Five Common Issues With Inheritance and Wills in New Jersey
Writing a will and thinking about who will inherit your assets is an incredibly important process. Although you will not be around to witness the results of this process, it can have a lasting impact on the lives of your loved ones. Because of this, it is important to get everything right when writing your will in New Jersey. A relatively small mistake might have dire consequences down the road.
There are a number of common mistakes and issues when people write wills and think about estate planning attorney in the state of New Jersey. These obstacles may prove problematic for a number of people, but that does not mean they cannot be overcome. With a qualified, experienced legal expert by your side, you can make sure that your will and your estate planning process is handled in an efficient manner.
- Not Writing a Will in the First Place
Let’s start with the obvious potential issue. If you do not write a will, inheritance can be problematic for your descendants and your surviving loved ones. If you pass away without leaving behind a will, the state of New Jersey follows very specific guidelines that are all predetermined. This is known as an “intestate” estate, and your surviving spouse will typically inherit everything. If you have no surviving spouse, your children will inherit all of your assets.
- Not Understanding the Tax Laws
If you want your descendants and loved ones to receive the assets that they deserve, it is important to understand the tax laws surrounding inheritance and wills. Previously, New Jersey had both an inheritance tax and an estate tax. Today, you only need to worry about the inheritance tax. In addition, according to tax service providers, certain family members are exempt from inheritance tax. If you want to plan out your will and avoid taxes that your loved ones should not have to pay, it is best to consult with a qualified attorney.
- Failing to Revise Your Will
Failing to revise a will is a common mistake in New Jersey. If you are responsible and organized, you will probably create a will long before you expect to pass away. While it is always a good idea to create wills nice and early, circumstances can change over time. Certain family members may pass away. Perhaps an argument will make you change your mind about who you leave your assets to. You may also divorce your spouse. All of these changes require you to go back and revise your will. Thankfully, this process is quite easy with the help of a qualified attorney.
- Trying to Write Your Own Will
While it is true that certain wills are easier to write than others (depending on your financial situation), it is best to leave wills to the professionals. If you write a will by yourself, it may not be recognized in a court of law. A will that is written with the help of a qualified elder law attorney is more difficult to contest after you have passed away.
- Assuming that All You Need is a Will
There are certain things that you cannot put in your will. Certain assets require separate documents and entirely different processes. A qualified attorney can help you understand what to put in your will and what to leave out of it.
Getting Legal Help
If you need help with your will or any aspect of estate planning, reach out to Giro, LLP, Attorneys at New Jersey. We can help you get it right the first time.
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