If you are an adult and you live in New Jersey, you should consider creating an estate plan. Having one is important for all adults, but many people keep putting it off or make common mistakes.
Your health and finances
Making an estate plan is not just about your assets and who will get them. An important aspect that people often neglect is making plans for what will happen if you become incapacitated and cannot manage your finances or express your health care preferences. This means creating powers of attorney that appoint someone to take over these responsibilities and to make your wishes clear.
Appointing a guardian
If you are a parent of minor children, one of the most important elements of estate planning is naming someone to be a guardian for your children. You can do this in your will, and this can save your family an expensive and stressful court process to appoint a legal guardian.
Regular reviews
It can be tempting to create these documents on your own to save money, but it may be a good idea to consult professionals to make sure that everything is in order. In addition, you still need to review your estate plan regularly to make sure it remains up to date. This includes looking over your beneficiary designations.
Talk to loved ones
You should also discuss your estate plan with your loved ones so that they understand your intentions and know what to expect. This includes talking to the person you plan to appoint as executor.
People often put off making an estate plan because it can be difficult to think and talk about the issues surrounding it. However, it is an important task and these are important conversations for your own security and that of your loved ones.