There may be people in New Jersey that believe wills, trusts and powers of attorney are only for older couples that are established and around retirement age. In truth, everyone could benefit from estate planning. Anyone that has children, is married, owns property or has other significant assets may need to be sure they are taken care of should anything happen.
Most everyone in New Jersey hopes to live to a ripe old age, but the unfortunate truth is that there are guarantees. Even as people age, they tend to think there is always more time. Having a plan in place early can ensure that accounts and assets are handled in such a manner that they will sustain a family left behind when a loved one dies. Death is not the only eventuality that can be handled by estate planning.
Not everyone has the ability to manage money and investments. For instance, someone that is adept at taking care of the family’s portfolio could become incapacitated, if even temporarily; and if there is no one in place to take care of things while that person is incapacitated, the family could suffer. Estate planning documents may provide a plan for this contingency.
If a loved one becomes incapacitated or dies, there will be enough for the family left behind to think about without having to worry about managing the family finances. In addition to allowing the family to focus on other things, estate planning documents can also protect family members from themselves. Someone that is not as savvy with money may end up innocently jeopardizing the plans put in motion by his or her loved one.
Source: Bradenton Herald, “Planning to plan for financial decisions in case of major life changes,” Tom Breiter, April 23, 2013