When most people think about planning their estate, they focus on the ultimate distribution of their accumulated assets. This is a worthy goal within the estate planning process, but it is certainly not the only reason to undertake this important planning step. For New Jersey parents with small children, a primary estate planning focus should be on ensuring that the well being of those children are supported in the event of the death of the parents.
Needs of young children within estate planning
Using safe deposit boxes for estate planning documents
Once an individual or family has completed their estate plan, the next step is to determine how to properly store the resulting documents. In order for one's estate planning efforts to produce the desired results, the designated individuals who will handle the estate will need to access the documents that make up the overall plan. Securing a safe deposit box is an excellent option for many New Jersey families, but it is important to understand how these boxes are used.
Benefits of trusts: Beyond avoiding probate
Virtually all New Jersey residents are aware that building an estate plan around trusts instead of simply drafting a will can keep an estate out of probate. The probate process is time-consuming, expensive and fraught with potential tension and stress, and avoiding those negative aspects is a worthy goal. However, there are a number of other reasons to choose trusts over a will.
Estate planning across state lines
Quite a few New Jersey residents own assets in different states or spend time traveling between two or more states. In such cases, estate planning can become complicated. The laws of one state may conflict with those of another, and assets can be bogged down as the courts try to determine how to move forward with the inheritance process. In addition, excessive taxation and fees can be incurred when multiple states are involved.
Is a will an outdated type of estate planning tool?
New Jersey residents have more estate planning options today than ever before. In fact, the sheer volume of available choices can be confusing and can lead many to feel overwhelmed. Some people feel that, with all of the available options, the will has become obsolete as an estate planning tool.
Unmarried couples have unique estate planning needs
A great many young people in New Jersey fail to recognize the importance of creating a comprehensive estate plan. This is especially true among young couples who feel (and rightfully so) that their lives will be long and happy and that the need for estate planning is something to consider later in life. In reality, however, unmarried couples do not share the same rights as married families and should create an estate plan that addresses those inequities.
Reduce stress with this simple estate plan approach
For many New Jersey families, the period of time immediately following the loss of a loved one is stressful enough. Adding layers of complexity on top of the grieving process only serves to make this time even more difficult and should be avoided whenever possible. Often, the best way to reduce tensions and promote harmony among surviving loved ones is to create a simple estate plan that is focused on the wants and needs of those left behind.
A simple estate plan need all parents share
When many New Jersey residents consider estate planning, they imagine the manner in which their assets will be distributed at the conclusion of a long and happy life. While this is the ideal outcome of any estate planning effort, it is not the only reason why creating even a simple estate plan is a need that everyone shares. Estate planning offers different benefits for different stages of life. A prime example lies in the need that parents of minor children share to designate guardians for their kids. These needs change obviously as children mature into adults.
New Jersey residents should be wary of estate planning scams
While many people recognize the value of creating a comprehensive estate plan, they also want to save money while addressing that need. They sometimes look for savings in estate planning services, and they can become victims to a range of scams that prey on individuals in New Jersey who are bargain-shopping for legal services. These scams can take a number of forms, some of which are difficult to immediately identify.
