Creating a will is one of those tasks that may feel easy to kick down the road—something anyone could do tomorrow instead of today. But nobody knows how many tomorrows they have left, which makes today the best time to consider one.
According to Business Journalism, nearly 58% of American adults do not have a will. This might seem silly considering the options available to writing a will, as there are a few straightforward ways in New Jersey for people to dictate their last will and testament.
Simple wills provide the basics of distributing property in a person’s estate to his or her heirs. These still have to go through probate, but if an estate is small with little management, a simple will might cover all a person’s needs with the right wording.
Testamentary trust wills
Wills with testamentary trusts dictate how the probate process divides property in a bit more detail. This establishes a trust of assets that a trustee cares for after a person’s death, and then dictates who benefits from it and when. These may be useful when holding assets for young children until they grow up.
Some states do not allow for these, but according to New Jersey local news, the state accepts holographic wills — though they may be easier to dispute. These handwritten wills, when verified as the deceased’s handwriting, qualify as a will even without witnesses.
A living will is a bit different in that it specifies a person’s end-of-life wishes like who might take care of them if they are incapable of caring for themselves. It also includes any preferences like life support.
The will is a level of estate planning that is both easy and useful to bring a person or their family peace of mind. It just takes determining which type is right for which person’s situation.