What Happens When You Die Without A Will
If You Have No Will: Compiled By Probate Attorney Steven F. Bliss Esq.
If you leave no Will or your Will is stated invalid
since it was poorly prepared or is not acceptable to probate:
♦ State law determines who gets properties, not you
♦ Additional expenditures will be sustained and extra work will be required to certify an administrator-Surety Bond, extra costs and legal costs
♦ Judge identifies who gets custody of your children
♦ Possible extra State estate tax and Federal estate taxes
♦ If you have no partner or close loved ones the State may take your home or business
♦ The treatment to distribute assets becomes more complicated
♦ t may also trigger battles and claims within your household
When loved ones are grieving and dealing with death, they should not be overwhelmed with monetary concerns.
Who do not you want to receive your possessions?
Who is not the best option to raise your children, or secure your children’s money for college? Do you want kids, or grandchildren, to obtain cash when they turn 18? Will they invest cash carefully, or go to Seaside and play video games?
A will need to not just be prepared within the legal requirements of the New Jersey Statutes however need to also be prepared so it leaves no questions concerning your intents.
WHY PERIODIC REVIEW IS ESSENTIAL
Even if you have an existing Will, there are many occasions that occur which might demand changes in your Will. A few of these are:
♦ Marriage, death, birth, divorce or separation affecting either you or anybody called in your Will
♦ Significant changes in the value of your total properties or in any particular assets which you own
♦ A change in your domicile
♦ Death or incapacity of a recipient, or death, inability or modification in residence of a called executor, trustee or guardian of babies, or of among the witnesses to the execution of the Will
♦ Annual changes in tax law
♦ Changes in who you like
MAY I CHANGE MY WILL?
Yes. A Will may be modified, added to, or entirely altered at any time before your death provided you are psychologically and physically proficient and desire to alter your Will. You must consider modifying your Will whenever there are modifications in the size of your estate. For instance, when your children are young, you might think it best to have a trust for them so they do not enter into absolute ownership of residential or commercial property up until they are mature. Beware, if you draw lines through products, remove or edit, or include notations to the original Will, it can be damaged as a legal file. Either a new Will should be legally prepared or a codicil signed to lawfully change parts of the Will.
How Steve Bliss’s Law Firm Can Help:
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
11TH: SURETY OR BOND
13TH: AFTERBORN CHILDREN
14TH: PRINCIPAL AND INCOME
15TH: NO ASSIGNMENT OF BEQUESTS
17TH: CONSTRUCTION OF WILL
18TH: NO CONTEST CLAUSE