Most anyone in New Jersey that has drafted and executed an estate plan has done so with the hopes of making things easier on their loved ones after they pass away. However, depending on how long ago the estate planning was done, it may end up making things for difficult. For this reason, it's may be a good idea to review an estate plan periodically.
New Jersey estate administration: The IRS will get its money
Most everyone in New Jersey has heard the saying that the only two things that are guaranteed in life are death and taxes. When those two concepts meet, it can end up being a mess for the person or people who are in charge of the estate administration. When the IRS is owed money, it can even transcend death.
Is there really a need to pick contingent beneficiaries?
The simple answer to the question of whether contingent beneficiaries are necessary is yes. When drafting estate planning documents such as wills, trusts and powers of attorney, it is easy for New Jersey residents to forget that there is a possibility that primary beneficiaries may pass away or become incapacitated first. However, the possibility does exist, and without contingent, or backup, beneficiaries, all of that careful estate planning could be for nothing.
Parents in New Jersey can disinherit qualified heirs
There are times when parents make the often painful decision not to leave anything to a child in their wills. Regardless of what the reason for the decision is, it is solely up to the person making out the will. It is possible to disinherit qualified heirs, but it can take some planning to make sure that the will won't be contested.
