Estate planning is an important step for all New Jersey adults, regardless of the size of their estates. You have worked hard to build your estate, save for your future and build wealth to leave your loved ones, and you have the right to decide what happens to it. Whether you own a little or a lot, estate planning allows you to make important decisions about your property.
Having a will is good, but you may need more than one estate planning tool to protect your estate and beneficiaries. Making mistakes in the estate planning process or leaving things out could lead to significant difficulties and issues for you and your beneficiaries down the road. It is worthwhile to evaluate your plan and address any issues as soon as possible.
What problems are threatening your estate plan?
Most estate planning mistakes are easily avoided or remedied with knowledgeable guidance. Many of these planning mistakes and complications are caused by errors and omissions related to the following:
- Failing to have a will in the first place
- Failing to update a will after major life changes, such as after a marriage or divorce
- Not attempting to reduce your estate taxes
- Naming the wrong person to oversee the administration of your estate or failing to name a person to this role
- Failing to plan for a potential disability in the future
Many people think that if they have a will, they have everything they need. This is not always the case, and many people need more than just a simple will to take care of their needs and objectives for their estate.
Your goals for your estate are unique, and you can custom tailor your estate plan to suit these objectives. It is beneficial to regularly evaluate your existing plan and adjust as necessary.
You can protect your future
You cannot control the future, but you can have some measure of control over what happens to your estate after you pass away, as well as what kind of medical care you want in case of incapacitation.
If you are unsure about what you need, you may find it beneficial to seek a complete evaluation of your case and explanation of the appropriate steps for your unique estate and situation. A strong and updated estate plan can allow you to look forward to the future with confidence and peace of mind.