New Jersey estate planning lawyer Christine Matus (https://matuslaw.com/5-different-types-of-wills/) releases a new article that explains the five different types of wills. The lawyer mentions that in the world of estate planning, wills are commonly used. A Will allows testators to list their final wishes and layout the way they want their assets to be divided and how their heirs will be provided for.
According to the New Jersey estate planning lawyer, “It is important for individuals to understand the various types of wills available to them in New Jersey and to consult with an experienced estate planning attorney to determine the best option for their specific situation. An attorney can help individuals understand the legal requirements and implications of each type of will and can ensure that the will is properly executed and meets all necessary legal requirements.”
The lawyer enumerates the five different types of Wills. These are Simple Wills, Pour-Over Will, Holographic Will, Deathbed Will, and Reciprocal/Joint/Mutual Wills. Attorney Matus explains that a simple Will is also known as a statutory Will and is often suitable for those with straightforward small estates. Simple Wills are also relatively easy to put together.
Attorney Christine Matus also discusses the meaning of a Pour-Over Will. This type of Will is designed to award assets to the testator’s living trust. A Pour-Over Will is able to grant any property that is still in the testator’s possession at the time of their death to the living trust. The living trust may then be able to distribute it to the beneficiaries.
In the article, attorney Matus mentions another type of Will which is called a Holographic Will. This type of Will is not witnessed by another party. Only a few states recognize this type of Will so it is not really recommended by most estate planning lawyers. A holographic Will is written completely in the decedent’s handwriting, dated, and signed by the testator.
Furthermore, the estate planning lawyer adds two more types of Will to the list. These are the Deathbed Will and the Reciprocal or Mutual Wills. A deathbed Will is an oral Will that is typically spoken by the decedent shortly prior to passing away. A reciprocal Will or mutual Will is a type of Will that grants the entire estate to the surviving spouse.
Planning for the distribution of one's assets upon their passing is a crucial step in protecting the financial security of oneself and their loved ones. By understanding the different types of wills available in New Jersey and consulting with an experienced attorney, individuals can ensure that their wishes are carried out and their assets are properly distributed according to their wishes.
Lastly, the lawyer emphasizes the importance of having a skilled estate planning attorney when it comes to matters like Wills and Trusts. Having an experienced attorney may be able to help the client plan their future and decide how they want their family members to be provided for. A comprehensive estate plan is important in order to ensure that the assets are distributed fairly according to the client’s wishes.
About the Matus Law Group
The Matus Law Group has a team of estate planning attorneys who are committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their estate planning needs. Call The Matus Law Group today at (732) 785-4453.
The Matus Law Group
125 Half Mile Rd #201A, Red Bank, NJ 07701
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The Matus Law Group is an experienced team of attorneys who can help you and your family plan for life, protect and care for loved ones with special needs, cope effectively with disability and death, and preserve inheritances for future generations.
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