The beginning of the new year is often an excellent time to review estate plans and perform any necessary updates. While estate planning maintenance can occur at any time of the year or after any number of significant life changes, many people in New Jersey find the flipping over of the calendar year to be an ideal opportunity. Not only do people often feel refreshed after the holidays, but the beginning of the year often prompts people to consider what is truly important to them.
In the New Year, many New Jersey readers will start with their resolutions. Promises to lose weight and get healthy are great, but it is also beneficial to resolve to review estate planning documents or start with this important process. The start of a new calendar year offers a great opportunity to ensure affairs are in order and a person has the necessary legal and financial protections needed.
Creating an estate plan is for the loved ones who will be left behind after a death. Therefore, it is important to consider not only a person's own wishes, but how those choices might affect their family. New Jersey residents should pay careful attention to the details of their estate planning and be sure to communicate important choices with their loved ones.
Getting married is usually a joyous occasion. Getting married for a second time can be just as exciting, although decidedly more complicated. Estate planning for New Jersey residents with children from past marriages or relationships is not always easy or straightforward, so parents who are getting ready to say "I do" for the second time around should take their time with the process.
Many people die every day without a written will. Every state, including New Jersey, has some rules in place for those who die without an estate plan. Some pass assets immediately to a surviving spouse or the next living relative, and others divide the assets between certain parties. However, there are many more specific scenarios that are not covered by the default estate planning rules and regulations in each state.
In New Jersey and across the country, adoption is a way for many people to complete their families. Sometimes these families seek to accomplish this goal by arranging an international adoption. However, adopting outside of the United States can be a long and difficult process, and many families consult with family law attorneys to help them.
As people get older, especially as they reach their 90s and 100s, it may become more difficult for them to take care of their finances or other assets. Some of these people consult with an estate planning attorney and appoint a power of attorney or another individual to take care of financial or business decisions, while others have someone appointed by the courts. Some New Jersey residents may have noticed that not even celebrities like Stan Lee, the co-creator of many people's favorite comic book characters, are able to prevent people from trying to gain control of their considerable finances. Lee's estate is estimated to be valued at more than $50 million, and many people, including his own family, have attempted to gain control of it.
It may surprise many New Jersey residents to find that a significant percentage of Americans do not have any kind of will. Many may believe that they first need to acquire a certain level of wealth before creating a will. However, estate planning can benefit people of any financial standing.
Planning for the future is more than just planning for major events in a person's life. It is also about planning for what happens after a person's death. Estate planning, for many New Jersey residents, may appear to be a daunting task. Some overwhelmed individuals may try to rush through the process or ignore it entirely. Unfortunately, this can lead to mistakes that, in the long run, may have disastrous results.
Parents of special needs children are often accustomed to planning for future events. Some of these might include planning school schedules and events or family vacations and outings, but not all people know how to plan for their children's care after their deaths. Estate planning can be confusing, as many New Jersey residents may already be aware, and even more so when there are special circumstances involved. There are, however, several tips that can help parents to plan for their children's future care.