In New Jersey, a will is a legal document that sets forth an individual's wishes regarding the distribution of their assets and the care of their minor children after their death. There are several types of wills recognized in New Jersey, including:
1. Formal will: A formal will is a traditional written document that meets the legal requirements for validity in New Jersey. In order for a formal will to be valid, it must be signed by the individual creating the will and two witnesses who are present at the time of signing.
2. Holographic will: A holographic will is a will that is entirely handwritten by the individual creating the will. In New Jersey, holographic wills are not recognized as valid unless they are executed by members of the armed forces or merchant marines while on active duty during war or armed conflict.
3. Oral will: An oral will, also known as a nuncupative will, is a will that is made orally in the presence of witnesses. In New Jersey, oral wills are not recognized as valid unless they are made by a member of the armed forces or merchant marines while on active duty during war or armed conflict.
4. Pour-over will: A pour-over will is a type of will that is used in conjunction with a trust. It directs that any assets that are not transferred to the trust during the individual's lifetime be transferred to the trust at the time of their death.
5. Joint will: A joint will is a will that is executed by two or more individuals, typically spouses, and sets forth their wishes regarding the distribution of their assets. Joint wills are not recognized as valid in New Jersey.
Overall, a will is an important component of any estate plan, as it allows individuals to ensure that their assets are distributed in accordance with their wishes and that their minor children are cared for in the event of their death. It is recommended that individuals seeking to create a will in New Jersey consult with a qualified attorney who can provide guidance and ensure that all legal requirements are met.