Many New Jersey residents either don’t have an estate plan or the one they have is outdated. People tend to believe that there is no rush to create or update an estate plan. Hopefully that is the case, but unfortunately, one of the unknowns everyone shares is when they are going to pass away.
One thing that is known to most everyone is that life never stays the same. Marriages, births, deaths, owning a business and other life changing events can all require updates to a current estate plan or the drafting of a new one. It is often recommended that individuals began estate planning when they get married for the first time if not before.
From that point, the plan can be updated or changed as changes occur in a person’s life. One Midwest couple that owns a business has geared their estate plan to provide as smooth a transition as possible after death in order to ensure their children and employees are protected. They first began their estate plan nearly 10 years ago and are still making additions and adjustments as needed to achieve their goals.
New Jersey residents may not want to think about estate planning, but it may be necessary to keep the state from making decisions regarding a person’s property after death. Without an estate plan, a person’s assets may not be distributed as he or she would have liked. This could potentially leave a family vulnerable and diminish the value of the assets a person worked hard to acquire during life. An estate plan can make sure that surviving family members benefit as intended.
Source: keloland.com, Finding Financial Peace Of Mind Through Estate Plans, Perry Groten, Nov. 7, 2013