When To Update Your New Jersey Will
For New Jersey residents, creating a will is one of the most important steps to protect your family and your assets. However, it is not a one-time task. Life changes, and you adapt; your will needs to adapt as well.
Depending on when you first wrote it, your New Jersey will may no longer reflect your current wishes or circumstances, putting your plans, assets, and the people you love at risk. Our Red Bank estate planning lawyer explains common life events that should prompt a will review, as well as other circumstances that warrant changes.
Life Events That Should Trigger a New Jersey Will Review
Your will serves as a guide through probate proceedings in the New Jersey Surrogate’s Court, conveying your wishes and determining how your property and assets get divided among your heirs. However, it’s not a “one and done” deal.
Certain life events can make an outdated will not only ineffective, but potentially harmful to your loved ones. It increases the risk of time-consuming, costly probate court proceedings and of assets going to unintended beneficiaries.
Under the New Jersey Statutes, a valid will must meet specific execution requirements, with changes made through a properly executed amendment or an entirely new document. Life events that prompt a review include:
- Marriage, divorce, or remarriage;
- The birth or adoption of a child or grandchild;
- The death of a beneficiary or executor;
- A significant increase or decrease in assets;
- Purchasing real estate or starting a business.
In addition to the above, it’s important to be aware of other circumstances that could prompt making changes.
Other Circumstances That Can Impact Your New Jersey Will (and Warrant Making Changes)
Major life events, such as a marriage, birth of a child, or a divorce, are not the only reasons to revisit your estate plan. Changes in tax law, shifts in your financial situation, and evolving family dynamics can all affect whether your current will still serve your needs. Other circumstances that prompt updates include:
- Your named executor is no longer able or willing to serve.
- You want to add or remove a charitable beneficiary.
- Your wishes regarding specific property or assets have changed.
- A beneficiary has developed special needs that require a different planning approach.
- You have acquired assets in another state or country.
An outdated will can create confusion, conflict, and costly legal proceedings for the family members you are trying to protect. Reviewing your estate plan regularly helps ensure it continues to reflect your wishes and current New Jersey law.
Updating Your Will? Contact Our Experienced Red Bank Estate Planning Lawyer
A will is one of the most important estate planning documents in New Jersey, and periodic updates help ensure it continues to reflect your goals and circumstances. At Sanvenero & Cittadino Law Office, our Red Bank estate planning lawyer provides the trusted legal guidance you need to make necessary changes.
To discuss whether your current will needs updating, give us a call or contact us online today. We represent clients in Shrewsbury, NJ; Monmouth County, NJ; Central New Jersey; and throughout New Jersey.
Sources:
njcourts.gov/glossary/surrogates-court
lis.njleg.state.nj.us/nxt/gateway.dll?f=templates&fn=default.htm&vid=Publish:10.1048/Enu