When we pass away, the assets we leave behind unfortunately do not go with us. A will, legally known as a “Last Will and Testament”, is a legal document that allows you to decide how your property and assets will be disposed of after you departure this Earth.
Decide how your property should be handled
For example, you might decide that your car should go to your son and your house to your daughter. To ensure this is what you want, you should consider a will. The individuals, whomever you choose, who will receive your assets and are referred to as “beneficiaries.”
Choose who will carry out your wishes
To draft and finalize a will, you must be at least eighteen years of age. In the state of New Jersey the “testator” – the person whose will it is – must sign or acknowledge their consent of the will in front of at least two adult witnesses. After your death, the transfer of assets is carried out by the “executor,” a trusted person that you name in your will.
Understand probate and the executor’s role
This person files your signed will with the “probate court,” which manages the distribution of properties. The executor identifies and collects assets, locates debts, notifies beneficiaries and generally takes care of all the legal requirements for probate. The Will allows for you to choose you would like to be your Executor and carry out your wishes after you have passed.
Plan for your family
Further, if you have children, the importance of a Will cannot be stressed as you choose whom your children will remain with in case of any untimely passing. It does feel strange to speak about possibly passing away, but it is a conversation worth having and planning out the future in case you are not there physically to do it.
If you have any questions or are interested in drafting a will, you can contact us at 908-424-1011, bmiranda@bmirandalaw.com or message us on our Facebook or Instagram.