A New Jersey Wills Attorney Answers FAQs

Consider hiring a New Jersey wills attorney to help with financial planning because they can walk you through what can seem like a complicated process. You may have concerns about how to make a will and what to include in it. Many people who are not familiar with this process have several questions. You can speak with a wills attorney, address your concerns, and discuss any questions.

Why hire a wills attorney to make a will?

A person’s financial matters are among the most important in life. It is vital to be financially secure and to prepare for the future. A will can put a person’s family on solid financial ground and protect assets. A will is a legally binding document that designates beneficiaries who receive certain assets at a point after the creator of the will passes away. Having a will directs that finances and property go to certain individuals. This prevents the intervention of the courts.

What can be in a will?

There is a lot of flexibility in a will. A person making this instrument can include virtually any possession they wish to pass to surviving family members. A will can include bank accounts, retirement accounts, and investments. Many people put property such as a primary home or a vacation home in a will. An individual can also include valuable possessions such as paintings, collections, or vehicles in a will.

Who administers a will when a person dies?

A will is effective at the time the person who made the will passes away. It is, therefore, important to name an executor. This person is responsible for carrying out the will’s directions. When naming an executor, the person should choose someone with the individual’s family’s interests at heart.

What happens to any debts when the will’s creator dies?

When the person who makes the will dies, the executor will work with creditors to pay off any debts. No assets can go to beneficiaries until this happens. A wills attorney can explain that some creditors are willing to settle the debts at a reduced amount. Creditors can also sell property when assets are not liquid.

When should assets go to beneficiaries?

Before creating a will, individuals should consider this question with a wills attorney. Parents typically make a will and designate the transfer of assets to children or grandchildren when those individuals reach certain ages or milestones. For example, it might make the most sense to give them access to funds and property when reaching age 21 or when finishing college. Also, a person can stipulate that funds go to beneficiaries in a lump sum or over a certain amount of time.

Understanding wills can help you be ready to make this important document

Making a will is a smart financial decision for you and your family. However, you should never start planning a will if you are unsure what it is or what it entails. Luckily, a wills attorney can walk you through every step of the process. The attorney can explain the benefits a will provides and why you should have one.