Attorney Benjamin Ginter, who runs the Law Offices of Benjamin J. Ginter in Cranford, New Jersey, advises all his clients to make a will. Here, he discusses why having an up-to-date will is so important, especially when you never know what’s just around the corner.
A will basically disposes of your property after you die. If you don’t have a will, then the laws of intestacy apply, whereby your property will be disposed of according to the laws of the state. That’s why it’s important to have a will, because you want the power to decide how your property is disposed of after you’re gone.
Protecting Your Children
Wills are also good because you can insert clauses that perhaps protect young children you may have if you die at an early age. A will allows you to create a trust, appointing a guardian for your child. You can even create pet trusts if you have a pet and you worry about what will happen to your little dog when you die. With a will, you can make provisions ensuring that the little doggie will be taken care of when you’re not here to take care of it anymore.
Within the will, you usually appoint an executor. That person is in charge of carrying out your wishes as per the will. When you sign the will, you normally have two to three witnesses when you sign.
When You Have No Will
If you fail to have a will, the state will make decisions for you. Although intestacy laws vary from state to state, no doubt your assets will be split between your spouse and your children, if you have any. If you are single, the state will make decisions about which blood relatives will get your estate, even if you have had no contact with them for the last 45 years. The state can also decide who will be the guardian of your minors if you have left no will.
If you have a trust, a will is also important. A trust allows you to see how your assets will be distributed and minimize taxes after your death. But a will is also needed as a trust only deals with specific assets such as life insurance, not everything.
Reviewing Your Will
Many people think once they have made a will, the deed is done. But it is always a good idea to review your will from time to time to make sure it is up-to-date. You will need to review it in particular if:
- Your marital situation changes
- You have more children, or a child dies
- A spouse dies
- You enter into a new business
- You retire
- Your residence changes
- There is a significant change in your assets
Never underestimate the importance of having a will. It will protect not only your interests, but those of generations to come. The cost of making a will is usually minimal, and it is more than worth it compared to the benefits you and your beneficiaries will devise from having one.
