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Estate planning mistakes to fix right away

Estate planning is an important matter for all adults in New Jersey. While most people associate the need for an estate plan with being older, a recent survey by Wells Fargo shows that around 40 percent of Americans who are 60 or older haven't taken the time to create an estate plan. This is troubling because not having an estate plan leaves loved ones unprepared for when the person passes away.

Instead of leaving behind a huge mess, creating an estate can help to make things much easier for the surviving family members. Once the plan is made, however, the work isn't done. One of the biggest problems is that estate owners often neglect to tell anyone about their plans. Around 72 percent of older Americans say that their finances are private. However, this doesn't mean that they shouldn't let their loved ones know the plans that they've drawn up. It is possible to let others know what to expect without delving deep into finances.

Another problem that can come up is not updating the estate plan. In the survey, one in six older Americans noted that their estate plan is out of date. When anything significant happens, the plan must be reevaluated. This includes acquiring or selling assets, getting married or divorced, having children and anything else that might alter where the assets will go.

It is imperative that all adults have an estate plan, regardless of their age or economic standing. While the plan might not offer the creator with many benefits, it will provide him or her with peace of mind. A lawyer can help with the planning process.

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Lanza & Lanza LLP
5 Main Street
Flemington, NJ 08822

Phone: 908-905-0183
Fax: 908-782-4012
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