WHAT IS A WILL?
A Will is a legally enforceable written document directing which belongings and property go to whom. It also transfers ownership of real and personal property when the maker of the Will passes away.
DO I NEED A WILL?
Yes–if you want your assets to be distributed according to your wishes rather than by statute of the state you reside. Also, you get to choose who will carry out your wishes by selecting an executor of your Will.
WHAT IF THE WITNESSES DIE OR CAN NOT BE LOCATED?
A minimum of at least two witnesses is required to witness a Will. You may, however, have additional witnesses. This would help insure that at least one witness would be available in the event of the testator’s death. If one witness dies or can not be located you need do nothing. However, if no witnesses to the Will are living someone who can identify the signatures of the two witnesses must come forth. If all witnesses die or cannot be located, it is advisable to prepare a new Will.
CAN THIS PROBLEM BE AVOIDED?
Yes, simply have your Will made self-proven at the time of signing which means to have a notary or attorney attest that they saw the testator and the witnesses sign the Will and then witnesses will not be required to prove the Will.
CAN A WILL SAVE MONEY?
Yes, a Will can eliminate the requirement of a bond which will reduce administration expenses and it could permit your estate to take advantage of tax savings.
CAN I PREPARE MY OWN WILL?
Yes, but without professional guidance and advice it may not be legally sufficient to be admitted to probate. In addition, self prepared hand written “holographic” Wills can only be admitted to probate after a costly time consuming formal Superior Court hearing.
CAN I NAME MORE THAN ONE EXECUTOR?
Yes, you can name two or more executors to serve at the same time or alternate executors to serve in the event the first named executor dies or is unable to serve.
WHAT EFFECT DOES A WILL HAVE ON REAL ESTATE OWNED JOINTLY BY HUSBAND AND WIFE?
Real Estate owned jointly by husband and wife in the form of ownership legally known as “Tenancy by the Entirety” is not controlled by the Will of the spouse who dies first. Absolute ownership of the property will pass to the surviving spouse who has rights of survivorship, regardless of what the Will may provide.
WHAT ABOUT JOINT BANK ACCOUNTS OR CERTIFICATES OF DEPOSIT?
Accounts held jointly may be owned with right of survivorship and if you want the account to pass outside the estate when one owner dies, the account must be set up that way prior to death.
DOES A DIVORCE REVOKE THE ENTIRE WILL?
A divorce operates as revocation of any bequest made to your former spouse or any appointment of your former spouse as executor, but in all other respects the Will is still effective. It would be advisable to have a new Will instituted upon divorce being finalized.
DO ALL STATES HAVE THE SAME PROBATE LAWS?
No. Although New Jersey is one of several states to enact the Uniform Probate Code, most states have their own probate laws. It is a good idea to have your will reviewed when you move to another state.
IF BOTH PARENTS DIE LEAVING CHILDREN UNDER 18 YEARS OF AGE AND THEY HAVE NO WILL WHO SELECTS THE GUARDIAN?
Application is made to the Surrogate who usually appoints a person from among the next of kin of the minor. This will be a person, not of your own choosing, and if fact may be someone you would not want your children to go to.