No one wants to think about what will happen to their family and assets when they die. Unfortunately, not thinking about it will only hurt one's family in the end. Many New Jersey residents have not gone through the estate planning process. If it seems too overwhelming to you, you can start with just the basics -- creating a will.
Are you ready for the future? Are you prepared for what will happen to you if you were to become incapacitated? Do you believe the purpose of estate planning is only to protect your assets? Guess what, estate planning is not just about asset protection; it is about life, wishes and family protection as well. That is something many New Jersey residents do not realize.
Designating beneficiaries on financial accounts and in an estate plan is just part of preparing for the future. One's assets need to go somewhere when one passes on; who wouldn't want a say in who should get them? Unfortunately, many people in New Jersey believe that beneficiary designations and estate planning in general are a "one and done" kind of thing. The truth is, time passes and people change their minds about who their beneficiaries should be. If beneficiary designations are not updated, the wrong person could end up receiving assets following your passing.
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.
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.
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.
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.
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.
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.
When making preparations for what should happen to one's assets in the event of death, one may easily get overwhelmed. Most New Jersey residents know that they need a will. Does estate planning have to involve trusts, too?