Some people in Parsippany have executed a comprehensive estate plan, including a will, trust, living will, and power of attorney. However, it is a mistake to simply file that estate plan away allowing it to collect dust as the years pass on. In fact, there are several reasons why a person will want to update their estate plan.
Families in New Jersey come in all shapes and sizes these days, and it is not unusual for a person to marry a second time either due to divorce or the death of their first spouse. Oftentimes there are children from a first marriage, resulting in a blended family with step-parents and step-children. In such situations, it is important to have a well-rounded estate plan that meets your wishes both for your new spouse and your children from your first marriage, especially if those children are now adults.
For some, it is hard to think beyond this year, let alone this month or this week. Planning for the future can be challenging because there are many what-ifs and uncertainty. While no one can be completely prepared for what is to come, there are some measures individuals in New Jersey and elsewhere can take to help protect their assets and wishes in the event of their incapacitation or death.
When people in Parsippany think of estate planning, they may conjure up the image of a rich old relative dictating his last will and testament on his deathbed. However, even the young or those of modest means can benefit from having an estate plan. There are a number of good reasons why estate planning is valuable to just about anyone.
Most people in New Jersey will agree that contemplating their death is anything but pleasant. Nevertheless, by executing an estate plan, you can address the inevitable by dictating who will inherit your assets and what kind of end-of-life care you prefer. However, there are important aspects of estate planning that could have a major impact on how your estate plan will be handled when the time comes.
Foodies and travelers alike in New Jersey may have been saddened to hear of the death of celebrity television personality, Anthony Bourdain, who rose to fame through his food and travel shows. Sometimes, when we hear of a celebrity death, we also find out that the celebrity lacked a proper estate plan, often leading to disputes and litigation. However, Bourdain did leave an estate plan that highlights what was important to him.
Whether it is artwork, stamps, jewelry, coins, antiques or more, many people in Parsippany enjoy collecting things. Some people collect many of these items over the course of their lifetime, resulting in a large collection that has not just sentimental value, but financial value as well. Therefore, they may want to think about how they will pass these collections on to their heirs through estate planning.
When people in Parsippany think of their heirs and beneficiaries, they may think of their spouses, children, grandchildren and other loved ones. Therefore, they may execute a will or trust to ensure their loved ones are provided for upon their death. However, what about the other important members of their families -- their pets? A person's dog, cat or other pet also needs to be provided for after its owner dies. Fortunately, there are steps a person can take to ensure their animal companions are taken care of if they outlive their owners.
Many Parsippany residents may have already gone through the process of drafting a will. After doing so, they may consider their estate planning duties to be complete and will take no further action. However, what they may not realize is that a will is just one component of a well-rounded estate plan.