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Consider estate planning sooner rather than later

| Apr 14, 2020 | Estate Planning |

Most New Jersey residents do not think about getting their affairs in order in the event of their passing, or they believe they have time to figure it all out later. The problem is that no one knows when his or her time will be up. That is why one might want to consider estate planning sooner rather than later.

Estate planning has its place, regardless of one’s current financial situation or age. It is not just about protecting assets; it is also about protecting loved ones and oneself. An estate plan involves more than writing a will. It involves:

  • Setting up trusts, if wanted
  • Designating guardians for minor children, if applicable
  • Naming health care and financial proxies
  • Documenting health care dos and don’ts
  • Designating beneficiaries
  • Taking advantage of tax benefits

There are numerous benefits to creating an estate plan. For many, the best benefit is that it offers peace of mind. Knowing plans are in place can relieve a lot of stress. Just make sure to update those plans as needed.

As long as an estate plan is created while one is of sound mind, one’s final wants and wishes should be honored, and one’s family will have the ability to get through probate as quickly as possible. New Jersey residents who are not sure how to start the estate planning process or what legal documents are needed to ensure that they, their loved ones and their assets are protected can turn to an experienced attorney for assistance. The time and effort spent doing this now will prove worth it in the end.