I am sure you have heard the saying, "out of sight, out of mind." It is a common phrase referring to things that we do not think about until we have a need to. We typically do not think about our hot water heater unless it breaks. We do not think about the tires on our cars until one goes flat. Estate planning is often like that. Many Americans, including those of us from North New Jersey, do not typically think about our long-term future. Death is inevitable, yet for most of us, it is not often on our minds.
Trusts 101: Understanding the basics of trusts
Trusts can form the backbone of a well-rounded estate plan for many people in New Jersey. Not only can they serve as a vehicle for handing your assets down to your loved ones after you die, but conditions can also be placed on trusts. Therefore, it is a good idea to have a basic understanding of trusts.
Even millennials should have an estate plan in place
Despite what one's opinion of the millennial generation is, young adults need an estate plan just as much as older adults. After all, no one can predict when they will pass away and no one is guaranteed a long life. It is best to be prepared.
