There may be some New Jersey readers who believe that estate planning is only for those with a certain amount of wealth or high-value assets. However, estate planning is a vital step for all walks of life, no matter the income level. This step can protect children and beneficiaries and ensure that all assets are adequately distributed.
One of the important things that should be outlined in an estate plan is which beneficiaries will receive money or assets. It is also important to specify what items will be divided and if any assets should be sold. The will and legal documentation should be clearly worded and reflect the genuine wishes of the family member. This is equally as important for those with average wealth. Assets such as the family home or sentimental antiques can be listed in the estate plan, as well as stocks, bonds, liquid assets and more.
New Jersey residents may believe that everything is in order with their estate plan. However, it is beneficial to revisit these documents occasionally and determine whether everything is in order. For instance, many wealthy families may choose to pass wealth through a trust instead with the traditional method of a will. It is also important to ensure that everything in the estate plan is in line with the state laws and tax codes.
Estate planning can be confusing, but it is almost always a beneficial step for any family, no matter the size of their assets. It is often a comfort to know that wealth, property and any important personal possessions will go to the intended beneficiaries. Before finalizing estate plans, it is important to know all options and have all information necessary to make the best decisions.
Source: Florida Weekly, Plan your estate, no matter what the size of your assets, Jeannette Showalter, Feb. 5, 2014