One of the most important things an individual can do for themselves while they are alive is creating an extensive estate plan. By doing so, they will have a plan for what happens after they pass away. This helps an individual to protect their assets and belongings. This includes things like real estate, bank accounts, securities, and personal items. A crucial part of an estate plan is a written will. This is a legal document that recognizes how an individual wishes to have their possessions handled after they are gone. A skilled attorney can guide you through creating a will that is best for you and your family.
Why is a Will Important?
There are many benefits to creating a will. With a long life comes many precious collected belongings that are valuable to them. These are things that should continue to be cherished and taken care of after a life is over. In writing a will, you are able to pass these belongings on to whomever you wish. This ensures that they fall into the right hands and prevents any possible concerns about what would happen to your estate if it was left without a plan.
When someone fails to create a will, they die “intestate.” When this happens, their estate may be left in the hands of the state of New Jersey. It is then that a judge can then make all decisions about where and whom the assets go to. Dying intestate may also result in disputes amongst family members as they may feud over where they believe the assets belong.
Executing a Will
There are particular guidelines to follow when creating a will to ensure that it is a valid document. In the state of New Jersey, the will is required to be written and signed by the subject of the document. It is also required for the signing to have two witnesses to be present that can attest to hearing the individual say that they understand they are signing their will. The witnesses may also be obligated to sign the will for verification.
A person can create a will at any time in their life to prepare for the future. Because of this, they are also able to make changes to it. Given that life and dynamics may alter over time, the individual is able to change the will to accommodate any life changes. Some reasons an individual would want to update a will may be:
- A divorce
- The birth of a child
- Adopting a child
- The death of a spouse or family member
- A change in finances
If you or a family member is looking to create a will for your estate and wish to speak with an experienced attorney, contact Velasco Law Office today.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.