Without a Will, it will be the State that decides (through intestacy) who will inherit your estate. The State will also determine when assets will be inherited, such as children or grandchildren when they reach eighteen. The State will also decide, potentially through dispute and/or litigation, who will administer your estate and require that person to post a bond. To avoid potential disputes as well as providing for those you wish, it is imperative to have a properly drafted and executed Will.

A Last Will and Testament should be executed (signed) in accordance with very strict formalities. You should review your Will when there have been any major changes in your personal or economic circumstances. Examples of such changes include, but are not necessarily limited to: moving to a different State; a birth, adoption, marriage, divorce or death in the family; receipt of a large inheritance; purchase of real property located in a different state; purchase of a large life insurance or annuity policy; or major changes in Federal or State laws that might affect estate and/or inheritance taxes.

While people don’t consider them, many people can benefit from the use of Trusts. For example, in New Jersey, estates over $675,000.00 are subject to estate tax. Just considering the value of people’s homes today, it is quite easy for assets to exceed that amount. However, in the case of a married couple, use of a credit shelter or disclaimer trust can double the amount that can pass to your loved ones without estate tax.