Wills

A Last Will and Testament is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be followed, assets could go to the State vs. those intended to receive them, and your heirs may be forced to spend additional time, money, and emotional energy settling your affairs after you’re gone.

A Last Will and Testament should be put in writing, then signed & witnessed before a notary. While there are many interesting stories of Wills being scrawled on bar napkins, posted to You Tube or made by cell phone selfie… make no mistake – and don’t confuse interesting with enforceable! Most states, New Jersey being one, generally won’t recognize anything other than the traditional written, signed, witnessed and notarized document.

Testate vs. Intestate – These are terms you might have heard or are familar to you. Testate means that the deceased did indeed die with a recognized, written Will. Intestate means that the deceased died without a recognized Will.

In both cases… Probate will be established in the jurisdiction governing where the deased resided before their passing.

Though the basic premise of a Will may seem simple and intuitive, ofttimes, complex issues can arise. How should you handle real property or bank accounts held outside of the deceased’s state of residence? Or assets help in foreign countries? What about interests in Corporations registered outside the decedent’s resident state? How about crypto-currency owned in the land of Cyber Space?

However, if they passed away Testate, the directives of the Last Will and Testament will most likely be followed (barring any disgruntled party contesting the Will). Whereas, should they pass Intestate, the State courts will have a lot more to say about how assets are distributed than the heirs will likely care to experience.

Click Next to explore some of the key differences between Wills & Trusts.