Many In New Jersey are aware of the tragic death of Bobbi Kristina Brown, the daughter of the late singer Whitney Houston and her former husband, Bobby Brown. Bobbi Kristina was in a comatose state for six months after being found face-down within a bathtub in her home. Her family has gone through a very bitter and public fight concerning her care, as she did not have the proper estate planning documents in place that would clarify those matters.
Few New Jersey readers are completely free from the dangers of procrastination. It is normal for an individual to postpone tasks that he or she feels are onerous, unnecessary or simply undesirable. For many of us, the act of procrastination is elevated to something of an art form, and an elaborate system of excuses are made for avoiding unpleasant responsibilities. That said, not every act of procrastination carries the same weight. For example, failing to clear out one's email inbox does not carry the same weight as putting off estate planning.
Virtually all New Jersey residents are aware that having a clearly drafted estate plan is key to achieving the goal of a smooth transfer of assets at the time of one's death. That said, few people are aware that estate planning is not a to-do item that is completed and then forgotten about. It is important to give one's plan a periodic review, and the following items should be considered annually to ensure that the plan still serves the intended purpose.
Creating a properly drafted will is an important part of ensuring that one's assets are distributed to the proper heirs when the time comes. Another aspect of estate planning involves determining who should be appointed as the executor of one's will. This is an important choice, and one that can make a world of difference in the eventual outcome of a New Jersey resident's estate planning efforts.
In today's economy, New Jersey residents are looking for the best possible value in all areas of their lives. Whether it is clipping coupons or shopping for the most fuel-efficient vehicle, people want to get the most for their money, and save in every area possible. That said, there are certain areas in which a do-it-yourself approach is not in one's best interests and can actually end up costing more than was saved. Estate planning is a good example and is a need that is best served by a professional touch.
When most New Jersey residents are working on their estate plans, they focus on the manner in which sizeable assets will be distributed among their chosen heirs. Wills usually refer to real estate, vehicles, investments and other items of significant value. For many, however, outlining the inheritance of less valuable items is also an important consideration. With the proper degree of estate planning effort, it is possible to structure a clear and smooth transfer of these lesser items.
More and more New Jersey residents are using social media to stay connected to friends and family, and to make new connections with others who share similar interests. Among social media, Facebook remains one of the most popular choices. For some, an event has not truly happened until the details and accompanying photos are posted on Facebook. Over time, the profile grows, and can become a significant digital asset. Until recently, users had few options when it came to including Facebook within estate planning.
Creating a comprehensive and effective estate plan is greatly aided by using a checklist. Even a simple estate plan is comprised of a number of different documents. While each New Jersey family will have a unique set of estate planning needs, there are a number of tools that are commonly used. Understanding these tools and their benefits can make it easier to create a customized solution.
The process of planning for the distribution of one's assets at the time of death is difficult for many in New Jersey. Aside from the matter of facing the reality of one's own mortality, there are plenty of practical reasons why many prefer to postpone the estate planning process. Recent research suggests that for individuals and families who hold more than $1 million but less than $5 million in wealth, a condition known as estate planning fatigue may be to blame.
As more and more Americans make use of technology and the Internet, the issue of digital assets has gained greater attention. Digital assets are items of value, including emotional value, that a person creates and stores in the digital realm. This can include photographs, videos and text. Facebook, the popular social media site, is one of the largest repositories of digital assets. The company recently announced changes that can make it easier for users in New Jersey and elsewhere to include Facebook within estate planning.