The Importance of Estate Planning: A Story of Regret

Categories: Estate Planning, New Jersey Estate Planning Laws

When Sarah and Tom married, they focused on starting their lives together and building a future. They never considered what would happen if one of them passed away unexpectedly. But fate had other plans, and Tom was diagnosed with a terminal illness. Sarah was left to manage his affairs and care for their two young children independently.

As she went through Tom’s belongings, she discovered that he had never made a will or set up a trust. Sarah was forced to navigate a confusing legal process and deal with the emotional turmoil of losing her husband while also trying to protect their assets and secure their children’s futures.

She realized too late the importance of estate planning and the peace of mind it could have brought to their family during such a difficult time.

The laws surrounding estate planning in New Jersey can be complex, and it’s crucial to consider the following when creating an estate plan:

Here is a step-by-step guide to estate planning in New Jersey:

  1. Determine your assets and liabilities. Make a list of everything you own (including real estate, bank accounts, retirement accounts, life insurance, and personal property) and everything you owe (including mortgages, loans, and credit card debt).
  2. Choose your beneficiaries. Decide who you want to inherit your assets and in what proportion. Consider naming alternate beneficiaries in case your primary beneficiaries pass away before you do.
  3. Select a power of attorney. Choose someone you trust to make decisions for you if you become incapacitated. This could be a spouse, family member, or close friend.
  4. Create a will or a trust. A choice is a legal document that specifies how your assets will be distributed after you die. A trust can also be used to protect your assets and minimize taxes. Consider consulting with an experienced estate planning attorney to help you choose the right option.
  5. Review and update your plan regularly. Estate planning laws change, and your situation may also change. It’s important to review your estate plan every few years to ensure it still meets your needs.

Estate planning is crucial for protecting your assets and ensuring that your family is cared for during your passing. According to the New Jersey Judiciary, over 30,000 probate cases are filed each year, highlighting the importance of having a plan. Don’t leave your family’s future to chance. 

Take action today.

An experienced Edison estate planning attorney can help guide you through the process and ensure that your assets and loved ones are protected. Don’t delay. Secure your estate and family’s future today. Contact an Edison estate planning lawyer for a consultation.