Do I Still Need a Will If I Do Not Have Any Children?
If you do not have children, you may be wondering if a will is actually necessary as part of your estate plan. While there is no doubt that a will is especially crucial for parents, the reality is that all adults should have a properly drafted will. At Poulos LoPiccolo PC, we are leaders in wills and estates. Here, our Monmouth County estate planning attorney explains why it is so important to have a will in New Jersey even if you do not have children.
Without a Will, You Lose Control Over Your Estate
Your will is your opportunity to control your estate. If you die without a valid will, property that is part of your probate estate is distributed under New Jersey’s intestate succession statutes. Having no children does not mean that you have no need for a will. For example, if you are unmarried and have no descendants, N.J.S.A. 3B:5-4 generally directs the estate first to surviving parents, then to descendants of your parents, such as siblings, nieces, and nephews, with more remote relatives potentially inheriting if those classes do not exist. With a properly drafted will, you retain control over what happens to your assets.
A Will Lets You Choose Who Will Handle Your Estate
A will is not solely a document for determining who receives property. It is also an important instrument for identifying who you want to administer your estate. New Jersey law allows you to use your will to name an executor. That person can seek authority to administer the probate estate after death. Choosing an executor allows you to select someone you trust to collect estate property, address valid debts and expenses, handle required filings, and ultimately distribute property under the terms of the will. By naming an executor who is both capable and willing to take on the duties, you can make things easier for your loved ones after you pass away.
Your Will Should Be Coordinated With the Rest of Your Estate Plan
A will is only one component of a comprehensive estate plan. Assets that pass under beneficiary designations, survivorship arrangements, trusts, or other non-probate mechanisms may be controlled by those arrangements rather than by the dispositive provisions of the will. For that reason, beneficiary designations and account ownership should be reviewed alongside the will so that the overall plan produces the intended result. Your New Jersey estate planning lawyer can help you draft a will for a truly comprehensive estate plan.
Speak to Our New Jersey Wills & Estates Attorney Today
At Poulos LoPiccolo PC, our New Jersey estate planning lawyers are here to help you find the right solution. If you have any questions about writing a will for the first time, please do not hesitate to contact us today to set up a completely confidential initial consultation. We handle wills and other estate planning matters in Monmouth County and throughout all of New Jersey.
