Do You Need a Will? What NJ Families Should Know Before They Buy Life Insurance
- info4558945
- Jul 11
- 2 min read
Life insurance makes sure your family has money if something happens to you. But it doesn't decide who raises your kids, who manages your affairs, or how your belongings get divided, that's what a will does. The two work together, and most families end up needing both.
What a Will Covers That Life Insurance Doesn't
Life insurance pays a cash benefit to the beneficiaries you name on the policy. A will handles everything else:
Naming a guardian for minor children, arguably the single most important reason young parents need a will.
Deciding how property, savings, and personal belongings are divided, instead of leaving it to New Jersey's default intestacy laws.
Naming an executor to handle your estate and carry out your wishes.
Making specific bequests, like a family heirloom going to a particular person.
You Don't Need a Lawyer to Get Started
For many families, a simple, state-compliant will can be created online in well under an hour using a template service, at a fraction of what an attorney-drafted will typically costs. It's a reasonable starting point, especially if you're setting one up for the first time alongside a new life insurance policy. More complex estates (blended families, business ownership, special-needs planning) usually still warrant an attorney's review.
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Pair It With the Right Life Insurance Coverage
A will and a life insurance policy answer different questions, but they should tell the same story about how you want your family taken care of. If you're setting up a will for the first time, it's a good moment to double check that your life insurance coverage still matches your family's needs.
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