AWCA Resource Center
AWCA Resource Center

Retirement Planning

Will

This content is provided for informational purposes only. For specific legal advice, please consult with a qualified professional or an official government agency.

A Will is a legal document that formally outlines an individual’s final wishes regarding the distribution of assets, guardianship of minor children, and the appointment of an executor after their passing. A Will helps prevent confusion and disputes among surviving family members, ensuring that the estate is managed according to the decedent’s wishes rather than by court-mandated procedures.

Any adult who is at least 18 years of age and mentally competent (possessing testamentary capacity) may execute a Will.

Key Characteristics

  • Clarity of Asset Distribution: You designate specific beneficiaries for all assets, including real estate, bank accounts, and personal belongings.
    • New Jersey does not impose an Estate Tax, but an Inheritance Tax may apply. Immediate family members (Class A beneficiaries, such as spouses, children, parents, and grandchildren) are exempt.
    • However, Class C or D beneficiaries (siblings, friends, etc.) may be subject to taxation.
      * For specific legal advice consult a tax professional.
  • Protection of Minors: Protect your children’s welfare by pre-designating a legal Guardian to care for them in the event of your passing.
  • Appointment of an Executor: Designate a trusted individual or institution to faithfully carry out the terms and conditions of the Will.
  • Simplified Legal Procedures: Without a Will, assets are distributed according to Intestacy Laws, and the court will oversee the estate administration at its discretion. With a Will, assets are distributed according to your wishes through the Probate process, overseen by the Surrogate’s Court.

Primary Components

  1. Appointment of an Executor: Designate a representative to manage the entire process, including funeral arrangements, tax payments, and the distribution of assets.
  2. Specification of Beneficiaries: Clearly identify individuals or charitable organizations intended to receive your assets.
  3. Guardianship Provisions: If you have children under 18, designate a guardian to provide care in your absence.
  4. Settlement of Debts and Taxes: Include instructions on how to settle outstanding debts and pay any applicable inheritance taxes.
  5. Residuary Clause: Determine the distribution of any remaining property not specifically mentioned elsewhere in the document.
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Considerations

  • Holographic Wills: A Will that is entirely handwritten and signed by the testator (Holographic Will) may be valid without witnesses, but it is generally discouraged due to the risk of legal errors.
  • Testamentary Capacity: The testator must be of sound mind and fully understand the implications of the document at the time of signing.
  • Witnesses and Notarization: Per New Jersey law, a Will must be signed by at least two adult witnesses.
    • While notarization is not mandatory, executing a “Self-Proving Will” before a Notary Public simplifies the probate process by exempting witnesses from having to appear in court later.
    • Beneficiaries may serve as witnesses, but it is highly recommended to use disinterested third parties to prevent potential disputes.
  • Continuous Updates: You should revise your Will (via a Codicil) or draft a new one following major life events such as marriage, divorce, birth, or significant changes in assets.
  • Secure Storage: Keep the original in a safe location and share its location with your executor. The New Jersey Will Registry offers a voluntary service to record the existence and location of your Will to prevent loss or disputes.
    • Registration/Search Fee: $10 each.
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Contact

AgencyPrimary Role and ContentContact Information
New Jersey Will Registry(Secretary of State)Voluntary registration of the existence and storage location of a Will.
*Registration/Search Fee: $10 each		Mail: P.O. Box 300,
Trenton, NJ 08625-0300
(Include $10 check/money order)
609-777-2581
nj.gov/state/archives/catstate.html
Bergen County Surrogate's CourtOversees legal procedures including Probate, estate administration, and guardianship appointments.
*Guide materials available in Korean.		Two Bergen County Plaza, Suite 5000, Hackensack, NJ 07601
201-336-6700
NNJLS
(Northeast New Jersey Legal Services)		Free legal aid for low-income residents, seniors, and the disabled (subject to eligibility).190 Moore Street, Suite 100,
Hackensack, NJ 07601
201-487-2166
NNJLS.ORG
LSNJ
(Legal Services of New Jersey Hotline)		Free legal consultation and information provision.1-888-576-5529
lsnjlawhotline.org

Resources

Resources

Retirement Planning