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Thomas N. Torzewski, LLC

New Jersey estate planning: The simple will

There are a lot of words that just do not seem to fit together in the same sentence. For example, estate planning and simple. Believe it or not, some New Jersey residents can create simple wills that provide all of the protections that they need for their estates.

While not everyone has a full estate plan prepared, quite a few people at least have wills. A simple will is appropriate for anyone with a modest estate that is not subject to federal estate taxes. The purpose of this type of will is simply to give instructions about how assets are to be distributed.

Now, just because one's estate is small does not mean that probate may be totally avoided. Family members, creditors or anyone who has concerns about the contents of a simple will may file a petition in court in order for a probate judge to get the final say on the issue. If one thinks that probate may be an issue, taking the time to prepare a full estate plan may be the way to go from the beginning.

Estate planning can be a complex matter, especially if one has a lot of little details that need to be tended to. Under the right circumstances, it does not have to be such a difficult thing to figure out. With the assistance of legal counsel, New Jersey residents can decide if the simple will is sufficient for their needs or if more complete estate plans would better serve their interests and the interests of their family members.

Source: FindLaw, "What is a Simple Will?", Accessed on Sept. 21, 2017

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