New Jersey residents may be familiar with a non-legal estate planning document known as a Letter of Final Wishes. This document provides a way for the testator to express their wishes pertaining to important personal issues not stated in the will. When writing an LFW, it is recommended that the testator arrange it into several different sections.
When New Jersey residents get older, they should strongly consider having powers of attorney created. Powers of attorney provide trusted individuals the ability to make financial choices for another person in their stead. Depending on how a document is drafted, a trusted individual, called the agent, may be able to pay someone's bills, sell their property or purchase food and other necessities for them.
Ideally, New Jersey residents should have estate plans in place to ensure that their final wishes will be carried out. A basic plan may include a will, a living trust and powers of attorney. However, it is important that an estate plan is constructed properly to avoid a myriad of issues that could make it harder to comply with its terms.
Most New Jersey residents know the importance of estate planning. However, a study shows that nearly 60 percent of U.S. adults do not have a will in place.
Elderly people in New Jersey sometimes need their children to help them manage their finances. Adult children are frequently put in charge of paying bills, making investment decisions or applying for benefits. If an elderly person is completely incapacitated, he or she may need other people to be put in charge of critical health care decisions.
Most people in New Jersey do not expect to die at the same time as their spouses. Therefore, estate plans may not take the possibility of simultaneous death into account. However, fatal car accidents and other tragedies can result in two family members dying at the same time, and these events may complicate the deceased parties' estate plans.
Many New Jersey residents are wondering what type of changes might come with the election of Donald Trump and the Republican party holding majorities in both the House and the Senate. Among other things, one area that could be greatly affected is estate planning. If the Republican agenda is successful, then there could be dramatic changes in related tax laws.
An ethical will is one way that New Jersey residents who are creating an estate plan may pass on their values to their family. It is separate from the will and other estate planning documents and might be thought of as a letter to family members describing the most important challenges and lessons of a person's life. While not legally binding, it may be an important part of an estate plan for some people.
New Jersey residents who are fans of Prince are likely aware that the star, who died suddenly in April, apparently did not have a will. Since he didn't have an estate plan in place, his sister and five half-siblings stand to inherit his extensive assets.
In a 2011 poll, nearly 60 percent of Americans admitted that they had no will. While many New Jersey residents may think they're too young to start worrying about the future of their assets, having a will is important for adults of all ages.