Questions and Answers about Making a Will
1.Is it really necessary to have a Will?
Without a Will, the state will determine how your estate will be distributed after your death. A Will ensures that your property will be distributed as you wish and handled by the person of your choice.
2.Who should make a Will?
Every person over eighteen years of age, having real and personal property, should make a Will.
3.Who should be named in a Will?
Other than the people whom you want to receive your property, you should name both an executor and an alternate executor. If you have minor children, you should also appoint a guardian and/or trustee to handle their funds.
4.What is an executor andwho can serve as one?
The executor is the person who will administer the estate. An executor should be any responsible adult person of your choice.
5.What are the advantages of a “self-proving” Will?
A “self-proving” Will, one which contains sworn statements by the person making the Will and witnesses as to the signing of the Will, avoids having to call the witnesses in later to verify the Will.
6.Does having a Will savefor the Estate?
If you have a Will, you may take advantage of the opportunity of tax and estate planning and avoid unnecessary bonding costs.
7.How often should a Willbe updated?
A Will should be updated when there are changes in financial, family, or personal circumstances, such as birth, death, marriage or divorce. Wills should be updated to take advantage of changes in tax laws.
8.Who should draft a Will?
We recommend that you consult an attorney in order that the Will may be drawn correctly according to New Jersey law.
9.Should you question the provisions of your Will?
You should question anything in your Will that is not totally clear to you.