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.
There aren't many people who are excited to think about what will happen to their assets and their memory after they die. This is a depressing topic for most people, but a new buzzword is helping make this estate planning process more attractive to a broader audience.
Almost every New Jersey resident has some sort of digital asset. It's almost impossible to avoid having a social media account, online bank account, music library or other online accounts. There was a recent New Jersey law regarding digital assets that went into effect.
Many families in Parsippany have taken the time to create an estate plan. This is the best way to make sure a family's assets are passed to the next generation and that their legacy continues.
Awkward conversations are hard for almost anyone in New Jersey. People usually don't go out seeking to have a difficult conversation with another person. But, many times these conversations are important and the estate planning conversation is no exception.
Estate planning is probably one of the last things on the mind of Northern New Jersey residents. But, having an estate plan in place is important for almost anyone, regardless of income or life circumstances.
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.
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.