Thinking about death is one thing most people likely prefer not to do, especially during the holidays. However, failing to plan for one’s death may mean that one’s wishes aren’t upheld in the event of one’s death in New Jersey. Estate planning is critical, no matter the size of one’s estate.
The purpose of an estate plan is to allow people to make sure that their property will be passed down to the individuals they wish to get this property. In addition, an estate plan makes sure that this property goes to the right beneficiaries in the specific way one prefers it to go and when one prefers it to go. By planning ahead, it’s possible to save money on taxes and court costs.
Not creating an estate plan means that the state’s particular default plan will be executed. This plan might not be in line with what one would have preferred. A strong estate plan includes a will and a durable power of attorney, which helps people to manage their property while they are alive in the event that they are incapable of doing this themselves.
Estate planning makes it possible for a person’s loved ones to mourn the person’s death without being burdened with preventable financial confusion and red tape. Without an estate plan, surviving heirs may end up squabbling over who will get what was left behind, and additional administration costs may cause them not to get what one had desired them to receive in the end. Proper legal guidance can help people to put together an estate plan that will be effective in New Jersey.
Source: mvprogress.com, “Why Estate Planning is so important“, Jeffery J. McKenna, Nov. 19, 2014