New Jersey residents that are considering estate planning may have several options available. A recent article gave several ideas for those not quite sure where to start the estate planning process. For those that already have a plan in place, it can be important to make sure your information is current in order to protect the items and things that may have changed.
Estate planning can protect a person's assets in New Jersey
New Jersey estate planning: How to avoid disputes by heirs
There is a lot to think about when it comes to planning an estate in New Jersey. Most individuals want to ensure that their assets are distributed according to their wishes and will do whatever is necessary to avoid any heirs contesting the will and delaying the process. In situations like this, a no-contest clause may be a useful estate planning tool.
Email and estate planning problems
Whether one lives in New Jersey or near the Pacific Coast, estate planning are things that are worthy of consideration. A new facet of estate planning is deciphering what will happen to online accounts and email if one dies or becomes incapacitated.
The implications of trustee discretion in simple, complex trusts
There are basically two types of trustee discretion that New Jersey residents need to know about when undertaking their estate planning. The first refers to the distribution of income. Authority is granted in a simple trust as is recognized by the IRS enabling the trustee to disburse income to the trust beneficiary. The trustee may also have the power to disburse income or to accrue it in what is called a complex trust as determined by the IRS as well.
Assistance to aging parents considerations
New Jersey residents with aging parents may want to help them out financially if the parents find themselves going through some hard times. There are some precautions to take to make sure that in the process of helping out their parents, adult children do not put themselves in financial binds.
Estate taxes and beneficiary designations
New Jersey residents who want specific assets to be passed to beneficiaries usually concentrate on providing these designations in a will. However, estate planning also requires a review of the beneficiary designations of other instruments, which may very well override different designations in a will.
Dealing with family dysfunction through estate planning
While everyone has failures and shortcomings, we usually find a way to forgive our loved ones and move forward in the relationship. However, in some cases, the flaws of our family members can have long-term effects that impact us and make them untrustworthy. When it's time to draw up a will and work on estate planning, a relative's faults need to be considered, especially in more serious cases, such as substance abuse issues, gambling addictions or criminal activity. Funding the poor choices of a child or close relative is not a responsible way to plan for the future.
Jump start your estate planning
Estate planning may continually be on someone's to-do list, but somehow it never seems to get done. Perhaps the priority of estate planning constantly slips simply because those who are not rich don't think it applies to them. They should keep in mind that they are doing themselves and their family a big favor by having a plan in place if and when a tragic incident calls for immediate action. How, then, do they go about the process of creating an estate plan?
Common estate planning mistakes
New Jersey residents who want to leave assets to their loved ones after their death must do more than prepare a will. A will outlines who gets property that doesn't have a named beneficiary. Assets such as retirement accounts, life insurance policies and joint bank accounts are not subject to a will. They are passed on to the beneficiary without involvement from the probate court.
