Wills, trusts and powers of attorney are the tools that most New Jersey residents think about when it comes to estate planning. However, other tools are available that an individual can use to create an estate plan that meets his or her goals. One of them is a Roth IRA, but the decision to convert to it requires considering several factors.
Trusts often bring up images of wealthy people who are limiting their tax exposure and/or providing for their children. However, regardless of a New Jersey resident's net worth, trusts can be an invaluable estate planning tool for many reasons. Depending on individual estate planning goals, there is most likely a trust to help achieve them.
Some New Jersey parents may still believe that they do not need an estate plan since they do not have many assets. However, for parents who have minor children, estate planning is about much more than distributing assets. Without a will, who will care for the children may be left to the courts.
Even though thinking about dying is not pleasant, many New Jersey residents take the time to put together an estate plan. However, this estate planning is not only for an individual, but for his or her family as well. It can give family members the peace of mind that they will not have to determine what to do with a loved one's assets.