How You Can Avoid Your Family Being the 50% of Americans Who Do Not Have a Will

December 7, 2016

Many people express discomfort when it comes to talking about their own mortality or putting together an estate plan. Many more individuals simply believe that they do not have enough assets to warrant an estate plan. Remember, however, that putting together these critical documents and planning strategies is about more than what will happen to your assets after you pass away.

It is also about planning for incapacity as a result of a disabling event. Unfortunately, far too many people fail to include this in their long-rangeNJ estate planning lawyer planning and therefore expose themselves and their beneficiaries to unnecessary confusion and frustration. People make plenty of excuses about why they do not engage in their estate planning. According to a Gallup survey completed last year, half of all Americans do not have a will.

Thankfully, there are some critical steps you can take in order to make this easier. First of all, it is impossible to have a detailed conversation until you have inventoried all of the property that you do have. You should also learn which of these assets fall outside of the scope of any will. These may include a 401(k) account, a life insurance policy or an IRA balance. Use a celebrity’s passing or a friend’s passing away without a will to broach this conversation while also giving some emotional distance.

It is not always easy for people to think about their own mortality and planning ahead opportunities. However, it is critical to incorporate having a will into your estate planning guidelines in order to make things easier for your beneficiaries and to assist them in avoiding the probate process. A knowledgeable New Jersey estate planning attorney can help you incorporate all of these goals into your short and long term planning.

                                                                          


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Why Work With Omni360 Advisors? A Holistic Approach to Wealth, Business, and Legacy Planning

Discover how Omni360 Advisors helps business owners, executives, and multigenerational families navigate wealth management, business planning, tax strategy, and legacy planning through a coordinated advisory ...

<p>The post Why Work With Omni360 Advisors? A Holistic Approach to Wealth, Business, and Legacy Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Spousal Lifetime Access Trusts (SLATs): A Strategic Tool for Wealth Preservation and Family Flexibility

Learn how Spousal Lifetime Access Trusts (SLATs) can help families transfer wealth, reduce potential estate taxes, and maintain financial flexibility for future generations. For many ...

<p>The post Spousal Lifetime Access Trusts (SLATs): A Strategic Tool for Wealth Preservation and Family Flexibility first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Navigating the Step-Up in Basis: Core Rules, Critical Exceptions, and Strategic Benefits for Families and Business Owners

For many families, business owners, and high-net-worth individuals, one of the most valuable—but often misunderstood—tax concepts in estate planning is the step-up in basis. While discussions ...

<p>The post Navigating the Step-Up in Basis: Core Rules, Critical Exceptions, and Strategic Benefits for Families and Business Owners first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>