Wills are designed to permit the orderly transfer of property to a loved
one upon death. Having a will saves your heirs time and money during the
probate process. A will saves the cost of having your family post a bond in
order to probate the estate and saves time and money to qualify for the
administration of the estate. If you do not have a will the state uses a
distribution scheme to determine for you who shall receive your assets.
A will, in addition to deciding who shall inherit your assets, also
determines who shall be responsible for managing the estate by the selection
of an executor who shall locate and take possession of all property, collect
any money due to the estate, pay all creditors of the estate, including
taxes and distribute the assets to the beneficiaries.
A
properly drafted will can be used to reduce or eliminate
federal estate tax by the use of trusts in your will.
Wills can appoint a guardian for minor children and
a trustee for any trust mentioned in your will.
Michael D. Weinraub, Certified Elder Law Attorney, provides experienced Elder Law, Wills, and Trusts services to clients in New Jersey, including the southern New Jersey communities of Atlantic City, Ventnor, Margate, Longport, Galloway, Egg Harbor Township, Linwood, Northfield, Somers Point, Brigantine, Hammonton, and Ocean City; and in Atlantic County, Cape May County, and Ocean County.
