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Another important function of an estate plan is to invest authority in those you trust, by appointing executors, trustees and guardians to be responsible not only for your assets, but for our other precious possessions and minor children.
What if you delay? What if you do not plan? Unfortunately, if you pass away without a will or estate plan, the laws of New Jersey will direct how your money, assets and belongings are managed, an administrator is appointed, bonds are required to be posted, and any disputes among loved ones will delay and drain your estate by triggering fees and costs along the way. State law will dictate the distribution of your estate, most often directing it to go to closest relations. If you are in a significant relationship but unmarried, your partner will be completely left out of the process. This is of particular importance to same-sex couples. Furthermore, the impact of federal and state taxes would be much higher. The overall result is a more troublesome, upsetting and costly situation left for your loved ones upon your passing, who will likely be struggling to accomplish what you would have wanted.
There are countless unique circumstances that can affect your particular situation with respect to wills and estate planning. Single parents, widows, divorce and second marriages all require expert analysis. Are you younger or older? Do you have a blended family resulting from second marriages and children from each? Are you in a same-sex relationship or in a significant relationship but unmarried? Are grandparents raising and/or supporting children or grandchildren, nieces or nephews? Are there loans that have already been extended among children, friends or extended family? Is there anyone in your family or in your care that has special needs, is disabled or chronically ill? Do you have assets that are particularly vulnerable to state and federal taxes? Do particular creditors need to be considered?
An expert, diligent and meticulous attorney will be able to analyze your situation and provide options for how you accomplish your wishes. Various tools can be used in conjunction with your will, such as establishing a trust, a living will (or health care directive), durable power of attorney, lifetime gifts, or transfers of assets to minimize tax impacts and further meet your goals.
Do not take any chances. The right attorney will not only ensure that your plan fits your unique circumstances and fulfills your wishes, but he or she will review the plan upon any life-changing event (changes in financial circumstances, retirement, relocation, marriage, divorce, etc.) and upon any change in federal or state tax laws.
For more information, read a few of our firm’s articles: