Many individuals fail to engage in estate planning so those who do should be commended. But the process should not end when those documents are signed. Regardless of whether New Jersey law applies or that of another state, events may occur in a family that requires an update to an estate plan. The recent death of Whitney Houston and its effect on the inheritance of her only child is an example.
Deciding who should take care of your children when you die can be difficult. There are so many factors to consider, and then the people you choose have to agree. But once the decision is made, immortalizing those wishes in a will as part of your estate planning is paramount, especially if you are a single parent. Otherwise, a New Jersey court may decide who gets to take care of your children.
Most New Jersey residents don't like to think about making out their will. Some may feel like it is tempting fate to sit down and decide what should happen to your assets and your family after death. The truth, though, is that it may be tempting fate to avoid this important part of life. In doing so, it is important to keep in mind that estate planning, like life, is a fluid concept -- as your life changes, so should your will and estate plan.
Many residents of New Jersey and nationwide may, at one time or another, have to look at estate planning for their parents and themselves. Many financial planners believe that some individuals who are otherwise in good shape financially either lack judgment or use poor judgment when it comes to their personal estate planning. They believe that misjudgment leads to omissions and poor estate-planning decisions.
New Jersey couples approaching retirement or who are currently retired may benefit from consulting a financial planner to review any investments that fund their estate plan.