Do you live in Paramus, NJ (07653)? Do you wish to create an estate plan to cater for your last days and after death situations, and passing on property to your family, friends and loved ones? Then you are about to embark on a mission that will secure your future and that of your loved ones forever.
Estate planning entails a lot of things, such as planning for disability, end of life situations, guardianship, providing for your loved ones and transferring ownership of assets after your death. Of all these, writing a last will can help you address the last two items on the list.
Last Will and Testament in Paramus, NJ
The laws of Paramus allow you to write a will that declares your wishes concerning how you want your assets to be transferred to your loved ones after your death. You are given freedom to choose who enjoys a share of your life’s work, and you can even give to charity. You can even state what happens to your pets when you die and how they should be cared for. You can name a Guardian for your children below 18. Writing a will may get complex especially when you own complicated assets and you don’t know how to handle or distribute them. But you need not worry, for our estate planning law firm 07653 (Paramus, NJ) is at your beck and call. Feel free to contact us for legal assistance and advice drafting your will.
How do I write my will?
The person who writes a will is called a testator. To write a will, you must name your beneficiaries. These are the people that will receive from your estate when you pass away. You can name only one beneficiary or as many beneficiaries as you like, so long your assets can go round. It’s also necessary you specify what property or amount of money goes to each individual. You should name an executor in your will that would represent you and see to it that your wishes are carried out at your death.
Requirements for writing a will in Paramus
There are legal requirements which make a will legally binding. They are as follows:
- The will has to be in written form
- It must be written by a testator of 18 years or more.
- The will must bear the signature of the testator
- It must also bear the signatures of two or more witnesses who were present during the writing and/or signing of the will by the testator.
- The testator must be of sound mind.
Can I distribute all my assets by a will?
In Paramus, NJ and in most other parts of US, a will only addresses assets that are in your name. Real estate, automobiles, bank accounts, etc. that are held in your name alone can be distributed by a will, and these assets must first pass through probate. Assets jointly held by tenancy, assets in a trust, and assets with beneficiary designations (such as insurance and retirement accounts) are generally not handled by a will.
Can I update my will?
Establishing a will is not a once in a lifetime affair. You can change your will at any time by writing another will or amending the original will. The new will created must follow the same legal process and requirements of the former will. You would need to update your will when you have new babies, get divorced or remarry, acquire new assets, experience death of a beneficiary or executor, etc.; in all cases, you would need to update your beneficiaries, assets to be distributed, or your executor as the case may be.
Can I revoke my will?
To revoke a will, simply write a new one to address the fact that you are doing away with the old one. You can also revoke a will by destroying the old one by fire, tearing or cancellation.
Get help creating your New Jersey will by contacting one of our estate planning lawyers at our estate planning law firm 07653. We provide professional guidance to clients in Paramus and throughout New Jersey in creating their Last Wills and Testaments. Give us a call.