What Does it Mean for a Will to Go Through Probate?

When you create a will you know in the back of your mind that you won’t be around when it is read to your children, grandchildren, cousins, nieces and nephews and anyone else named in it. The reading of a will only takes place upon the death of its creator. As you work on creating your will you likely want to know what it means to have a will go through probate. This is a common activity that occurs after the creator of the will dies. Let’s take a look at what it means for a will to go through probate in today’s post. [Read more…]

3 Reasons Why You Should Name Alternates in Your Will

will and probate

Creating a will is one of the most important things you can do in life. This legal document protects you, your spouse, your children, grandchildren and your estate when you either become incapacitated or when you die. A will is only as strong as the content featured in it and this goes for the people named in the will for various responsibilities. Let’s take a look at three reasons why you should name alternates in your will in today’s post so you can avoid mistakes from the start.

1. Protect Your Minor Children

One of the most important reasons to name alternates in your will is to protect your children. Simply naming a guardian for your children does not protect them enough from winding up in the wrong situation. What if something happens to the person you named as guardian before you can update the will? Even though it’s unlikely that you will need to enact the provisions of the will before the children reach legal adulthood, you still need to protect them as much as possible. Naming alternate guardians adds another layer of protection for you and your children should you pass before being able to update the will.

2. Prevent Assets from Going to the Wrong Person

People name specific beneficiaries in their will for a reason. They want their niece, nephew, grandchild, or friend to receive certain assets upon their death. Naming an alternate beneficiary prevents the assets from going to the wrong person if the original beneficiary has died and you never updated your will.

It’s important to name a beneficiary of your assets, but it’s even more important to name an alternate. Why? What if the beneficiary named passes away before you do and you never update your will? The assets from your estate will wind up with the wrong person. This won’t happen if you name an alternate beneficiary, who automatically becomes the primary beneficiary upon the death of the original person named.

3. Avoid the State Dividing Your Estate

Should your primary beneficiary die before you, and you fail to update your will, the state of New Jersey will then divide your estate according to the laws on the books. This very well could wind up costing your estate a large portion of assets that might wind up going to New Jersey. Or, those assets could be divided by the state amongst any other surviving family members you left behind at the time of your death. The purpose of creating a will in the first place is to make the decisions yourself, while of sound mind, so no one can tell your loved ones what they will or will not be receiving.

Contact a Cinnaminson Wills & Probate Attorney Today

As you can see, it is important for your dependents and heirs that you name alternate beneficiaries in your will when it is created. If you are getting ready to create a will it’s important that you seek the help of an experienced Cinnaminson wills & probate attorney. Contact the office of Trish Davis, Esquire in Burlington County at 856-829-9204 to schedule a consultation today.

When Should I Update My Will?

The first step in protecting your assets and property is creating a will. Once a will is created many will put it in a safe deposit box and never look at it again. This is not doing you any good. It’s best to review your will periodically, especially with your estate planning attorney, to make sure that it is still relevant to your life right now. Let’s take a look at the milestones in life where you should update your will so it is never out of date. [Read more…]

What to Expect if Chosen to be a Power of Attorney

If you are ever chosen to be a power of attorney in New Jersey there are quite a few things you should know. This is an important responsibility that no one should take lightly. It’s possible that you won’t need to exercise your powers for a few years, hopefully many, but you should educate yourself on what you will have to do when the time comes so you are prepared. First and foremost, this is a legal document that allows you to act on behalf of the person who named you as power of attorney. [Read more…]

What Documents Do You Need to Sell a Home?

It is an exciting time in life when you decide to sell your home for a job relocation, increase in space due to a growing family, or because you are having a custom home built. You can’t let this excitement get in the way of preparing for the sale. In fact, it’s best if you gather all of the required documents needed for the sale of your home before you even list it on the market in Cinnaminson, NJ. [Read more…]

What Happens at a Home Sale Closing?

closing, cinnaminson real estate

Are you preparing to sell your Cinnaminson, NJ home? Deciding that it’s time to move to a new home can be difficult, especially if you’ve seen your children grow up in your current home. When you come to terms with the decision that it’s time to move you likely want to know what happens at a home sale closing. Here’s what to expect as the seller of the home when you sit down with the buyers at closing. [Read more…]

How to Avoid Common Home Purchase Roadblocks

When you decide that it’s time to dive in and make your first home purchase in Cinnaminson, New Jersey you should know that there are roadblocks that can occur. These roadblocks aren’t always dealbreakers. They can be avoided, and fixed if they do stall the transaction so that you and your family can purchase the home of your dreams and move in as soon as possible. [Read more…]

An Overview of Real Estate Transaction Issues

Entering into the real estate market is a great way to make an investment. Whether you are looking to buy a home, sell a home, or become a landlord; there’s plenty of options for you regarding the market today. Playing the real estate market is not easy. You need to know how to make the right choices, who to trust, and what to avoid. There are quite a few issues that can crop up legally when involved in a real estate transaction. [Read more…]

Why You Need an Attorney When Selling Your Home

Are you putting your Cinnaminson, New Jersey, home on the market? If so, you need to consult with an experienced real estate attorney. It’s best to have a real estate attorney at your side during the sale of your home for quite a few reasons. Let’s take a look at those reasons in this post so you know the true importance of having an attorney represent you during the sale of your Burlington County home. [Read more…]

The Importance of the Home Inspection Prior to Purchase

Are you in the market for a new home? Are you ready to become a homeowner? This is an exciting decision that should never be taken lightly. There are quite a few things that you must do when buying a home, including making a down payment, signing the paperwork, qualifying for a mortgage and having an inspection performed. The inspection is one of the most important parts of the home buying process. This post will explain the six reasons why a home inspection is important in Cinnaminson, New Jersey. [Read more…]