Writing a will is a fantastic first step in the estate planning process, and it is a key component to having a comprehensive estate plan. Estate planning is crucial in ensuring your family is taken care of upon your passing and plays a huge role in distributing some of your largest assets to friends and relatives. Though this is true, of course, wills are not everything, and various assets may not be included in your will, such as IRAs, 401(k)s, and retirement plans; properties held in living trusts, certain stocks, life insurance proceeds, and more.
However, you should know that your will addresses several crucial aspects of your life that you most likely wish to be property handled upon your passing. Though the will-writing process may seem overwhelming, it does not have to be with the help of our experienced New Jersey estate planning attorneys. Do not make excuses–it is never too early to begin planning your estate, and drafting a will is a great way to start. Here are some of the questions you may have about the importance of writing a will:
Why Is It so Important to Write a Will?
Dying without a will is known as dying intestate. If you die intestate, you will not have appointed an executor to oversee the fair and proper distribution of your assets, as you would have intended. Instead, the courts will appoint an executor, whom you may or may not have trusted. Additionally, if you pass away without writing a will, only blood relatives, registered domestic partners, and your spouse will receive your assets, excluding close friends, unregistered partners, and more.
What Will Happen with My Children if I Die without A Will?
Going off the last point, though biological children and legally adopted children will generally automatically inherit your assets, other types of children, like stepchildren, may not, if you do not specify in your will. Additionally, if you pass away with minor children and do not appoint a guardian in your will, the courts will generally do so for you. No parent wants their child to grow up without them, however, it is always best to select someone you trust with raising your child in a worst-case scenario. For any further questions regarding the will-writing process, simply reach out to our firm today.
Contact Our Experienced New Jersey Firm
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. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.