Approaching the estate planning process in New Jersey can feel a little daunting. There are so many options to consider, and the legal aspects of estate planning may seem quite complex. Fortunately, you can set up a solid estate plan by following a few simple steps and considering a number of effective strategies along the way. Of course, the most important step is to work with a qualified, experienced estate planning attorney, as they can guide you through this process with ease.
Do Not Forget About Guardianships
Many people forget all about guardianships when setting up their estate plans. This is probably because when most people think about estate planning, they assume that it only involves money. But this just is not true, and there are many other factors to consider – including healthcare directives and your children. In fact, many parents rightly believe that their children represent the most valuable “assets” in their entire family. If you share this belief, then you should set up guardianships for any dependents in your family, including children, disabled family members, and elderly seniors. If you fail to do this, the court may appoint guardianship for you – and these decisions might be totally against your wishes.
Review Various Trusts
Trusts represent a subject for an entirely different article, but it is worth mentioning that there are many different types of trusts to consider. These range from run-of-the-mill irrevocable trusts to more exotic options like pet trusts, Totten trusts, and rabbi trusts. There are so many different trusts out there that there’s one for almost every situation imaginable. An estate planning attorney can help you choose the right trust based on your specific circumstances.
Constantly Review Your Beneficiaries
Once a trust is completed, the work is not truly over. The best estate planners are constantly updating their wills and trusts to ensure that their hard-earned fortunes do not fall into the wrong hands. Family situations can change drastically within just a few months. Marriages can fall apart, and children may betray their families and lose the trust of their parents. If you fail to adjust your beneficiaries accordingly, your funds may be inherited by individuals who have lost your trust and respect – leaving the more deserving members of your family without any inheritance.
Make Your Digital Assets Accessible
The world has become much more digital – especially when it comes to finances. Many individuals today may have considerable funds in digital assets like cryptocurrencies. Some might use online investing platforms, while others may have funds tied up in PayPal or other online payment processing platforms. Whatever the case may be, it is important that your beneficiaries can actually access these funds when the time comes. Because of this, you might want to pass on certain passwords in a secure manner with the help of an estate planning attorney.
Where Can I Find a Qualified Estate Planning Attorney in New Jersey?
If you have been searching for a qualified, experienced estate planning attorney in New Jersey, look no further than Giro, LLP, Attorneys at Law. We know that estate planning can seem a little daunting at first, but this process will feel much more straightforward if you book a consultation with us. During your consultation, you can ask as many questions as you like and review a range of potential strategies to ensure the best possible financial outcome. Reach out today to get started.