Legal Question in Wills and Trusts in New Jersey

Re: wills

Technically, your Will does not control the disposition of your life insurance or any joint accounts (with right of survivorship) that you own. However, your Will could confirm that you want these assets to pass to the beneficiaries you have designated.

With respect to your husband, in New Jersey, a spouse is entitled to an "elective share" (generally one-third of your estate) even if he is not named under the Will.

Re: wills

ANY ACCOUNTS (BANK, BROKERAGE, ETC.) WHICH LIST A CO-OWNER NEED NOT BE MENTIONED IN THE WILL. SAME FOR INSURANCE POLICIES NAMING A SPECIFIC DESIGNATED BENEFICIARY. THESE ARE THEN CONSIDERED NON-PROBATE ASSETS (ASSETS PASSING OUTSIDE THE WILL). HOWEVER, SINCE YOUR HUSBAND IS ALIVE, YOU MIGHT WANT TO GIVE THOUGHT TO CREATING A TRUST IN WHICH THE CHILDREN OWN THE ASSETS BUT WHICH CAN PROVIDE FOR SOME PART OF THE INCOME OR ASSETS TO BE USED FOR HIM IF HE SOULD BE IN NEED AFTER YOU PASS AWAY. YOU DO NOT STATE YOUR FAMILY'S MARITAL CONDITION (FIRST OR SECOND MARRIAGE, WHOSE CHILDREN, ETC.), FINANCIAL SITUATION OR POSSIBLE MEDICAL CONDITIONS THAT MAY CAUSE THIS DECISION. THERE MAY BE BETTER METHODS OF ACCOMPLISHING YOUR DESIRES THAT JUST NAMING THE CHILDREN. YOU SHOULD CONSULT AN ESTATE PLANNING ATTORNEY, AS MYSELF, TO DISCUSS ALTERNATIVES THAT MAY PROVIDE BETTER FAMILY AND FINANCIAL PLANNING. MORE FACTS ARE NEEDED TO PROPERLY ADVISE YOU IF YOUR CHOICE IS THE BEST THAT CAN BE MADE.