In case you are not familiar with a “holographic will,” this is not a document inspired by the movie Star Wars or another scientific source that appears and reappears when summoned.
In simplest terms, a holographic will is one that has been written and signed in the testator’s handwriting. For this type of will to be considered legal and valid, New Jersey law requires that certain elements must be present.
When life is operating normally, we usually find ourselves with too little time to handle some of the less urgent matters that we face. Many of us tend to procrastinate, believing there will be plenty of time in the future to address those issues.
Estate planning is the process of identifying how and to whom your assets should be distributed after your death. The process, best managed with the advice and guidance of an experienced estate lawyer, means creating a strategy to distribute your wealth as you wish without confusion, contention (hopefully), or an unnecessary tax burden on any of the recipients.
Some assets may pass to your beneficiaries through your will, but some can transfer ownership by way of a specific beneficiary designation or co-ownership.
Your will should cover any contingency. As we know, none of us can predict the future and events having the minimal likelihood of occurring do happen.
Since most couples designate each other as their primary beneficiary should one die, the estate of a deceased spouse usually passes automatically to the survivor.
When a loved one dies, the division of most assets among beneficiaries can be a straightforward process, mainly when a well-prepared will is in place. However, if the deceased happened to be the sole owner of real estate in another state, liquidation of the property may become a bit more complicated.
In these instances, an additional process known as ancillary probate may be required before the property can be sold.
If you should die without a will in NJ, also known as intestate, the State of New Jersey has precise guidelines for dividing your estate. While these rules might result in a fair distribution of your assets, the outcome may not be what you would have preferred.
