Estate planning is something many people put off until later in life, either because they think they don’t need it yet or because they aren’t sure what the process involves. It’s never too early to put together your comprehensive estate plan – it’s something that protects both you and your family in the event that something happens to you. With the help of an experienced estate planning attorney, it can be a straightforward process.
The advantages of having a comprehensive estate plan include:
- Gives you a clear understanding of the value of your estate. Do you really know how much your estate is worth? This includes things like property, stock options, various bank accounts, and other assets. Your estate isn’t just the dollar amount of your checking account, there’s usually much more involved. In order to plan what will happen to your assets once you’re gone, you need a comprehensive overview of everything first.
- Ensures your children will be taken care of. Part of your estate plan includes choosing who will take care of your children after you’re gone, and this is especially important if you have children under the age of 18.
- Helps you transfer money and other assets in the most tax-efficient ways. You may have heard of the transfer tax, and if you have a substantial amount of wealth, your assets may be taxed after you’re gone before they’re given to the people listed in your will.
- Eases the distress for your family. Coping with the loss of a loved one is a stressful time as it is. And when you pass away with no estate plan in place, this can heighten the distress of your family. Without an estate plan, your family becomes responsible for deciding what to do with your assets, and disagreements often arise.
Get help with your NJ estate plan today
Estate plans consist of several documents including Last Will and Testament, Power of Attorney, and more. All of these documents are used in different circumstances. For example, if you’re no longer able to make medical or financial decisions for yourself and you don’t have these documents in place, then the court may be appointed to make decisions for you, instead of your family or loved ones.
To learn how SCC Legal can help you create or update your estate plan, or if you have any other questions about estate planning, please contact us today. Discover why so many people in New Jersey choose us as their trusted estate planning attorneys.