Yes, You can also disinherit a
child or grandchild. Your attorney should add a specific clause to the Will.
MAY I CHANGE MY
WILL?
Yes. A Will may be
modified, added to, or entirely changed at any time before your death provided
you are mentally and physically competent and desire to change your Will. You should consider revising your Will whenever
there are changes in the size of your estate. For example, when your children
are young, you may think it best to have a trust for them so they do not come
into absolute ownership of property
until they are mature. Beware, if you
draw lines through items, erase or write over, or add notations to the original
Will, it can be destroyed as a legal document.
Either a new Will should be legally prepared or a codicil signed to
legally change portions of the Will.
A Will must not only be
prepared within the legal requirements of the New Jersey Statutes but should
also be prepared so it leaves no questions regarding your intentions.
WHY PERIODIC REVIEW IS ESSENTIAL
Even if you have an existing Will, there are many events
that occur which may necessitate changes in your Will. Some of these are:
* Marriage, death, birth,
divorce or separation affecting either you or
anyone named in your Will
*Significant changes in
the value of your total assets or in any
particular assets, which you own
* A change in your
domicile
* Death or incapacity of a
beneficiary, or death, incapacity or change in residence of a named executor,
trustee or guardian of infants, or of one of the witnesses to the execution of
the Will
*Annual changes in tax law
WILLS AND ESTATE PLANNING
"SAVE MONEY AND PROVIDE FOR YOUR LOVED ONES "
By Kenneth A. Vercammen, Esq.
As average Americans, we work 80,000 hours in a lifetime, or
45 to 55 years. In spite of all the
resources and assets we earn, the vast majority of us do not take the time to
create a Will.
National statistics indicate that 80% of Americans die
without leaving a Will. There are
several reasons for this: fear of death; procrastination; and misinformation
(people presume that only the rich need to have Wills). Whatever the excuse, it is clear that people
would benefit from having a Will.
In the absence of a Will or other legal arrangement to
distribute property at death, problems arise.
The result can be lengthy delays before the rightful heirs receive their
property. And because the state has no
instructions from the deceased, no charitable gifts will be made.
IF YOU HAVE NO
WILL:
If you leave no Will or your Will is declared invalid
because it was improperly prepared or is not admissible to probate:
* State law determines who
gets assets, not you
* Additional expenses will
be incurred and extra work will be required to qualify an administrator
* Judge determines who
gets custody of your children
* Possible additional
State inheritance taxes and Federal estate taxes
* If you have no spouse or close relatives the
State may take your property
* The procedure to distribute assets becomes
more complicated-and the law makes no
exceptions for persons in unusual need or for your own wishes.
* It may also cause fights and lawsuits within
your family
When loved ones are
grieving and dealing with death, they shouldn’t be overwhelmed with Financial
concerns. Careful estate planning helps
take care of that.
SAVE
MONEY BY HAVING YOUR ATTORNEY PREPARE A NEW WILL
Your estate will be subject to probate whether or not you
have a Will and in most cases, a Will reduces the cost by eliminating the
requirements of a bond. With
a well-drawn Will, you may
also reduce death taxes and other expenses. Don’t pinch pennies now to the
detriment of your
beneficiaries. We have attempted to briefly explain in this article some of the
issues, techniques, and decisions involved in Wills, Estate Planning, and
Administration of an Estate. Because
the matters covered are complicated and the Federal and New Jersey laws
frequently change, this
article can only outline some of the many legal issues you should consider.
The proper preparation
of a Will should involve a careful analysis of the client’s assets, family and
his/her desires.
Estate Planning is the process of
examining what will happen to your property when you die and arranging for its
distribution in such a manner as will accomplish your objectives.
The cost of a Will depends on the size
and the complexity of the estate and the plans of the person who makes the
Will.
A properly drawn Basic Will without
Trust costs approximately $300.00 to $600.00. It is one of the most important
documents you will ever sign, and may be one of the best bargains you will ever
have.
Be sure your Will takes into account
the Federal Tax changes and New Jersey Inheritance Tax changes. Also, ascertain if your Will is
“self-proving”, which would dispense with having to find the Will’s witnesses
after death and pay for them to appear before the Surrogate.
WHAT IS A WILL?
“A Will is a Legal written document which, after your
death, directs how your individually owned property will be distributed, who
will be in charge of your property until it is distributed and who will take care of your minor children if the other parent
should die ". You
should remember that the term “property” under the law includes "real
estate as well as other possessions and rights to receive money or items of
value.” Everyone who has at
least $3,000 in assets should have a Will. You do not have to be wealthy,
married, or near death to do some serious thinking about your Will.
THE FOLLOWING IS A SAMPLE OF A VARIETY OF CLAUSES AND ITEMS
WHICH YOUR ATTORNEY MAY INCLUDE IN A
WILL:
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
8TH: EXECUTORS
9TH: TRUSTEES
10TH: GUARDIANS
11TH: SURETY OR BOND
12TH: POWERS
13TH: AFTERBORN CHILDREN
14TH: PRINCIPAL AND INCOME
15TH: NO ASSIGNMENT OF
BEQUESTS
16TH: GENDER
17TH: CONSTRUCTION OF WILL
18TH: NO CONTEST CLAUSE
A Will must not only be prepared within the legal
requirements of the New Jersey Statutes but should also be prepared so it
leaves no questions regarding your intentions.
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