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.
Getting married more than once is a common occurrence among Americans According to the Pew Research Center, 40 percent of marriages in 2013 were remarriages. Another survey has found that an estimated 9 percent of U.S. residents have an out-of-date will and 63 percent had none. New Jersey residents who are getting remarried or have children from a previous relationship should make sure to update their estate plan.
Only about 20 percent of Americans create a living trust, but there are many advantages to doing. One of the biggest advantages for a New Jersey resident is to avoid the probate process, which can delay the transfer of of decedent's assets by up to a year. If properties exist in more than one state, then a person may even have to deal with multiple probate processes
Longer lifespans increase the chances of some New Jersey residents experiencing disability in their last years of life. The cost of paying a nursing home during those final years could deplete all of a person's assets. To protect at least a portion of their assets, people could need more than just a will.
Residents of New Jersey who are considering their final expenses and estate planning may encounter difficult questions, particularly when they have several children or other relatives and are uncertain of the best way to distribute their assets. One way to deal with these concerns is to open a trust, which allows someone to make decisions about their heirs' inheritance and ensure that their wishes are respected.