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Why consider estate planning? Here are a few reasons

| Oct 10, 2018 | Estate Planning |

Most New Jersey residents have a lot on their plates daily. Family and work obligations leave little time for much else. There is one thing that many people really should think about prioritizing, though, and that is taking the time to do some estate planning. Why? Here are a few reasons.

Reason number one to consider estate planning is protection. Having a quality estate plan in place offers protections for the principal, his or her assets and his or her loved ones. Without an estate plan, one is giving up a say in what happens to him or her in the event of incapacitation and what happens to assets in the event of either incapacitation or death — leaving an estate vulnerable to things like taxes and creditors.

Reason number two to consider estate planning is money and time. Without an estate plan, one’s estate will have to pass through probate. This can cost a lot of money and take a lot of time depending on if there are any complex issues that need to be resolved.

Finally, reason number three to consider estate planning is privacy. When an estate goes to probate, anyone in the public can gain access to the files. Not too many people are keen on having their finances and family drama reported for their neighbors to see. While a will must also be probated, there are options to avoid it through the use of trusts and other estate planning devices.

Estate planning is something anyone can and should do regardless of their economic station. It is not reserved for the wealthy. It is for anyone who wants a say in their future personal care and anyone who wants to control how their assets are divided after they die. A New Jersey estate planning attorney can ensure the process of setting up an estate plan is as painless as possible, all while producing quality and legally binding documents.