Last Will & Testament
Our New Jersey Estate Planning Lawyers Can Help You Plan For The Future
Planning for your future and your family’s future can feel overwhelming. There are many legal issues you often need to consider. Even knowing where to begin might not seem clear, especially when you’re dealing with various family members, unfamiliar legal terms and how you want to distribute your assets as outlined in a last will and testament or another legal document.
At Williams Law Group, LLC, our New Jersey estate planning attorneys can help you navigate your way through this complex legal process. We have an in-depth understanding of New Jersey’s estate planning rules and regulations. That’s because our will attorneys have been doing this work for many years on behalf of individuals and families throughout New Jersey.
Our extensive experience in estate planning and wills has taught us that it’s critical to carefully consider every detail when creating or revising such legal documents. What might seem minor could end up being a big issue, especially when it comes to your assets, property and personal wealth. We focus on the details so you can focus on the big picture – your family’s future.
– Andreia M.
Common Legal Terms In Estate Planning
One of the first things you might notice when considering estate planning is all the unfamiliar legal terms often used by estate planners or attorneys. Such language can be intimidating and confusing. That’s why we compiled a list of some of the most common estate planning terms and explained them in everyday language all of us can understand.
- Estate – This term simply refers to your financial assets, which can include property (your home, car, boat, other real estate, etc.), money (checking account or bank account savings), investments (retirement accounts, stocks or bonds) and anything of financial value.
- Will – Legal document that explains how you want to distribute your financial assets after your death in most cases. (Living will is slightly different and explained in more detail below.) Wills can be as detailed as you want when outlining what you want to do with your property after your death.
- Beneficiary – Someone who receives compensation and inherits something as outlined in a will.
- Executor – Person listed in the will who’s responsible for managing the estate of the deceased person.
- Testator – Person who created the will and signed their name on the will.
- Probate – The legal process after someone’s death in which several steps occur related to distributing someone’s assets as outlined in the will. First, the deceased person’s will must be verified as real and legally binding. Next, an executor is appointed as outlined in the will. Then, the deceased person’s assets can be distributed to beneficiaries as outlined in the will.
- Intestate – Legal term for someone who dies without a will or without a legally-binding will.
What Is A Last Will & Testament?
The term “last will and testament” is a more formal name for a will. Again, a will is simply a legal document that explains someone’s wishes for what they want to do with their property and other assets after they die.
Types of Wills In New Jersey
There are several different types of wills that most people create or need to deal with in New Jersey. These include:
Below, you can find more details about each type of will and other useful information about wills and estate planning. We also strongly encourage you to talk to a New Jersey will attorney at our law firm as soon as possible. That way, you can learn more about your legal rights and the options available to you.
Simple Will
Sometimes referred to as a basic will, a simple will is a straightforward legal document that often lists your financial assets and the beneficiaries who inherit your assets after your death. A simple will also names and designates the will’s executor and other important details.
Like other wills, a simple will clearly explains what someone wants to do with their belongings after their death. In addition, the goal of a simple will is to hopefully prevent any disputes between family members or friends about someone’s valuable assets and family heirlooms.
Living Will
This type of will applies to someone who is still alive but is unable to communicate. In a living will, someone explains their end-of-life choices, such as medical treatment and life-sustaining measures, that become effective when the person who created the will is no longer able to communicate.
A living will can include specific instructions for different medical issues, including do-not-resuscitate orders, use of breathing or feeding tubes, as well as instructions about organ donation or palliative care, a medical term for providing pain relief for people with serious or life-threatening illnesses.
Joint Will
Sometimes referred to as mirror wills, these documents are typically made by married couples or domestic partners to secure each other’s financial future. Each person has their own will, but both agree to leave all their possessions and financial assets to the surviving partner. However, changing a joint will can be challenging if one spouse or partner dies. For example, a joint will may stop the surviving spouse from updating the will to address new situations, such as remarriage or having stepchildren.
Testamentary Trust
Sometimes called a will trust or trust under will, a testamentary trust is a legal arrangement outlined in someone’s will that designates someone as a trustee who’s responsible for distributing someone’s assets as outlined in the will. The purpose of a testamentary trust is often to make sure someone’s assets are managed responsibly by the trustee if the beneficiaries are younger and not yet old enough to manage the estate.
