If you are considering your affairs after you die, it may be a good time to start drafting a last will and testament. If you do not have a will when you die, then all of your assets will be forfeit to the default rules of New Jersey Probate.
The contents of your will–or lack thereof–will determine the way your assets are distributed to your loved ones. Besides not having any will at all, here are the most common mistakes people make in writing their wills.
Forgetting to regularly make updates
Some people write their will and leave it lying as it is for years and years. Smart Asset advises that whenever you have some situation change in your life, such as the birth of a child, marriage or divorce. you should update your will to match the new circumstances.
Failing to include everything
Many people think that their family will know what to do with certain little things, such as valuable collections or an animal companion. However, once you have passed away, all of your possessions become subject to the state’s inheritance laws.
Not appointing a child guardian
If you have children, you will want to ensure that they are properly cared for, and the default person who would be assigned by the state may not be the best fit. One thing that a lot of people do not realize is that they can appoint a guardian for their children who will watch over them after they pass.