A solid New Jersey estate plan does more than distribute assets—it protects your legacy and spares loved ones from unnecessary burdens. Your plan will typically include a will that sets forth your wishes, strategic trusts, essential legal directives, and smart tax planning to preserve family wealth.
Investing in qualified New Jersey legal counsel costs far less than the financial complications and family stress that often result from inadequate planning. It’s simple protection that delivers profound peace of mind. Here’s what you’ll get with proper estate planning.
Essential Aspects of New Jersey Estate Planning
Your Will. Your will sets forth how you direct your assets will be distributed after your death. If you die while your children are minors, your will shall name their guardian.
Trusts. Your estate planning attorney can help you identify which type of trusts are appropriate for your circumstances. You may need a trust for managing your assets, estate tax planning, avoiding probate, or rendering care for children with special needs.
Probate. Estate planning can help you streamline or even avoid probate when it’s time to settle your estate.
Planning for Incapacity. You may designate people you trust to manage your finances or to make healthcare decisions should you become incapacitated.
Estate Taxes. While New Jersey has eliminated its state estate tax, you’ll need to make provision for federal and state inheritances taxes.
Intestate Succession. If you die before you’ve created a legally binding will, the state of New Jersey will distribute your assets according to state intestacy laws.
Asset Protection. Creating an estate plan is the key to protecting your assets from creditors and legal challenges.
Why Is Estate Planning Important in New Jersey?
Estate Planning Helps You:
- Control Your Assets. By creating an estate plan, you decide who inherits your personal and real property, how your property is distributed, and ensures that your wishes are carried out upon your death.
- Protect Your Family. Your estate plan will set forth a specific plan for your family’s financial needs. Creating a plan now can help them avoid disputes and excessive costs.
- Avoid Probate. Your well-crafted estate plan can help your loved ones streamline or even avoid the probate process. That will save them time, money, and emotional turmoil.
- Provide for Your Family. An estate plan does more than secure your family’s financial future. For parents of minor children or those caring for dependents, it stands as both a safety net and a compass, guiding your loved ones through difficult times with clarity and protection when they need it most.
- Ensure Peace of Mind. When you’ve crafted a specific, legally binding, comprehensive estate plan, you can rest assured that your wishes will be honored and your family will be cared for.