Legal Question in Wills and Trusts in New Jersey
We are a married couple updating our wills which date back to when we had our first child. They are simple wills. Our intent is to:
1. Leave entire estate to surviving Spouse.
2. If Spouse is deceased , leave estate in equal shares to Child1 and Child2, or to their surviving children.
3. If Spouse is deceased , Child1 and Child2 and all of their children are all deceased; then leave estate in equal shares to Brother, Sister-in-Law, Brother-in-Law1, Brother-in-Law2; or to each of their surviving children if any of them are deceased.
We live in New Jersey. Our two children are the only children either of us had. We are both 59 years old. The kids are in their late 20s and out of the house. They are not married yet and have no children.
Just below is the language I think we should use. Is it suitable in your opinion?
I leave my residuary estate to my spouse, SpouseName.
If SpouseName does not survive me, I leave my residuary estate in equal shares to my children Child1Name and Child2Name or to their issue, per stirpes, if the child fails to survive me.
If SpouseName, Child1Name and Child2Name or their issue do not survive me, I leave my residuary estate in equal shares to BrotherName, Sister-in-LawName, Brother-in-Law1Name, Brother-in-Law2Name or their issue, per stirpes, if any fails to survive me.
1 Answer from Attorneys
the language is not a bad try. there is a fair amount more that is needed.
What you are looking for is pretty standard stuff, and any decent attorney who does this work (and I do draw up Wills for people) has this Will sitting on the computer.
The attorney talks to you, makes sure that you have the issues of federal and state tax law properly dealt with, and then if appropriate, the lawyer has the standard form Will changed by putting in the names of the people. short. simple. accurate.
the value in having a lawyer do this is to make sure that there is nothing else that affects this, and costs your loved ones a great deal of money. and since your family only finds out about any problems AFTER you die, there is no easy way to fix any errors.
it does not cost a lot of money to get a Last Will and Testament written up by a lawyer, and make sure that it is done correctly. a simple will is a couple hundred dollars, period.
please, consider having a family lawyer the way you have a family doctor and an accountant who does your taxes.
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