Putting together a solid plan for one's estate is something that no New Jersey resident should delay. There is a lot that goes into estate planning. One small part of it is making sure assets are left to the person or persons of one's choice. Something many people fail to consider, though, is how their heirs will actually handle their inheritance once they receive it.
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.
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.
According to a recent report, more than half of American adults have failed to take the steps necessary to protect themselves, their loved ones and their assets, if they were to become incapacitated or pass away. Not taking the time to do estate planning will only create problems down the line. It is something that every New Jersey resident should do, especially if they have children and/or property.
Many New Jersey residents have pets in their households. To these animal lovers, their pets are truly members of the family. Unfortunately, these are family members who are often forgotten about when going through the estate planning process.
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.