When I prepare a will with my clients, we will first have a general consultation where we discuss the client’s particulars, specifically their beneficiaries, their assets, their liabilities, and their choice of executors, trustees, and guardians. We will discuss their particular circumstances and determine what works best for them. Once we have gone through the process we’ll have a time where we prepare the will and then review it and usually, the clients will come back to sign the will and have it witnessed. It is also important to keep your will updated upon the retrieval of any future assets that may be acquired. Other times in which your will should be updated are when one of your beneficiaries passes away, you get married, divorced or have a child. It is generally recommended to look over your will every few years just to make sure there isn’t anything that needs to be changed.
Some couples wonder if they should create a joint will with their spouse or if they should each have their own will. Most of the time, estate planners will tell couples not to share a will because even though they may have many of the same assets on them, there could be some property that is in one of your names and not the other.
No one really wants to think about what will happen after they pass away but it is important to acknowledge that having a will in place can make that time a little bit less stressful on your loved ones because you have already determined where your assets will be distributed. When it comes time to prepare or update your will seek legal counsel with an experienced attorney to ensure the process runs smoothly.
Juan C. Velasco, Esq. is a trusted attorney 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.