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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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A few facts to consider during the estate planning process

Our readers have often read posts about how important it is for everyone to have a will and other estate planning documents before they pass away. These documents and plans can help to make things easier on the family members who are left behind. There are some very specific points that our New Jersey readers might find interesting about creating a will.

One important part of creating a will is naming the beneficiaries for your assets. Have you ever thought about what would happen if your beneficiary passes away before you? If not, now is the time to think about that. With that thought in mind, you should make sure that you name alternate beneficiaries for your items. This can help to prevent issues between those left behind if a beneficiary isn't alive.

On that same line of thinking, you should decide who gets all the property not named in the will. You will likely make plans for what happens to the house and other big ticket items. What about other items? You can name one person to receive the residuary estate, which is everything left in the estate after items are handed out in accordance with the rest of the will.

An item that some people don't think about is what will happen to debts owed to you. It is possible for you to cancel those debts. While that isn't a requirement for your will, the people who owe you might enjoy you forgiving the debt.

These and other considerations are important aspects of coming up with a will that is personalized for your situation. Getting answers to your questions ahead of time can help you to ensure your will conveys your wishes accurately.

Source: Your Smart Money Moves, "Ten Things To Include In Your Will" Dec. 29, 2014

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