Five Common Issues With Inheritance and Wills in New Jersey

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Five Common Issues With Inheritance and Wills in
New Jersey Writing a will and thinking about who
will inherit your assets is an incredibly
important process. Although you will not be
around to witness the results of this process, it
can have a lasting impact on the lives of your
loved ones. Because of this, it is important to
get everything right when writing your will in
New Jersey. A relatively small mistake might have
dire consequences down the road. There are a
number of common mistakes and issues when people
write wills and think about estate planning
attorney in the state of New Jersey. These
obstacles may prove problematic for a number of
people, but that does not mean they cannot be
overcome. With a qualified, experienced legal
expert by your side, you can make sure that your
will and your estate planning process is handled
in an efficient manner.

• Not Writing a Will in the First Place
• Lets start with the obvious potential issue. If
  you do not write a will, inheritance can be
  problematic for your descendants and your
  surviving loved ones. If you pass away without
  leaving behind a will, the state of New Jersey
  follows very specific guidelines that are all
  predetermined. This is known as an intestate
  estate, and your surviving spouse will typically
  inherit everything. If you have no surviving
  spouse, your children will inherit all of your
  assets.
• Not Understanding the Tax Laws
• If you want your descendants and loved ones to
  receive the assets that they deserve, it is
  important to understand the tax laws surrounding
  inheritance and wills. Previously, New Jersey
  had both an inheritance tax and an estate tax.
  Today, you only need to worry about the
  inheritance tax. In addition, certain family
  members are exempt from inheritance tax. If you
  want to plan out your will and avoid taxes that
  your loved ones should not have to pay, it is
  best to consult with a qualified attorney.

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• Failing to Revise Your Will
• Failing to revise a will is a common mistake in
  New Jersey. If you are responsible and organized,
  you will probably create a will long before you
  expect to pass away. While it is always a good
  idea to create wills nice and early,
  circumstances can change over time. Certain
  family members may pass away. Perhaps an
  argument will make you change your mind about who
  you leave your assets to. You may also divorce
  your spouse. All of these changes require you to
  go back and revise your will. Thankfully, this
  process is quite easy with the help of a
  qualified attorney.
• Trying to Write Your Own Will
• While it is true that certain wills are easier to
  write than others (depending on your financial
  situation), it is best to leave wills to the
  professionals. If you write a will by yourself,
  it may not be recognized in a court of law. A
  will that is written with the help of a qualified
  elder law attorney is more difficult to contest
  after you have passed away.
• Assuming that All You Need is a Will
• There are certain things that you cannot put in
  your will. Certain assets require separate
  documents and entirely different processes. A
  qualified attorney can help you understand what
  to put in your will and what to leave out of it.
• Getting Legal Help
• If you need help with your will or any aspect of
  estate planning, reach out to Giro, LLP,
  Attorneys at New Jersey. We can help you get it
  right the first time.