of your assets, the outcome may not be what you would have preferred.
The Importance of a Living Will
It is difficult to imagine ourselves becoming so incapacitated that we can no longer make our own medical decisions. Yet that situation will arise for many of us at some point. In these instances, someone else, whether a designated relative, close friend, or the attending medical professionals may need to make the decisions that will alleviate a terminal and irreversible condition.