New Jersey residents should review their estate plans periodically to ensure that modifications are made to reflect changes in tax laws. Failure to do so could leave one's estate vulnerable to loss based on inadequate tax planning. In some cases, strategies that once provided important protections for the value of a marital estate may be less important because of increased exemption allowances. Leaving an outdated strategy in place could end up costing an estate rather than protecting its value.
New Jersey residents who are planning their estates may wonder what steps they need to take and what documents they may be advisable beyond a will. A person may want to consider using a living trust in addition to a will because it might allow assets to be distributed more privately and quickly than a will. People should also keep in mind that beneficiary designation forms such as those for retirement plans and life insurance policies are part of an estate plan and must be kept up to date.
New Jersey residents who are preparing their estate plans may think that they do not need a trust for their children. They might think of trusts as something that is only suitable for wealthy families or spoiled kids. However, a trust can be a useful vehicle for managing how distributions are made.