A Two-Part Series on Your Estate Plan and Real Estate

Planning ahead for what will happen to your property after you pass away is an important venture and one that should be done under the guidance of an estate planning attorney. Most people don’t want to broach the subject of estate planning as it relates to their real estate but it is extremely important to discuss what will happen to your property if you were to become incapacitated or pass away.

Managing your final wishes can be extremely challenging for loved ones in this situation. It is strongly recommended that you put together a will to pass down any real estate. The intestate statute in New Jersey will automatically pass down your land and other assets to your closest relatives in accordance with the laws. However, if you want the land to go to a particular individual or to stay together, then it is necessary to write a will. There are other situations in which it might make the most sense to put together a will for estate planning purposes. You might not want certain heirs to inherit particular assets.

Without a will you will not be able to determine where you want the property to go instead of to unfavored relations. If you do not have any children and do not plan to in the future, you can select siblings, nephews, nieces or charities as your beneficiaries but you may want to have primary and contingent beneficiaries that can help you ensure that certain individuals do not profit from your estate. In the event that you do not have a will, an individual’s estate is classified in New Jersey as intestate and enters the official probate process.