Many New Jersey residents think that, when it comes to their estates, they do not need to put plans in place until they are older. Estate planning is not just for the older population, however. In fact, for individuals with young children at home, they are doing their families a disservice by not being prepared for the inevitable.
Creating an estate plan takes time. There are so many ways to approach the estate planning process, and what one person finds necessary, someone else may not. Take trusts for example. There are different types, and not everyone may see their benefit. This week, this column will go over the basic benefits of having a trust and what New Jersey residents need to do to set one up.
Getting an estate plan together that has everything one needs can be a bit of a challenge. It may be easy to overlook certain legal documents that would be good for New Jersey residents to have. A power of attorney is a good example here. Not everyone thinks that a POA is a necessity and skip over it when going through the estate planning process, but it really can have its benefits.
There are a number of things company owners in New Jersey can do to protect their businesses and personal assets from the effects of business litigation. Believe it or not, proper estate planning is one of them. What does estate planning have to do with business litigation?
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.