Very few New Jersey residents relish the thought of planning for the end of their lives. However, estate planning is a serious matter, and there is a real and pressing need to complete this process in a timely manner. Failing to do so can leave loved ones with little or no direction when it comes to dividing assets or determining how their loved one would have wanted things handled, and can also lead to contention and strife between those left behind.
The first step toward establishing a solid estate planning portfolio is to create a will. Virtually any adult has a need for a will. This is especially true for individuals with young children. Outlining how you would like your assets to be handled in the event of your death is one of the greatest gifts that a parent can give to their child. In the best outcome, these documents will not need to be called into service for many years to come, and are nothing more than financially savvy long-term planning.
A will can outline when a child can receive his or her inheritance. This is an important consideration, given the fact that many young people lack the emotional maturity or decision-making skills to effectively handle a large financial windfall. By outlining when an inheritance is to be received, parents can ensure that their child has a good chance of benefiting from those assets in a lasting manner.
This is just one of the many benefits of drafting a legal will. The process of taking this important estate planning step is far easier than many people envision. In addition, those in New Jersey who go through the steps required to handle this matter can walk away with the satisfaction of knowing that they have done their best to protect and provide for their children in the event that the will needs to be called into service before the children are well into adulthood.
Source: rushvillerepublican.com, Estate Planning: What you need to know, Kate Thurston, Feb. 7, 2014