Nobody wants to talk about creating a Will. After all, it is a topic related to your death and what happens after. The subject of creating the Last Will can make you and your family uncomfortable and queasy, so you might want to dodge the topic and put off making a Will.
However, if you are reading this, you must be considering creating a Will finally. You may have a lot of questions about it, which is natural. This blog will cover a few important questions and their answers regarding the Last Will and Testament.
For more queries or detailed answers to the same questions, you may consult with a New Jersey estate planning lawyer.
Important questions about your Last Will and Testament
Will my assets go to the state if I die before creating a Will?
No. The state does not automatically get your assets in case you die before creating a Will. If you do not have a Will with your wishes, then New Jersey laws decide how your family members will distribute your assets.
For some people, it is exactly how they would have wanted to distribute their assets, while for others, it may not be the same.
For example, the state may award some part of your estate to your son with whom you are not on good terms. If you create a plan with your hands, you can avoid things like this. You can decide who gets a part of your estate and how much.
Is it important to create a Will if you do not have kids yet?
Many people think a Will is only important if they have kids, which is completely untrue. A Will state’s the wishes of a deceased person, which may or may not concern their kids. You can decide to give your assets to your spouse, friends, parents, uncles, aunts, etc.
Even if it is just your dog and you living in an apartment, you would still need a Will to address what happens with your properties and your dog when you die. Therefore, everybody needs a Will.
I wrote my Will more than a decade ago. Should I update it?
In most cases, yes. Life never remains the same and is in a constant state of change. In more than ten years, you may get married, have kids, buy more property, lose property, etc. All these changes can affect your Will.
For example, you may want to leave something for your kids when you die. You need to include this in the Will for that to happen.