Many people avoid writing a will because the process feels tedious and forces them to confront their mortality. However, wills can address your fears about the future. Through them, you can influence what happens to your children and belongings after passing on.
You decide who receives your property
Without a will, New Jersey courts distribute your property according to the state’s laws. If this happens, you lose control over your assets and their distribution. By writing a will, you can name your inheritors, making it more likely for your belongings to reach their intended recipients.
You can also make targeted gifts to reduce confusion, such as leaving your house to one child and personal items to another. Outlining your wishes and explaining them through your will can also prevent arguments between family members.
You can nominate guardians for your children
If you have minor children, you naturally want to ensure someone cares for them after you pass on. You can do this by naming a guardian in your will. Guardians are responsible for the personal care, custody and upbringing of your children until they become adults.
Without a will, the court follows state law and appoints a guardian. To determine which guardian to appoint, courts examine their relationship with your child and their ability to meet their needs. The responsibility typically falls to your spouse or next of kin.
Wills let you appoint an executor
After you pass away, someone must gather your assets, pay your debts and distribute your property. In New Jersey, writing a will allows you to appoint a person to fulfill these duties. This person is known as your executor.
If you do not write a will, the court will appoint an administrator to distribute your property according to New Jersey law. Administrators and executors have similar duties, but a will gives you the power to appoint an executor. You can also name backup executors in case your first choice is unavailable.
How today’s decisions affect the future
A will ensures your belongings are distributed according to your last wishes. Understanding how wills help your family can prevent infighting and protect your loved ones. Though writing your last wishes can be difficult, it can bring comfort to know they will be honored.