Many New Jersey residents who have created a solid estate plan feel a significant sense of relief in the knowledge that their wishes are documented in a legal format. However, there are certain life events that necessitate a re evaluation of existing estate planning measures. The end of a marriage is one of the most significant changes that can prompt the need to take a second look at one's plan, and to make changes where needed.
The creation of a comprehensive estate plan leaves many in New Jersey with a sense of relief. Knowing that these matters have been settled brings peace of mind to both individuals and families. Once the process is complete, the final step is to compile estate planning paperwork such as trusts or wills, and to check that there are no additional documents that should be added to the mix.
The primary issues that come to mind when many consider estate planning are the creation of wills and trusts. While settling a plan for the division of assets upon one's death is an essential component of the estate planning process, it is not the only focus. There are many other benefits that a simple estate plan can bring New Jersey residents. Chief among these are provisions for incapacity.
Many New Jersey residents have fond memories of comedian and actor Robin Williams and the many roles he played in movies and television over the years. When Williams died last year, he did so having left provisions in place to provide for his family. While Williams appears to have covered the major financial matters in his estate planning package, it appears that his heirs are at odds over some of the belongings that he left behind.
A great many families in New Jersey are comprised of a blend of biological and stepchildren, in which one or both spouses have been married previously. This combination can lead to a rich and fulfilling mix of family connections, and often simply expands the number of people with whom a spouse is able to share their love. When considering estate planning options, however, a combined family has needs that differ from a more traditional family in which all of the children are shared by the husband and wife.
The number of Americans who purchase and own firearms has been on the rise in recent years. Statistics compiled by the National Instant Criminal Background Check System, which is run by the FBI, indicate that the number of firearm purchases has risen since 2012, and that last December's numbers were also higher than the year prior. This means that more and more households contain guns, many of which are highly valuable. For those in New Jersey who have a valuable firearm collection, the topic of gun trusts within estate planning may be of interest.
At a recent conference of the American Institute of Certified Public Accountant's Personal Financial Planning, a session was held that focused on the tensions within families that can make it difficult to address inheritance issues. The speaker was able to illustrate many sources of tension and strife that can impact the estate planning process. These matters may be of interest to many New Jersey families who are addressing estate planning needs.
Parents typically have just about anything but free time on their hands. This may be even more true for single parents in New Jersey. While it's understandable that some single parents feel as though they don't have a spare second to consider what might occur should anything happen to them, it's actually critically important that they give this considerable thought. When an individual is the only parent a child knows, even a simple estate plan can help protect his or her future.
When considering the best way to construct one's estate plan, many in New Jersey are unsure of where to start. Estate planning is a highly personal matter, but there are certain elements that can benefit virtually everyone. Among these are a basic will and two different types of power of attorney documents.
New Jersey residents who are beginning the process of planning their estate often work with a series of lists. These may include lists of assets, lists of heirs and lists of the documents required to put their wishes into a cohesive estate planning solution. Often absent from those lists are details about social media accounts, which, in our digital age, is a topic that deserves attention.