Life is a precious gift. That is why most people tend to avoid any discussion about death. This is even truer regarding the subject of one's own death. That discomfort inspired by the discussion of mortality may deter many individuals in New Jersey from moving forward with creating an estate plan. However, estate planning can help loved ones in the case of one's death or incapacitation.
Some people do not believe they need to plan an estate because they are single and have no children or dependents. However, planning an estate is still a good idea for these individuals because it will better assist their family members in managing their estates in the case of an unfortunate tragedy. The estate plan should typically include a power of attorney, which grants the power to a specified individual to make decisions on a person's behalf in the case of death or incapacitation.
Being married will also affect the choices that a person makes when planning an estate effectively. Married people enjoy certain legal protections that are already given to them by law. However, experts suggest that formalizing these protections via estate planning documents may be a good idea. Also, parents should take their children into consideration when planning an estate. A proper plan will ensure that one's assets go to the intended beneficiaries.
An estate plan is made up of a set of documents which have legal ramifications and consequences. That is why it is important to make the right decisions during estate planning. In order to properly assess one's situation, it is necessary to understand applicable laws in New Jersey. Making the wrong decision or committing a mistake while drafting the estate planning documents can result in one's assets not being administered as intended.
Source: DailyFinance, "Planning for Trouble: Money and Estate Tips for Every Age," Dan Caplinger, Oct. 25, 2012