August 1, 2016

Even if you are an older adult without any children and without a spouse, it is still beneficial to have an estate plan. Many individuals in this position put off putting together an estate plan because they believe that if something happens to you, an adult child, then the parents would get everything. It is a good idea, however, to encourage your adult children to plan, especially if you have recently gone through the planning process yourself.

If an asset has a beneficiary designation name, then that asset doesn’t transfer according to the New Jersey inter-estate rule. Even if you do not have any minor children or a spouse who may be eligible to receive part of your estate, consulting with an estate planning attorney can help you identify your next steps and to help prevent further confusion or problems in the event that a loved one passes away suddenly.

Putting together an estate plan can be easily accomplished by consulting with a New Jersey estate planning attorney sooner rather than later. A knowledgeable attorney can help advise you if the relevant documents you may need in addition to a will, including whether or not it makes sense to put together any trust, a durable power of attorney, a financial power of attorney and other materials. Only an attorney should be used for the estate planning process as it’s all too easy to make mistakes when doing this on your own.