Estate planning in New Jersey is a big task, with many types of documents recognized in state and federal law. But it typically starts with one vital and straightforward legal document: A will. Every adult should have, and periodically update, a will as a cornerstone of their family’s legal and financial future. However, even though wills are not as complex as certain other parts of an estate plan, the testator could still overlook critical details.
This is why skilled legal help is so important in the matter of a will. All legal documents, including ones related to an estate, must use precise specialized language to avoid ambiguity. Even a seemingly minor mistake – like omitting a word – could lead to wasted time and money in probate or challenges to provisions. In extreme cases, a will that is otherwise valid but poorly written could be invalidated entirely. New Jerseyans have long trusted the team at SGW Law to help them with the subtleties of state family law. We are among the most experienced estate lawyers in NJ, and our goal is to help you build a secure and airtight estate plan that maximizes your heirs’ financial benefit and quality of life. Contact us online now or read below to view some common pitfalls in will writing.
Not Complying with New Jersey’s Legal Requirements
Wills are a matter of state, not federal, law. This means that from jurisdiction to jurisdiction, the rules for such documents can be different. In New Jersey, the minimum requirements for a valid will are as follows: The testator (the person who is making the will) must be at least 18 years old and legally competent, it must be a handwritten or typed paper document, and it must have two other competent adult witnesses. Handwritten wills do not require witness signatures, but typed wills must be signed by both witnesses.
Read more about Estate Planning at 18 Years Old.
In the Garden State, certain additional factors can protect the validity of a will. For example, if the document is notarized – stamped and signed by a notary public – it will be “self-proving”, meaning witnesses do not need to be contacted or physically come forward in probate. A small oversight or omission in the basic requirements could cause much greater problems than you may expect.
Relying on DIY Will Templates or Online Forms
A growing number of people now believe they can create an estate plan quickly and cheaply by downloading a template PDF from a website and filling in the blanks. This is a concerning trend because of how risky it is. Simply put, every family and financial situation is unique – there is almost no chance yours actually fits into a template document. These generic files are available to anyone regardless of location, meaning they do not take New Jersey state law into account. Moreover, they typically do not contain provisions for special situations like dividing assets from a business or real estate in multiple states, and their intentionally vague language (so that more people can use them) is ripe for disputes when the will goes into effect. It is hard for someone without legal training to even know if they are filling out the template correctly. Ultimately, the money saved upfront this way is not worth it because a likely consequence is far greater legal fees later.
Learn more about the Most Essential Estate Planning Documents.
Forgetting to Update the Will After Major Life Changes
There are certain momentous life events that, in addition to all of their other effects, can instantly render a will outdated. These include a wedding or the finalization of a divorce, the birth of a child, the death of someone named in the will, gaining a valuable new asset, or a move to another state.
Wills can become “invisible” in such circumstances of busyness and strong emotion, but updating your documentation as soon as you can make time will increase your peace of mind. Regular edits in consultation with an attorney, every three to five years, can cover these scenarios even if they’ve been overlooked in the moment. If a will is not changed to cover new situations, an estranged ex-spouse could inherit a large amount of cash against the wishes of a deceased person’s widowed spouse at the time of their death. Or a valuable piece of real estate could be left to no one in particular, leading to heirs coming to a dispute over it. These are extreme examples, but they are not impossible, so preventing issues like this with will editing is essential.
Read more about What Happens If You Die Without a Will?
Overlooking Beneficiary Designations and Joint Accounts
One of the types of estate documents that most adults have (sometimes even without realizing it) is beneficiary designations. These can be created in as simple a fashion as typing someone’s full legal name and social security number into an online form for a financial institution. However, the law considers them highly important – so much so that a designation of beneficiary can override what a will says regarding that asset.
Learn more about Trust Basics for Trustees and Beneficiaries.
It’s relatively common for testators to forget to put their wills and their beneficiary documentation in alignment, leading to conflict. If Angelo and Bea name their son Carlo as the sole beneficiary of their joint mutual fund account, for example, then Carlo will immediately receive the full amount once both have passed away, even if their will says Carlo and his sister Diane get equal shares. The SGW Law team takes a big-picture view of estate planning, and we can always advise you on whether your estate documents are in harmony or if they are likely to cause problems due to contradictions.
Not Planning for Special Circumstances (Minor or Special Needs Children)
In many cases, clauses in wills are intended to protect the vulnerable. Minors and some individuals with special needs are not considered legally competent and must have a guardian. If a child under 18 loses their parents and guardianship was not provided for in the will, the state could appoint a guardian, who might be merely the closest living relative, not the most trusted one. In the case of heirs with special needs, not willing assets in the correct way could make their income or net worth too high and cause the loss of government benefits. SGW Law specializes in not just estate planning, but also special education, giving us a unique level of experience to help you account for special needs while writing your will.
Read more about Planning for Your Child with Special Needs: Why Special Needs Trusts are Important.
Naming the Wrong Executor or Not Naming One at All
While a will is legally binding, its instructions only exist in theory until the testator’s death. Then, the executor’s job is to put the clauses of the will into practice. The executor administers the will by entering it into probate, then locating heirs and delivering assets when applicable, sending estate tax payments, filing forms, and so on. In order to fulfill this role, they must be capable, willing, and local. Choosing someone you can rely on and informing them, stressing what they will be responsible for, is crucial. And if your original executor can’t fulfill this duty anymore, picking a new one is a high priority the next time you update your will.
Becoming an Executor in NJ? Learn more about the Duties and Responsibilities of a New Jersey Executor.
Assuming a Will Covers All Aspects of Estate Planning
Some people conflate “will” with “estate plan” – they may think that estate planning is just modern jargon for writing a will. Of course, a will is necessary for your estate – but it is not sufficient. The will is just a first step, and many estates include trusts, multiple types of beneficiary designations, and other specialized documents. Even people with straightforward financial situations or small families should create documents such as living wills and power of attorney documentation (medical or otherwise). Relying on a will alone could leave you and your family exposed to less than ideal financial and legal events. The more clear and correctly written documents make up your estate plan, the better prepared you are for the unknown.
Protecting Your Family’s Future with Expert Estate Planning
Even an astute, hard-working, and self-possessed average person could make many kinds of errors when drafting a will. Thankfully, almost all of these mistakes are preventable with good legal guidance. The attorneys of SGW Law are trusted by New Jersey as comprehensive estate plan specialists. Our job is to help you safeguard your family, property, business, and legacy.
Reach out to us today to make sure your estate plan fits your needs and covers all the possibilities arising from your unique circumstances.
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