A scarecrow guards your crops from hungry birds and pesky critters. But who is looking out for the people you love? If you die intestate—without a valid will—state law generally decides who inherits property that passes through your estate. That may not match the plans you had in mind, and your family could be left sorting through uncertainty at an already difficult time. For example, in NJ if you are newly married and don’t have children yet, if something happens to you, then your estate must be distributed between your parents and your new spouse using a formula. This may not have been what you want.
A scarecrow can’t write a will (those straw fingers are hopeless with a pen), but you can make a plan. A current will or revocable living trust, together with a review of your beneficiary designations and other estate planning documents, helps make your wishes clearer. Protect your harvest—and spare your loved ones a scare that lasts longer than Halloween.