Preparation of a Will in NJ

More info at http://www.njlaws.com/wills.html

IF YOU HAVE NO WILL:

 If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate:

* State law determines who gets assets, not you

* Additional expenses will be incurred and extra work will be required to qualify an administrator

* Judge determines who gets custody of your children

* Possible additional State inheritance taxes and Federal estate taxes cannot be reduced

*  If you have no spouse or close relatives the State may take your property

 * The procedure to distribute assets becomes more complicated-and   the law makes no exceptions for persons in unusual need or for your own wishes.

*  It usually cause fights and sometimes lawsuits within your family



 When loved ones are grieving and dealing with death, they shouldn’t be overwhelmed with Financial concerns.  Careful estate planning helps take care of that. Don’t try to do Estate Planning with a cheap form found online.



 THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES AND ITEMS WHICH  YOUR ATTORNEY MAY INCLUDE IN A WILL:

1ST:  DEBTS AND TAXES

2ND: SPECIFIC BEQUESTS

3RD:  DISPOSITION TO SPOUSE

4TH: DISPOSITION OF REMAINDER OF ESTATE

5TH: CREATION OF TRUSTS FOR SPOUSE

6TH: CREATION OF TRUST FOR CHILDREN

7TH: OTHER BENEFICIARIES UNDER 21

8TH: EXECUTORS

9TH: TRUSTEES

10TH: GUARDIANS

11TH: SURETY OR BOND

12TH: POWERS

13TH: AFTERBORN CHILDREN

14TH: PRINCIPAL AND INCOME

15TH: NO ASSIGNMENT OF BEQUESTS

16TH: GENDER

17TH: CONSTRUCTION OF WILL

18TH:  NO CONTEST CLAUSE

 A Will must not only be prepared within the legal requirements of the New Jersey Statutes but should also be prepared so it leaves no questions regarding your intentions.



WHY PERIODIC REVIEW IS ESSENTIAL

 Even if you have an existing Will, there are many events that occur which may necessitate changes in your Will.  Some of these are:

* Marriage, death, birth, divorce or separation affecting either you or  anyone named in your Will

*Significant changes in the value of your total assets or in any particular assets, which you own

* A change in your domicile

* Death or incapacity of a beneficiary, or death, incapacity or change in residence of a named executor, trustee or guardian of infants, or of one of the witnesses to the execution of the Will

*Annual changes in tax laws





KENNETH VERCAMMEN & ASSOCIATES, PC

ATTORNEY AT LAW

2053 Woodbridge Avenue, Edison NJ 08817

732-572-0500