Did you know that according to research by the AARP (formerly known as the American Association for Retired Persons), 6 in 10 American adults don’t have a Last Will and Testament? The statistics get worse in the younger segments of society, with a massive 78% of Millennials (adults between 18-36) and 64% of Generation Xers (age 37-52) without a Will or any form of estate plan. So, it’s easy to think that if you do have a Last Will and Testament, you’re doing really well in terms of planning for the future.
A Last Will and Testament is the Foundation of Your Estate Plan
While a Last Will and Testament is an important document that every single adult should have, it’s a very simple and limited tool in many ways. This means that if you have anything other than very basic planning needs, it’s not enough to accomplish what you want to do with your estate. For this, you need estate planning – a comprehensive strategy for determining:
- The distribution of your assets
- How your assets should be managed in the event of disability or you become unable to manage your own financial decisions
- How your healthcare should be managed in the event that you become unable to manage these decisions yourself
- How best to manage your financial assets to save you and your heirs substantial legal fees and taxation
- How to minimize the probate process (which can be lengthy even in the event of an uncontested Will)
In this way, an estate plan is also an estate plan. It allows you to set up specific trusts that work for your particular needs (for example, a trust that minimizes taxation on your estate or provides specific care for a loved one with special needs or provides for minor children) and manage your finances in a way that ensures your heirs receive your hard-earned assets – not the state.
This doesn’t mean that estate plans are only for the wealthy – no matter the size or complexity of your assets, the most important thing is to develop a plan that suits you and provides for your loved ones.
Regularly Review Your Will and Estate Plan with Your Estate Planning Attorney in New Jersey
Estate plans need to be kept up-to-date as our lives change and evolve, whether you’re starting a new business, buying investment property, or expanding your family. At Sedita, Campisano and Campisano in New Jersey, estate planning attorney Frank Campisano is ready to assist you with all your estate planning needs – whether you need to make a business succession plan, Last Will and Testament, Power of Attorney, set up Trusts or to minimize inheritance tax on your estate.
Contact us today and let us deliver expert estate planning advice to take care of all your wishes. For more information, please visit our website at http://www.scclegal.com/