When a loved one passes away, those left behind are often very distressed. This is a time when emotions and tensions run high, and when conflict between family members in New Jersey can easily flare up. When it comes to estate planning, there are several tips that individuals and families can implement to offset the risk of family feuds. Doing so can make this challenging time far easier to weather for all involved.
When considering the best way to construct one's estate plan, many in New Jersey are unsure of where to start. Estate planning is a highly personal matter, but there are certain elements that can benefit virtually everyone. Among these are a basic will and two different types of power of attorney documents.
Some level of sibling rivalry exists in most families. New Jersey readers may identify with one sibling believing that the brother or sister always received more attention, more money and nicer clothes. Such feelings can resurface upon a parent's death, and it is not uncommon for one sibling to contest a will that leaves more to the other sibling. In many cases, the "favored" child is appointed as the administrator or executor of the estate. Sometimes, parents fail to keep sibling rivalry in mind during their estate planning.
When discussing estate-planning needs, a great deal of focus is placed on preserving assets and dictating the manner in which one's accumulated wealth will pass on to intended heirs. Often, we discuss these matters in terms of family connections, spouses and children shared within the same family unit. Single New Jersey residents may feel as if their own circumstances do not merit even a simple estate plan. This, however, is a misconception.
When New Jersey residents go through the process of planning their eventual estate, it is important to remember that these directives can only be put into place if the guiding documentation is available to those who need to take action in the matter. Simply creating these estate planning documents and then stuffing them into a file box is not the best course of action. Individuals must take the proper steps to ensure that their wishes can be carried out in the manner of their choosing.
Families in New Jersey and elsewhere have likely heard just how important it can be to have an estate plan. Estate planning can help beneficiaries as well as the owner of the estate -- the plan can give instructions on how that person wishes certain medical and legal decisions to be made. There are some common errors that many families make when creating their estate plan, but there are ways to avoid the confusion.
Many New Jersey readers are likely familiar with the life and artistic work of singer and guitarist Lou Reed. Once the frontman for The Velvet Underground, Reed had a long and prolific musical career that amassed a significant fortune. His death in 2013 and his questionable estate-planning choices have opened up the musician’s financial affairs for the world to see. Hopefully, a glimpse into the estate as it moves through probate will teach others of the importance of creating a solid estate plan, no matter what their level of personal wealth.
Once a New Jersey resident has completed the estate planning process, a sense of relief often follows. It is a great feeling to know that one’s final wishes have been outlined in a legal format, and that those who will eventually be left behind will have a road map for how to move ahead. However, it is important to understand that estate planning is a long-term process, and that one’s existing paperwork should be periodically reviewed to ensure that it remains in line with their plans and wishes.
People usually like to spend their day thinking about enjoyable things, such as eating, doing fun activities or spending time with family. Pondering subjects such as taxes, incapacity and death is not preferred typically, which is why some people in New Jersey may avoid estate planning. However, having a strong estate plan is essential for taking care of a number of important issues, including what will become of any assets.
Many of the men and women in New Jersey who serve within the American armed forces are young, healthy and have the bulk of their lives still ahead of them. Servicemembers are often focused on their duties to their country, and can overlook many of their personal needs. In regard to estate planning, many within the military neglect to address this important issue, feeling that such tasks are for a later time in life. In reality, however, it is never too early to begin estate planning.