What should I include in my will?
This changes from person to person, but typically includes things such as:
- The executor of your will
- The beneficiary of your property (you can name more than one person)
- Alternate beneficiaries
- Guardian for any child or children under the age of 18
- An outline of how to deal with any debts, taxes, and other expenses left behind
What should I do with my will after signing it?
There is no right or wrong answer, but the best thing you can do is store your will in a safe place. Furthermore, make sure it’s easily accessible upon your death. Let your executor know where they can find it so they don’t have to search when the time comes.
What happens if I pass away before creating a will?
In certain circumstances, you may need both a Will and a Living Trust. An example is if you have minor children where a Guardian can only be named in a Will. If you neglect to create a will or trust, New Jersey state law determines what happens to your property upon your death. Most people want control over what happens to their Estate, which is why they create a will in the first place.
Do I need a Will and a Living Trust?
Yes, it’s best to create both, as a will is designed to deal with any property not included in your Living Trust.
What are some of the benefits of a Living Trust, as compared to a will?
There are many reasons to rely on a Living Trust, including the fact that it is not made public upon your death. A Will, however, is public record, meaning that anyone can review it. Also, a Living Trust avoids probate, which will save your beneficiaries both time and money.
Does it cost more to create a Living Trust than a will?
Yes, it typically costs more to create a Living Trust. However, you need to consider the long-term benefits of adding a Living Trust to your Estate Plan. You may come to find that you more than make out financially over the long run as a Living Trust can save future costs.
Is it possible to create a Living Trust without professional guidance?
While there are many programs that allow you to create a Living Trust online, all without professional guidance, doing so is a big risk. Since you don’t have a good understanding of the law, you’re putting all your trust into the service you use. Any mistake you make when creating a Living Trust can come back to haunt your loved ones in the future.
Is it possible to update a Living Trust?
Not only is it possible, there are times in your life when you absolutely need to do this. For example:
- You bring a child into your family
- Marriage or divorce
- You relocate to another state
- A beneficiary of your Living Trust has passed away