Everything has been signed, sealed and stored in a safe place. Most New Jersey residents may believe that once they're done with estate planning and put the papers away, that's it. But what if things happen in life and those papers still sit there untouched? It could spell problems for an estate owner's loved ones.
Putting together an estate plan can feel like a daunting task. There are so many estate planning documents available; many New Jersey residents may not know which ones they actually need. Here's the thing -- there is no one-size-fits-all estate plan. The various documents exist so that one can create a plan that truly fits their needs and estate planning goals.
Welcoming a baby into one's home can be an exciting, albeit frightening thing. It is natural to want to protect children from all the bad in the world, but not all parents in New Jersey or elsewhere take steps to safeguard their kids in the event they are no longer around to care for them. While no one thinks that estate planning and starting a family go hand-in-hand, they certainly do.
Part of the estate planning process is deciding who one wants to be responsible for making financial decisions on one's behalf should one become incapacitated. The person designated as a financial power of attorney will have a lot of responsibility. It is not a role that should be given to just anyone. Here are a few things New Jersey residents may want to consider when choosing a financial POA.
Many adults in New Jersey have taken the time to go through the estate planning process. They did so to ensure that they, their loved ones and their assets are protected in the event of their incapacitation or death. Unfortunately, some of these individuals have likely not reviewed their estate plans in some time, meaning they could be out of date. Reviewing an estate plan every few years or after a major life event is recommended to ensure it offers the protection one desires.
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.
Many people know that having an estate plan in place is a good idea. Yet, many New Jersey residents do not. If they do, there is a fair chance that it was not set up as well as it could be or that it needs updating. Careful estate planning is required to ensure the probate process is easy for one's heirs, so it is worth taking the time to get it done right.
Many people in New Jersey give money and/or their time to charitable organizations while they are alive. Some people, though, prefer to give after they leave this life. Wanting all or part of one's estate to go to charity is an honorable thing. If this is something one desires, it requires careful estate planning. Here are three ways one can ensure the charity or charities of one's choice get the money set aside for them.
Putting together an estate plan is something many New Jersey residents believe is for individuals entering their golden years. It is not just for that particular population, though. Estate planning is something that can be done by adults of any age.
Those in New Jersey or elsewhere who would like to make sure they, their loved ones and their assets are protected should consider putting together an estate plan. Few people do, though. While estate planning certainly has its place, for those who are not quite ready to take that step, making sure beneficiary designations are up to date is the next best thing they can do for themselves.