When New Jersey residents decide that it is time to start estate planning, there are many things that they must consider which may be difficult. It is never easy to ponder one’s own mortality, but that is the heart of estate planning, and is a factor that weighs heavily on many families. Young couples with children are among those who may have a particularly challenging time considering what will happen to their children in the event that they are no longer able to care for them.
Along with naming an executor on an estate plan, New Jersey residents must also consider who they would like to be the guardian of their children. Should they suffer from an incapacitating illness or injury, or an untimely death, parents want the assurance that their children will be cared for. In addition, it may benefit parents to consider having more than one guardian, one for the children’s physical well-being and one for their finances.
Because inheritances often require the children to reach a certain age before they are eligible to receive funds, having a guardian designated to manage the financial aspects of their lives aside from their daily lives can promote a more objective arrangement. Parents may also consider establishing a trust which can provide multifaceted protection. Determining who will be named as guardians can be difficult, so sources suggest that parents carefully examine their family relationships before making a decision.
It is inevitable that everyone will die at some point. The challenging part is coming to terms with this fact and planning for the future. For young parents, the estate planning process can be particularly challenging, though it can be successful when the right support system is in place. Having the right support can help parents feel confident in their decisions, knowing that they are protecting their assets and loved one’s for the future.
Source: LifeHealthPro.com, “Estate planning for young families,” Jonathan A. Mintz, Nov. 29, 2012