The beginning of the year is a good time for New Jersey residents to evaluate their lives — including any preparations for their retirement, unexpected incapacity or death. For people who already have an estate plan, this is a good time to review it to make sure that nothing needs to be changed. For those that do not yet have one, now is as good a time as any to put one together.
Before beginning the estate planning process, it is important to have a clear picture of the current financial situation. All documents regarding assets and accounts should be gathered. Once all of the pertinent information is accumulated and analyzed, an estate plan can be formulated to meet the individual’s goals.
Some of the goals to consider when it comes to estate planning are taxes, retirement and taking care of loved ones after death. How an estate plan is structured influences the individual’s entire future financial life. However, life does not always go according to plan. People die, get married and/or divorce. The births of children and grandchildren add to the mix.
For this reason, it may be a good idea to review an estate plan periodically in order to make sure it still meets all intended goals. If not, changes may be made. It is never too soon or too late to begin putting together a New Jersey estate plan for the benefit of the entire family. Anyone that owns property, has a retirement account or other assets could benefit from having an estate plan.
Source: theprairiestar.com, Resolve to form/update your financial or estate plan in 2014, Thomas Tilleman, Jan. 10, 2014