For New Jersey residents who want to ensure that their families understand their end-of-life wishes, estate planning is an action to consider. By creating an estate plan, individuals can detail what actions should take place in the event of their incapacitation, who should receive what assets after death and other similar topics. Though estate planning can prove beneficial in the future, many individuals put off creating their plans.
It was recently reported that 40 percent of individuals in the Baby Boomer generation do not have a will. Furthermore, when individuals over the age of 34 are considered, that number increases to 71 percent. Many parties may not follow through with their planning because they feel they have ample time to get around to it, but an unexpected accident or illness could occur at any time.
Estate plans can be useful to individuals who want to ensure that their family members gain ownership of assets, and creating a trust could help the family avoid probate. Furthermore, taking the time to make plans could greatly reduce stress on surviving family members in the event of a death. Rather than working to divide property and make funeral arrangements while wondering whether it is what the deceased wanted, a family can be confident in knowing that they are following an estate plan that the deceased created.
If individuals would like to get started with their estate planning but are uncertain where to begin, assistance is available from local resources. New Jersey residents may wish to discuss their cases with an experienced estate planning attorney who can provide valuable advice and information. Various options are available, and individuals can plan as they see fit.
Source: fox40.com, “Angie’s List: Estate Planning Pointers“, Bethany Crouch, Dec. 28, 2015