More and more, people in New Jersey are starting to realize that a will or a trust are not just things that their parents or grandparents need to have in place. Estate planning really is important for all adults including those who are single and have no children. A good estate plan is not just about distributing assets when a person dies but may also include provisions for making health care decisions for a person and for managing their finances if they are not able to.
As explained by Kiplinger, it is important to approach the selection of an executor or a trustee with extreme care. This is not a popularity contest and the choice should be made based on the qualifications of the individual. These qualifications should include the ability of the person to manage sometimes complex financial matters. It is equally important to identify a person who can remain calm under pressure and make wise choices.
According to AARP, another factor to take into consideration is the health and age of a potential executor or trustee as it is essential that this person still be living and competent to manage an estate when the time comes. For this reason, the selection of alternate executors or trustees or even of a team of people may be wise. It is also recommended that an estate plan be reviewed on a regular basis as it should be considered a living document. During a plan review, a change to an executor or trustee may be made as appropriate.