Many New Jersey residents make the prudent choice of creating wills and trusts that will handle their assets after their death. When it comes to estate planning, making sure that the information provided is correct is of the utmost importance. If a mistake is made or a wrong beneficiary listed on official documents, conflict could ensue.
One of the most common mistakes during estate planning is having the incorrect individuals listed as beneficiaries of the estate. This issue can arise due to documents not being updated if a change of mind occurs. There are several instances in which a party may wish to change the name of a beneficiary, and divorce is a common instance as parties often on longer want their ex-spouse to have access to their estate.
Another instance could be if a person has had a child or children since they had their will drawn up. In these cases, it is important that those children’s names are added to the appropriate documents in order for them to receive the intended share of the estate. Familial disputes could arise if a child is left out due to outdated documents.
Though some individuals may feel that looking into estate planning once is enough, it is important to check into the documents to ensure that they remain updated. New Jersey estate planning laws could help individuals learn more about how to draw up their plans for their assets and on ways to make necessary changes to already existing documents. By having this information laid out, stress can be alleviated from older individuals as well as their close relatives.
Source: marketwatch.com, Don’t make the No. 1 estate-planning goof, Harper Willis, Jan. 23, 2014