A will is an important estate planning tool that allows you to decide how your assets will be distributed, name an executor, and provide for your loved ones after your death. However, a will has limitations, and certain assets or estate planning goals may require additional arrangements. Understanding what a will can and cannot do can help you make informed decisions about protecting your family’s future.
At The Matus Law Group, our New Jersey wills attorneys help individuals and families prepare wills and develop estate plans that reflect their wishes. This guide discusses six important things a will can and cannot do. For assistance with your estate planning needs, call (732) 281-0060 to schedule a consultation.
What a Will CAN Do for You
A Will Can Help You Avoid Intestacy Laws
If you do not use a valid will to state whom you would like to receive the assets that a will can control, those assets will go to your heirs as set out by New Jersey law. Many people want the freedom to name who should get their assets and dictate how much each person can receive. A will can help you accomplish this goal, and working with a lawyer to make a will in New Jersey can help organize those intended gifts and express your choices clearly in the document.
A Will Allows You to Give More to Specific Individuals
Intestacy laws in New Jersey often divide up property equally among your heirs. Your will allows you to craft specific amounts that should go to each person. It also permits you to exclude people that you do not want to have any of your assets, even if they would have been included under intestate laws.
A Will Lets You Choose Who Should Administer Your Estate
If you do not have a will, the court will appoint someone to administer your estate for you, often a family member but not necessarily the person you would choose. If you want someone specific to distribute your property, you need to set out that information in your will. A Monmouth County estate planning attorney can help organize that choice with the rest of your estate plan and state it clearly. If you are planning ahead without a suitable friend or family member to serve, see our alternatives to consider when choosing an executor.
WIlls Attorney in New Jersey – The Matus Law Group
Christine Matus, Esq.
Christine Matus, founder of The Matus Law Group, has more than 30 years of experience helping New Jersey individuals and families prepare wills and develop estate plans. She assists clients with drafting and updating wills, naming executors, planning asset distributions, and making arrangements for loved ones. Christine earned her Juris Doctor from Touro College, Jacob D. Fuchsberg Law Center, and has been admitted to practice law in New Jersey since 1995.
Christine is a member of the New Jersey State Bar Association and serves on the Board of Trustees of the Ocean County Bar Association. She has also lectured on estate planning and special needs planning and contributed to publications addressing elder law and long-term care. Through her work, she helps clients understand their estate planning options and prepare wills that reflect their wishes and family circumstances.
What a Will CAN’T Do for You
A Will Cannot Deal With Property Outside Your Estate
Many people use estate planning tools alongside a will, including life insurance policies, trusts, and jointly owned property with rights of survivorship. These assets generally pass outside the probate process and are not controlled by the terms of a will. Instead, they are distributed according to beneficiary designations, trust provisions, or ownership arrangements.
Understanding the different types of trusts can help you determine how to manage specific assets and provide for your beneficiaries. Regularly reviewing these arrangements can also help ensure your assets are distributed according to your wishes.
A Will Cannot Provide Funeral or Memorial Instructions
Your will is generally read after your funeral. That means that putting burial or funeral instructions in this document will not be helpful for your loved ones. You will need to use another method to convey this information to family and friends.
A Will Does Not Reduce Your Estate Taxes
Only those estate planning tools that decrease the value of your estate will help you reduce your estate tax obligations. A will is not one of those devices. A will simply describes how your property should be distributed; it does not remove that asset from your estate to avoid taxes. You should use other methods if you want to reduce estate taxes.
Plan for Your Family’s Future With The Matus Law Group
A will is an important part of estate planning, but it cannot address every concern or control every asset you own. Understanding its benefits and limitations can help you identify when additional planning tools, such as trusts and beneficiary designations, may be necessary. If you have minor children, planning ahead is especially important. For more information, see our guide to Planning for the Unexpected: 5 Things You Can Do to Protect Your Children.
For more information, see our guide to Who Keeps the Original Copy of a Will.
At The Matus Law Group, our New Jersey estate planning attorneys can help you create or update your will and develop a comprehensive estate plan that reflects your wishes. Call (732) 281-0060 to schedule a consultation and discuss your estate planning needs.
