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.
When a person divorces or gets remarried, it can be important to make sure new information has been updated. Most likely a person who divorces doesn’t want their ex-spouses included in their estate plan. A life change such as this can require a change such as removing this individual as well as their family. At times a person would prefer to include their biological family and close friends. This could protect their assets long-term rather than having to change it every time a life change occurs.
If a person changes jobs, they may also need to update their plan. When retirement is involved, it may be in a person’s best interest to include this in their estate plan as well. A person can feel more confident their retirement is protected when it is also included in their estate.
New Jersey residents interested in estate planning may wish to review the applicable laws. Since each individual’s case is different, a person may be best served to understand the process as well as how the laws will best work in their favor. With the proper knowledge a person can successfully protect their estate.
Source: Forbes, The Big Estate-Planning Goof You May Be Making, Harper Willis, Dec. 16, 2013