New Jersey residents should try an estate planning checklist

Estate planning can help avoid future mishaps down the road just in case an uncertainty arises. Even though estate planning is essential, many New Jersey residents are hesitant about starting the process because they believe it's just for the wealthy. An estate planning checklist can offer an even more peace of mind.

Part of the estate planning checklist is to create a will. Included in the will is how one's assets and money will be divided once deceased. In addition to a will, a person should make a letter of instructions. The letter should include instructions for access to their safe deposit box and where important financial documents can be found. The letter should also include funeral instructions.

Another part of the estate planning checklist is to create health care directives in case a person is no longer able to take care of themselves and financial power of attorney in case a person is unable to make their own decisions. Also, it is often advisable to purchase some type of life insurance that issues a prompt payment that is not taxable. If an insurance policy already exists, it's wise to look it over and update the policy every few years.

An estate planning checklist can help to smooth out the process and facilitate one's wishes in the event of death. An estate plan usually instructs loved ones on how to care for them during end of life. Without some form of estate plan, New Jersey may make those decisions on a person's behalf. It's recommended to seek out advice from a financial or legal adviser to ensure the estate plan is done properly.

Source: millionairecorner.com, "Estate Planning Checklist a Recommended First Step in Legacy Transfer," Donald Liebenson, July 23, 2013

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