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Estate Planning Archives

The benefits of being proactive with estate planning

It's not unusual for individuals in New Jersey who are single, childless or within the 18- to 34-year-old range to fail to realize the importance of estate planning. In fact, nearly 80 percent of millennials admit to not having a will. Younger people may not want to think about unpleasant matters relating to mortality. However, not making an effort to plan in advance can have some unexpected consequences. For instance, passing away without a will means the state will make decisions about asset and property distribution.

Protect your Assets and your Family - Set up an Estate Plan

It is not unusual for people in New Jersy to consider their mortality. However, ignoring the legal matters that will inevitably arise upon death and the subsequent transfer of the decedent's assets is a mistake that can be costly in more ways than one.

Estate planning with minor children in mind

Some New Jersey parents may think their estate planning is complete with paperwork such as powers of attorney and a will that names a guardian for their children. However, while this takes care of things in the longer term, parents may want to think about whether they should make plans for their children over the shorter period of time before the legal guardianship is in place. This may be particularly important if no family is nearby.

Key estate planning decisions can be about people

The estate planning process can be complex and include a number of documents that enable people in New Jersey to plan for incapacity or death. Developing an estate plan can help people to feel secure about the future and how their loved ones will be provided for. As part of the process, people may be asked to name a number of representatives to act on their behalf.

Estate planning can be useful for young people too

Young people in New Jersey often fail to consider the necessity of establishing an estate plan, or consider it and determine it's something to be taken care of later. Even if those who are young and have little in the way of assets, though, certain estate planning documents can work to ensure that possessions are distributed properly. Some planning documents can also give direction regarding financial decisions or medical care should the person become incapacitated.

Modifying an estate plan after a divorce

Going through a divorce can be a traumatic experience both emotionally and financially for New Jersey residents. Former couples often seek to put the whole experience behind them once negotiations have been concluded and settlements signed, but failing to take care of estate planning matters before moving on could leave their assets and even their lives in jeopardy. Health care proxies often give spouses the authority to make life-or-death decisions, which is an issue that should be addressed without delay if the divorce was an acrimonious one.

Seek professional advice before making an estate plan

A professionally prepared estate plan may make it easier for family members to settle an estate after a loved one passes away. Although a person could write their own will or complete an online template for a healthcare directive or powers of attorney, having documents that are specific to an individual situation may be more effective when a New Jersey family really needs to use them. The first step is meeting with professionals who have experience helping people plan their estates.

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.

Office Location

Lanza & Lanza LLP
5 Main Street
Flemington, NJ 08822

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