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Phone: 201-345-3018

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Estate planning for young adults in New Jersey

Many in New Jersey tend to avoid topics that involve discussions about their own mortality. However, with regard to certain legal issues, such as wills and estate planning, it is typically advisable to not only talk about such matters but to take necessary steps toward crafting a thorough plan that documents one's intentions insofar an asset distribution, inheritance and/or medical directives are concerned. Executing such documents while one is still of sound mind can help loved ones avoid complications further down the line.

If a person dies with no estate plan in place, matters of asset distribution may be decided by a probate court. If one wants to make certain that an inheritance goes to those of one's own choosing, then crafting a will while one is still alive, rather than leaving such things for the court to decide, seems a more logical choice. By executing and maintaining an updated estate plan, one may be able to better provide for the future financial security of one's family.

Some procrastinate when it comes to creating an estate plan because they think it only pertains to the elderly. Others intend to pursue the matter but keep putting it off because they are busy or think they should wait until they own more property or have more money. Not putting a plan into place in a timely manner could cause negative consequences for one's family members.

It has been said that many of the millennial generation tend to lack discipline and diligence when it comes to keeping their financial affairs in order. Therefore, it may be especially important for these younger adults to not only consider matters of estate planning but also to pursue all available options for creating a plan of their own. In New Jersey, there are legal professionals who can assist those interested in navigating the legal process involved in order to document their intentions to provide for their loved one's when they themselves have passed away.

Source: thestreet.com, "Why Millennials and Generation Xers Need to Worry About Estate Planning", James Salter, Nov. 24, 2015

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