An Elder Care Attorney in Newark’s Guide to Elder and Estate Planning: Dying Without a Will
Aretha
Franklin’s estate is said to be worth $80 million. Ms. Franklin did not have a
will. What is next for her heirs? Lots of headaches are the predictions. Dying
without a will is known as dying intestate. A will is a written document that
disposes of the deceased person’s property according to the deceased person’s
wishes. When an individual dies without a will, his or her property is
distributed to heirs according to a process and procedure outlined in New
Jersey’s intestacy laws. For more information click here. elder
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Why Draft a Will?
People
mistakenly believe that when they die, their property will pass to their family
or heirs. Heirs are spouses, children, siblings, parents, and cousins of the
deceased person. If a deceased person does not specify who gets what property,
the state of New Jersey will determine who gets any property and how the
belongings will be distributed to any heirs. When an individual dies without a
will, the probate court steps into the shoes of the deceased person and starts
the process of identifying assets and liabilities. They also must determine who
the beneficiaries are and locate them. For more information click here., elder
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The number
one benefit of drafting a will is that a deceased person’s property will be
distributed according to his or her wishes. With limited exception of the
spouse, a deceased person is free to leave his or her property to any person,
organization, and even pets. There is no requirement to leave property to
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A close
second benefit of having a will is that more of the deceased person’s property
will be passed to the deceased person’s beneficiaries. A beneficiary can be a
person or organization to whom the deceased person leaves his or her property
and does not have to be a blood relative. The administration of an estate
without a will is costly and those fees and taxes are paid by the estate before
the beneficiaries receive any of the deceased person’s property. For more
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The Giro Law Firm serving the community of Newark, New
Jersey helps individuals with all of their estate planning needs, including the
drafting of wills. Make sure that your belongings are left to the people or
organizations that you choose with limited headaches and fees. A will is not
the only thing with which an elder care attorney can help you. Talk to an Elder
Care Attorney in Newark today about powers of attorney, health care proxies,
and Medicaid planning for long term medical care. For more information click
here. .
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