As our lives progress, various things will change–even on a year-to-year or month-to-month basis. That is why it is so important you stay on top of your estate plan, at all times. Generally, it is wise to check up on the status of your estate plan at the beginning of the new year so you know your finances and estate plan are all in check. There are various aspects of your plan that may need updating, creating, or even removing.
Though estate planning is often a daunting task, the truth is, a bit of self-education and the legal assistance of an experienced New Jersey estate planning attorney is all you need to sleep soundly at night, knowing you are providing for your family in the best way possible. Here are some of the questions you may have about estate planning in New Jersey:
As stated above, as life changes, so will your financial situation. For example, let’s say you have a child, or your son or daughter has a child–you will most likely have to work your estate plan around that. Additionally, if there is a marriage, or even a death, an estate plan will most likely require updating. These are just some examples of life-changing situations that may drastically impact how your estate plan looks. The ultimate goal of a comprehensive estate plan is ensuring your obligations and assets are addressed and distributed as you would have intended upon your passing, so it is paramount you take your estate plan very seriously.
There are several other important aspects of estate planning that everyone should consider. For example, naming an executor. An executor will see that your will is carried out as you would have wanted. Additionally, you may seek to create various financial trusts, depending on your situation. If you are a parent, your primary concern is most likely your child’s safety, especially if he or she is under the age of 18. Fortunately, though no parent wants to think about what would happen if they were unable to raise their child, it is always best to appoint a guardian you can trust in the event of an untimely death. Our firm has been helping individuals create solid, dependable, estate plans for years, and we are ready to help you do the same.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.