What is the difference between a will and a trust?
While wills and trusts might seem similar, there are subtle differences between them from an estate planning perspective. As explained above, a will is a legal document that details how someone wants their assets distributed after their death.
In contrast, a trust becomes legal and can go into effect whenever the person who created the trust (called the grantor) wants, even if the grantor is still alive. The person who created the trust can place their assets in the trust. A trust also designates someone to serve as a trustee and have control over the assets in the trust.
What are common types of trusts?
In general, there are two main types of trusts in estate planning:
- Revocable trust – The person who created the trust (called the grantor) can change or cancel a revocable trust at any time for any reason. The grantor also still owns the assets placed in a revocable trust. The grantor must also pay any taxes owed on assets placed in a revocable trust.
- Irrevocable trust – A revocable trust cannot be canceled or changed for any reason by the person who created the trust. As a result, the grantor no longer owns the assets placed in a revocable trust. In addition, the revocable trust is responsible for paying any taxes owed on assets in the revocable trust.
What Is A Contested Will?
This is a legal situation in which someone challenges the legality of a last will and testament. Often, a will is contested by a family member not named as a beneficiary in a will. Such conflicts often emerge after someone dies during probate, when anyone can theoretically contest a will and claim that a will is not valid.
A contested will can be a complicated, combative legal process. This is why it’s critical that you have an experienced New Jersey estate planning attorney who can offer you advice and help guide you through this legal process.
What Can Invalidate A Will?
There are many reasons why a will can be invalidated, which means the will is not a legally binding document. Some of the reasons why a will can be invalid in New Jersey include:
- No one witnessed the will being signed.
- A new will was created that invalidates the old will.
- People who witnessed the will being signed were under 18 years old.
- The person who created the will (testator) was not of sound mind or was pressured into creating and signing the will.
- The will was forged and is a fake will.
- The will contains contradictory statements which make the intentions of the testator unclear and vague.
Is Probate Mandatory In New Jersey?
In most cases, yes. Probate is mandatory in New Jersey when it comes to verifying whether a last will and testament is real and legally binding. During probate, the executor of the will is also named, normally as outlined in the deceased person’s will.
In New Jersey, probate is handled by one of two state courts – either a New Jersey Surrogate’s Court or a New Jersey Superior Court, Chancery Division, Probate Part. Often, a Surrogate’s Court will handle probate-related issues. These courts are organized throughout the state geographically on a county-wide basis.
The only time probate is not mandatory is if the deceased person created a trust instead of a will. This is because the deceased person’s assets were already previously placed in the trust and managed by the trust’s trustee.
What Happens During Probate If There Is No Will?
As briefly explained above, the legal situation in which someone dies without a will is known as intestate. When this happens, the deceased person’s assets are divided based on New Jersey’s intestate laws, which have very clear rules and regulations for how someone’s assets should be distributed.
A New Jersey Surrogate’s Court judge must also decide whether to appoint an administrator to assist with the distribution of the deceased person’s assets. In many cases, a judge will appoint an administrator if the deceased person had significant assets.
Not surprisingly, there’s often a great deal of debate about what to do with someone’s assets if there is no last will and testament. As a result, such legal battles can often take a long time and significantly extend the probate process in New Jersey.
Can I Write A Will Without A Lawyer In New Jersey?
Technically, yes, you don’t need an attorney to create a legally binding will in New Jersey. However, as you can see, there are so many different ways that a will can be invalidated or challenged if a will is not created properly.
This is why many people choose to work with an experienced New Jersey will attorney. That way, they can be sure their financial assets and important personal belongings will be distributed as outlined in their last will and testament.
Learn How Our New Jersey Estate Planning Attorneys Can Help You
Experience matters when it comes to choosing the right estate planning lawyer in New Jersey. That’s why many people choose an attorney at Williams Law Group, LLC. Our legal team has the knowledge and the skills you need to create a will, trust or another effective estate planning document. We know the pros and cons of each legal document and can explain them to you so you can decide which approach makes the most sense for you.
Put your trust in an experienced New Jersey estate planning lawyer focused on your personal needs. Contact us and schedule an appointment today. Our law firm has two New Jersey office locations – Short Hills and Parsippany.
Williams Law Group, LLC – the law firm for your life.