A will is a legal document that designates the distribution of an individual’s estate upon death. An individual must be at least eighteen years of age in order to execute a will. This document specifies how property is to be divided and to whom it shall be distributed and who is in charge. If an individual does not have a will, an appointed administrator distributes the estate according to the laws of the State of New Jersey. It is therefore very important for individuals over the age of eighteen to have a will, in order to protect specific interests and intentions concerning the distribution of their property.
As a general rule, a will is probated in the state and county in which the decedent is a legal resident at the time of death.
Whatever type of will is executed, it should be kept in a safe place that is accessible in case of an emergency or upon the testator’s death. Executors, family members, or those close to the testator should be aware that the will exists and where it is kept.
POWER OF ATTORNEY:
A Power of Attorney is a written document in which an individual authorizes another to act on his or her behalf concerning real property, bank accounts or other legal matters. A Power of Attorney is often used when that individual is unable to carry out his or her affairs. It can be of a limited power, giving the individual authority to act for a specific purpose or event, such as the purchase of a home. It can also be of a general power, giving an individual power to act on all legal matters.
At the law offices of Paul Rubin, Esq. we are experts in Elder Law and Estate Planning.