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Estate Planning Archives

What estate planning documents should childless couples draft?

One of the steps that couples take when they find out that they're expected a child is to sit down with an attorney to engage in estate planning. They often do this to appoint a guardian to raise their kids and to make financial arrangements if something happens to them. While these aren't some of the hard decisions that childless couples have to make, there are other difficult choices regarding the legacy that they want to leave that they have to decide on though.

Make sure that your digital assets are covered in your will

When people are asked about estate planning, they often mention wills, health care directives and powers of attorney. Most people describe what they'd like to happen with their tangible assets such as a car, house or family heirloom if they were to pass in their will. Few detail what they'd like to happen with their digital ones like email accounts or online photo albums in it. It's something that should be included there, though.

Transfer of your assets to your spouse post-death isn't automatic

Many New Jersey spouses who have assets such as retirement plans, life insurance policies and investment accounts often list their husband or wife as the beneficiary on them. While there's no problem in doing that, it's important that spouses have contingency plans in place for how to handle those same assets if one were to pre-decease the other.

Inheritance tax in New Jersey depends on connection

It is a difficult subject to tackle, but successful people spend some time and effort working out the details of their end of life plans. Many people have assets and properties to share out among living beneficiaries or charitable organizations, and many of them also have families to consider for the future.

Estate planning and family communication

One of the main keys to estate planning, if you want the whole process to go smoothly, is communication. You need to talk to the other members of your family who will be impacted by the plan. Experts advise sitting down and creating a family communication plan to address this process.

Estate planning: Common mistakes and errors

People often assume that estate planning just means writing a will. That's a good place to start. The biggest mistake people make is not drafting a will or doing any planning whatsoever. But that doesn't mean that a will is all you need or that there aren't other mistakes you should guard against.

How children can talk to their parents about estate planning

For children, starting that estate planning conversation may feel intimidating or even impossible. You want to talk to your parents because you know they haven't done enough planning -- or any at all -- but you don't want them to be insulted. You don't want it to sound like you're just trying to find out what you're going to get when they pass away.

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