The majority of New Jersey families may not think they could benefit from having a trust. However, a trust can be an invaluable estate planning tool for any family. Trusts come in all shapes and sizes depending on the needs of the party executing the trust.
New Jersey estate planning: Picking an executor
For many people in New Jersey, choosing the executor of their estate is as easy as turning to their spouses. Since most surviving spouses are significantly affected by the outcome of the probate process, and are often the person trusted the most by their spouses, it may be helpful for that person to be the executor/executrix of the estate. However, some spouses may not want to serve as executor or executrix, or perhaps they passed away first. In this case, the estate planning process can become a bit more challenging.
New Jersey estate planning: What to do with digital assets
As technology advances, more and more of people's lives are conducted online. Some banks no longer have physical locations, and nearly everyone around the country and in New Jersey has some sort of social media account. There is an increasing movement to make sure these digital assets are included in the estate planning process.
New Jersey estate planning is more than just a will
There is more to an estate plan than just a will. Depending on the complexity involved in the estate planning process, there can be numerous documents to execute. Generally, however, most estate plans share five documents.
