Estate Planning Attorneys · FAQs – Estate Planning
What are the benefits of having a Will?
With a Last Will and Testament, or Will, you can outline exactly who receives what portions of your estate, administers your estate, should not receive part of your estate, and how any taxes should be paid. Without a Will, your estate will be administered in accordance with the New Jersey State law of intestacy.
Although this does not necessarily mean the State will take your estate, if often means that your estate is not distributed how you would have wanted. Opening an administration action when the decedent does not have a will can be extremely expensive and time-consuming, unlike the relatively quick and cheap Will probate process.
Consulting with one of our Toms River estate planning attorneys can help you minimize the tax consequences upon your death.
A Will prepared by one of our Toms river estate planning lawyers can waive the requirement that your executor post and renew a bond, which functions like an insurance policy for your estate, until the estate is fully administered. Eliminating the cost of a bond through a Will can save your estate money.
A Will prepared by one of our Toms River attorneys can also eliminate the need for the witnesses to produce themselves when the will is submitted for probate. This is an important aspect of a Will because the Surrogate will otherwise require that at least one of the witnesses produce himself to testify whether you were under any duress or undue influence when the Will was executed. If neither of the witnesses is available (e.g. they have moved or passed away), the Will may not be accepted to probate, potentially negating your wishes. Our Toms River lawyers can eliminate this requirement through proper drafting.