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Estate planning: Why you should do it

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.

New Jersey estate planning: Power of attorney basics

A power of attorney grants a designated individual the right to handle one's affairs in the event that he or she is not in the position to do it for himself or herself. It is a powerful tool to have in one's estate plan and can be created with the assistance of an estate planning attorney. Here are a few things about powers of attorney, of which New Jersey residents may not be aware.

New Jersey estate planning: Taking care of your pet

Many New Jersey residents enjoy the companionship of animals. These loyal friends are there during some of the roughest times in life offering love, support and comfort. It is normal to want to make sure that one's pet is taken care of in the event of one's incapacitation or death. It is possible to do just that when going through the estate planning process by setting up a pet trust.

Estate planning scams are very real and very common

Many New Jersey residents need to take the time to do some planning for the future. Future planning is more than thinking five or 10 years out; it extends to planning for one's incapacitation or death. While estate planning is not a fun topic, failing to get it done, get it done right and get it done with the help of the right people can have significant consequences for oneself and one's beneficiaries.

Estate planning musts following a divorce

Numerous marriages end in divorce every year. When going through the dissolution process, there is a lot on one's plate. Thinking about estate planning is probably the last thing on anyone's mind at such a time. While it may not seem high on the priority list, there are some estate planning modifications New Jersey residents may want to consider making during the divorce process or shortly after their divorces are finalized.

New Jersey estate planning: Do I need a living will?

When thinking about the future, one doesn't really want to think about his or her ultimate demise. Yet, it is something that should be done. This is where estate planning enters the picture. Many New Jersey residents may think that this process is only for covering one's bases for when they die -- but it can do a lot more than that.

Estate planning can help to avoid or prevent undue influence

Undue influence is a real phenomenon in New Jersey and nationwide. It involves the exertion of pressure -- subtle or direct -- over an elderly person, which is intended to take advantage of the person's weakness, infirmity or other vulnerabilities, to improperly usurp the person's free will and make him or her give part or all the estate to the one exerting the undue influence. This may include attempted manipulation of the estate planning process for improper financial gain.

How does Bitcoin fit into estate planning?

Quite a few Americans have invested in the cryptocurrency Bitcoin. The rise of Bitcoin value has been quite extreme, making owners of the currency rather wealthy on paper. What happens to this digital currency when its owner passes away, though? Do loved ones get to automatically claim it? The answer is no, which is why including Bitcoin when going through the estate planning process is important for anyone in New Jersey who has it in their portfolio.

Estate planning when one's heir is an opioid addict

For New Jersey residents who are planning their estates, figuring out how assets should be passed on to heirs can be a difficult thing, especially if one's heir is an opioid addict. Will this person use his or her inheritance responsibly? Is passing assets on to an opioid addict even the best decision? The opioid crisis in America is at an all time high and those going through the estate planning process may want to know what options they have to ensure that their assets are fully protected, even from their heirs' shortcomings.

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Thomas N. Torzewski, LLC

Torzewski & McInerney, LLC
60 Washington St
Suite 104
Morristown, NJ 07960

Phone: 973-532-2868
Fax: 973-359-0077
Morristown Office Location