Newly married couples in New Jersey and elsewhere often have big plans for their future. They dream of all the things they want to do and take steps to make those dreams a reality -- which, of course, is a good thing. There is one aspect of future planning that some newly married couples try to avoid, though, and that is preparing for death. Everyone dies at some point. If estate planning has not been completed, it can hurt one's spouse and/or one's children in the end.
Estate planning is serious business. Although everyone's plan is different, there are some common mistakes attorneys and judges see all the time.
There are a lot of projects out there that the average person can complete on his or her own with great results. The do-it-yourself craze certainly gets people out, trying new things and sharpening already existing skills. Unfortunately, DIY is not meant for everything. Take a DIY will, for example. It is cheap and quick and seems to get basic estate planning done, but is it the best way for New Jersey residents to protect their assets and beneficiaries?
To set up a trust or not to set up a trust, that is the question. Many New Jersey residents have an idea of what trusts can do, but some are not sure if going through the work to create one is really worth it. Is a trust really needed? It is actually not a necessity for everyone; however, those with children might want to consider all of the benefits a trust offers when going through the estate planning process.
Planning one's estate can be a difficult task, as there is a lot to think about. One thing that some New Jersey residents may fail to really consider is the role the executor plays when it comes to administering their estates. Before just naming anyone to this position when going through the estate planning process, really consider who would be best for the job.