Legal Question in Wills and Trusts in New Jersey

Re: wills

If you die without a will, you die "intestate". The state of NJ has laws which will then decide who inherits your property, so you lose the power to make that choice yourself. You also will not be able to name your own executor to handle the estate. Instead someone will need to be appointed [again, you have no choice in this], and that person [the administrator] will need to post a bond, which can be very costly.

Re: wills

I agree with the other responders, but add some comments. Intestacy (dying without a Will) only applies to assets owned and titled in your individual name. Whether or not you have a Will, property titled jointly or ITF, and assets having a designated beneficiary (like life insurance and retirement plans) go to the person who is the joint owner or the designated beneficiary. Intestacy laws provide for family (spouses, children, etc.) and follow the familiy tree. Only if there are no relatives (regardless of remoteness) does property go to the State. In-laws are not considered family. Everyone should have a Will, as the costs of Administration (the probate proceeding where there is no Will) are ususally much higher and require that the person appointed, even if a spouse or child, have a fiduciary bond, the annual premium cost being determined by the size of the estate.

Re: wills

In New Jersey, if you pass away without a will, any personal or real property you own passes to your heirs by the laws of intestacy. You are intestate when you have no will. The statutes in New Jersey will then decide to whom your property will pass. If you have no living relatives, your property will go to the State. If you own any personal or real property, it is in your best interest and your heirs' best interest to make a will so that you get to decide who gets what and how.