The following article about Having a Will Prepared Does Not Have to Be Expensive! is featured on New-Jersey-Lawyers.com The below article has 40 topics. We are posting topics 11-15 today. You can read the entire article on New Jersey Lawyers under Having a Will Prepared Does Not Have to Be Expensive!

By Theodore Sliwinski, Esq.

 

11. How should I safe-keep my will?

You should keep your will in a safe place. However, you should always let the executor know where it can be found. Both a husband and wife should have their own individual wills. Moreover, each spouse should know where both are kept.

The will should be kept in a secure place such as a safe deposit box or fire proof strong box. But more importantly, your executor should know where it can be found. It is a good idea to give a copy of the will to your executor with a notation where the original will can be located.

12. Why should I keep my will up to date?

It is very important for a person to periodically review his or her will to keep it up to date. Keeping a will current is just as important as making one in the first place. The major life changes such as marriage, birth of a child, death, changes of witnesses, purchases or sale of property, a change in your financial status, or a change in the estate tax law makes it imperative that a will should always be updated.

13. How can I change my will?

The safe way to change your will is to have a new one drawn. A codicil may be effective. However, a codicil can cause potential legal issues if there is a will contest. A codicil is a separate document used to make minor changes to a will. It must be signed with the same formality as the will itself. It is not necessary to have the same witnesses on the codicil and the original Will. Most lawyers save all of their wills in some form of electronic formal, that can be readily accessible. Therefore, in most cases the price to draft a codicil to a will is the same as simply revising the will. I always advise a client to simply revise the will. If there is future estate litigation then the codicil(s) can be compared to the will, and it could create all types of potential legal traps and minefields.

It is important to emphasize that you should not try to change your will by drawing lines through items, erasing, writing over or adding notations. This may destroy it as a legal document.

Don’t forget that much of your property will probably pass outside of your will. For example, retirement accounts, 401K plans, joint or payable‑on‑death bank accounts, stocks registered with a transfer‑on‑death form, and life insurance proceeds go directly to the beneficiaries you’ve named. Your will has no effect on them. If you’ve changed your mind about who you want to inherit your estate, then you will also need to change the documents on which you named the beneficiary.

14. What can occur if I don’t have a will. Who will handle my estate upon my death?

When there is no will, then an administrator is appointed by the County Surrogate. Any close relative may be appointed. For an individual or a bank to be appointed as an administrator then all of the other heirs must renounce their rights. In most administration cases a surety bond must be furnished by paying a premium to a surety company for signing this bond. Once the administration application is complete, then the County Surrogate will grant letters of administration showing the authority to act. These letters of administration give the administrator the same authority to act as an administrator.

Administrations of an estate are more expensive than simply admitting a will to probate. The primary reason for the additional expense is because bonds are always required in an administration. Bonds are basically insurance for the estate. The bond will insure the other heirs that the administrator or another heir will not dissipate and wrongfully spend the monies of the estate. Bonds are expensive, and if the estate administration is prolonged, then these costs can be prohibitive.

15. What is a Letter of Last Instruction(s)?

Those who administer an estate and to take care of what is left often find themselves without necessary information. To assist an executor or the decedent’s loved ones, it is advisable to give your executor or attorney a letter of last instructions. This is a separate legal document that is separate and apart from your will. This letter which is to be opened upon your death, should contain the following information:

a. Names and addresses of those to be notified at death, and relationship of members of family and relatives.

b. Statement as to where your will may be found.

c. Instructions as to funeral and burial. You may Wish to specify, for example, that, as a Veteran you want to be buried in a national cemetery.

d. Where your birth or baptismal certificate, certificate of auto ownership, social security card, marriage or divorce certificate, naturalization and citizenship papers, and discharge papers from the armed forces may be found.

e. Where your membership certificates in any lodge or fraternal organizations which provides death or cemetery benefits may be found.        

f. The location of any safe deposit boxes you may have, and where keys are kept.

g. A list of your insurance policies and where they may be found.

h. A summary of all of your finances.

I. A list of all bank accounts, checking and saving; their location and where the passbooks are kept.          

j. A list of all other savings accounts; for example, credit union deposits, etc., and passbook locations.

k. A statement concerning any trusts and/or pension systems from which your estate may be entitled to receive benefits.

l. A list of all stocks and bonds or other securities you own, and where they may be found.   

m. A statement of all real property owned by you with the location of deeds, mortgages, abstracts, and insurance policies for real property owned. 

n. A location of copies of income tax returns for previous 5 years.

o. List of debts and names of creditors ‑ with addresses.

n. A statement of reasons for actions taken in your will, such as disinheritances. It is usually better to place the explanation in a separate but accompanying letter, rather than in your will, to avoid a complicated will and expensive litigation.  

o. List of any gifts made and information needed for estate tax.

p. A list of any payments made, especially for funeral expenses.

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