Stating Your Wishes Through A Last Will and Testament
A will is a legal document that serves to declare who will inherit one’s assets and who will be responsible for distributing them after death. With that understanding, some property will not be disposed of through one’s will. As an example, jointly held property such as a bank account will pass automatically to the surviving joint owner. Another example is a life insurance policy or any policy that has a designated beneficiary named other than the estate.
So why do you need a will? There are many reasons, but most importantly if you do not have one at the time of your death, the state of New Jersey will decide where your assets go and how they are distributed in accordance with state laws of succession. Additionally, New Jersey may determine who becomes the guardian(s) of your children. Your wishes are not taken into account during this process in the absence of a valid will.
Contact Smith Magram Michaud Colonna, P.C., today to set up a free consultation to discuss a will and other basic estate planning needs. The consultation is free regardless of the value of the estate.
Once your will has been drafted by our office, we will keep it on file should you ever need to make amendments or alterations. It is advisable to meet with us every few years to ensure that changes are not necessary.