Depending on one's state in life, thinking about end-of-life matters may not seem all that important right now. The truth is, all adults in New Jersey, regardless of age or financial situation, should consider having an estate plan. Here are a few reasons why going through the estate planning process now is a wise decision.
Reason number one is: to protect oneself. No one knows when incapacitation or death will strike, and without an estate plan in place, one is basically giving up his or her voice. Who will make one's medical and financial decisions? How will property be divided to beneficiaries? The only way to have a say in such matters is to have a written and legally binding plan in place and make sure loved ones know that it exists.
Reason number two is: to minimize taxes. Estate and death taxes can create a significant financial burden for surviving family members. Taxes may be minimized if one's estate is set up in a particular way.
Reason number three is: to prepare one's family for what is to come. At some point, families are faced with tough decisions regarding the care of loved ones in their final days and how to handle their estates after they pass away. Having a plan in place that one's family is aware of can help prepare them to tackle the difficult issues that will inevitably arise during that time.
Estate planning serves a valuable purpose. Stable, strong and valid estate plans offer direction and protection. It is certainly something New Jersey residents would benefit from having prepared now for whenever it is needed in the future.