5 important things to consider when creating a will in New Jersey
Frederick Jacob - January 5, 2016
When creating a will in New Jersey there's a lot to consider and you'll certainly want to make sure you've done it correctly. Hiring a New Jersey lawyer skilled in Wills, Trusts and Estates to help in creating your will can certainly give you peace of mind and prevent potential problems down the road.
Here are a couple quick tips and facts about creating a will in New Jersey.
1. You can leave your assets (personal items of value) and real estate (land, homes, buildings) to people or organizations. A will allows you to decide how those items will be divided up and dispersed.
2. Creating a will allows you to pick the person who will make sure the terms of your will are carried out the way you wanted them to be. This person is called the executor.
3. Tip: Be sure to update the beneficiaries information on file with your financial institutions in regard to investment or retirement accounts (IRA, 401k, etc) to make sure they're inline with your will. You will typically need to call the company associated with your investment accounts to let them know who will receive your accounts if you pass away. In the case of a 401k you may need to speak with your employer or your human resources department.
4. You can designate a personal guardian for your children if they are minors and you can designate a person you trust to manage property left for your children if they are minors.
5. In New Jersey you must sign your will in front of 2 witnesses and those same 2 witnesses must also sign the will. Your New Jersey attorney can be one of the witnesses and it is a very common practice for them to do so.
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