When it comes to planning for the future, estate planning is one of the most important areas for New Jersey residents to consider. Ensuring that property, assets, valuables and other important items are secured for the future can help individuals be sure that their family will not be left under financial strain and complications. Recently, the death of famed actor James Gandolfini has raised awareness of the importance of estate planning and updating, and having a solid outline established.
Many in New Jersey may be interested in drafting a revocable trust as a way of avoiding probate. While these trusts are popular and provide a lot of flexibility, anyone interested in drafting one must take care to avoid scams. Trusts that are not drafted or funded properly can end up costing more than just money.
For many in New Jersey, the need to address estate planning matters is easily ignored or downplayed. Some feel that they simply do not have enough assets to bother with the process, others avoid the matter because they are uncomfortable acknowledging their own mortality. However, addressing the need for wills and other forms of estate planning is important, and should become a topic of discussion within every New Jersey family.
In one of our previous blog posts we discussed the benefits of estate planning for New Jersey residents. While there are many advantages of creating an estate plan before it's too late, individuals should be aware of the most common estate planning mistakes and learn how to prevent these errors.
Trusts have become a common part of estate planning for many people. Before you create a trust, it is important to understand the different types of trusts and how to decide which one to have.
Many parents want to leave an inheritance to their loved ones after they pass away but many couples struggle with determining how much to leave to their loved ones and how much to communicate with their family before they will receive their inheritance.
Estate planning is often associated with older, wealthier individuals. However, estate planning is beneficial for everyone, including young adults living in New Jersey.