Do I need to have a will?

One of the biggest errors that a person can make is not having a will prepared. In fact, according to recent statistics, 60% of all people who pass away do not have wills. That is a disadvantage, not to them because they’re not here anymore, but to their family. The last thing a person’s loved one want to deal with upon the emotional time after their passing is sifting through all of their assets to determine who will inherit them. These assets can include any bank accounts, real estate, simple belongings, debts, and anything else that the deceased person may own.

As previously stated, a will provides a set of guidelines in regards to what you want to do with your assets. One of the most important reasons for a person to have a will is when they have minor children. If you unexpectedly pass away and your children are under the age of 18, someone must be designated to be their legal guardian. It could be their other parent, a grandparent or other relative, or even a trusted family friend. You should really think about who you want to take care of your children in the event of your untimely demise. If you don’t provide it in a will, the state will make that determination.

Planning for the future even after you are gone may be difficult to think about, but it is important. Don’t put any additional and unnecessary stress on your loved ones during this emotional time. You should create a will when you begin to obtain assets such as a home, car, pensions, etc. and continuously update it when circumstances in your life change. Update your will if you have a child, if you get married, if you get divorced, etc. Contact an estate planning attorney today to help you get started.

The Radol Law Firm is proud to serve the people of New Jersey in their divorce and family law, elder law, estate planning, and bankruptcy matters. Contact our firm today to schedule a consultation.