If you’re single and have no kids, do you need a will? You may wonder why anyone would sit down with an estate planning lawyer if they don’t yet have a spouse or children. The truth is that everyone should have at least a basic estate plan in place to ensure that their wishes will be honored.
If you don’t have a will, then you have no say over what happens to your property and other assets after you die. Instead, the courts will divide up your estate according to New Jersey laws on intestate succession. Unless you want the law to specify who will receive all your assets, planning ahead is best. A New Jersey estate planning lawyer can help you create a will and an estate plan to ensure your wishes are honored if you pass away.
E.A. Goodman Law LLC is an estate planning law firm serving Morristown, New Jersey. We provide estate planning services for inhabitants of Morris County and Bergen County. If you need help putting together an estate plan to prepare for the future, contact us for an initial consultation.
What Happens if I Die Without a Will?
Some people believe the state will inherit their estate if they die without a will or an estate plan. This is not the case. Instead, the county probate court will take steps to settle your estate, including:
- Appointing an administrator
- Identifying all your assets
- Paying your taxes and other outstanding debts
- Distributing any remaining assets to your heirs
- Closing the estate
According to Morris County, New Jersey’s intestate laws require your assets to go to your parents if you die without a spouse or children. If your parents are no longer alive, the court will divide your assets evenly between your siblings. Your property will only revert to the state if you have no next of kin who can inherit.
If you don’t want your parents, siblings, or the state of New Jersey to inherit your assets after you die, then you need the help of an estate planning lawyer.
How an Estate Planning Lawyer Can Help a Solo Ager
An estate planning lawyer can help you create the legal documents to clarify your wishes and determine what will happen to your estate after you pass away. These documents include:
- Will: This allows you to name beneficiaries and specify what they will inherit.
- Advance Medical Directive: This allows you to specify what type of medical care you want to receive if you become incapacitated and name a person to coordinate medical decisions with your doctors.
- Durable Power of Attorney: This allows you to pick someone to manage your financial affairs if you are incapacitated.
- Charitable Trust: If you want to leave some of your assets to charity, establishing a charitable trust is the best way to do this.
Creating a Last Will and Testament
According to Morris County, here are some things you should consider when you create your will:
- Your beneficiaries and what you want them to receive. You can name parents, siblings, nieces and nephews, friends, or anyone you choose.
- Whether you want a funeral service and what you would like done with your body.
- Alternative beneficiaries, in case the designated beneficiaries are no longer alive.
- If your will includes a trust, you must name a trustee and an alternative.
- Every will must name an executor.
Writing a will is a complicated process, and there are always many points to consider. Consult an estate planning attorney before you write your will.
Establishing an Advance Medical Directive
There are two types of advance medical directives in New Jersey, and you can create either one or both of them:
- A proxy directive, also known as a durable power of attorney for healthcare, appoints someone to make medical decisions if a doctor determines that you cannot make them for yourself.
- An instruction directive, also known as a living will, gives instructions on what type of medical care you want to receive if you are incapacitated.
Creating a Durable Power of Attorney
Along with a proxy directive or durable power of attorney for healthcare, there is also a durable financial power of attorney. This power of attorney appoints someone to make decisions about your financial affairs if you lose the ability to make those decisions yourself. The powers you can grant with this document can include any of the following:
- The right to lease, sell, purchase, or exchange real estate on your behalf.
- The right to lease, sell, mortgage, purchase, or acquire tangible personal property on your behalf.
- The right to handle your stocks and bonds.
- The right to handle your commodity and options transactions.
- The right to handle your banking and business transactions of all kinds.
Setting Up a Charitable Trust
If you don’t have a spouse or children to care for, you may want to ensure that your assets benefit a charity you care about. In New Jersey, a charitable trust can benefit any religious, charitable, educational, scientific, or literary cause. You can also create a charitable remainder trust that benefits a beneficiary for some time and then gives any remaining assets to charity.
Contact a Morristown, New Jersey, Estate Planning Lawyer Today
An estate planning lawyer can help you create an estate plan to give you peace of mind and ensure that your wishes are met regardless of whether you have a spouse or children.
E.A. Goodman Law LLC is an estate planning and elder law office serving Morristown, New Jersey, and other Morris and Bergen Counties communities. For professional assistance creating your will and estate plan, contact us today.