New Jersey Estate Planning

Estate planning is the process of preparing for the management and distribution of your assets through all stages of life and after your death. This typically involves creating legal documents such as wills, trusts, and powers of attorney.

Estate planning is important because it allows you to have control over what happens to your assets during incapacity or after your death. Without an estate plan, your assets may be distributed according to state law, which may not align with your wishes.  

A will is a legal document that outlines how you want your assets to be distributed after your death. A trust, on the other hand, is a legal arrangement that allows you to transfer assets to a trustee to manage for the benefit of your beneficiaries.

Even if you don’t have a lot of assets, it’s still important to have an estate plan. An estate plan can help ensure that your assets are distributed according to your wishes and can also provide for the care of minor children or dependents.

The cost of creating an estate plan can vary depending on the complexity of your estate and the services that you require. Many attorneys offer free consultations and can provide you with a cost estimate based on your specific needs.

You should review your estate plan regularly to ensure that it still aligns with your wishes and current circumstances. You may need to update your estate plan after major life events such as a marriage, divorce, or birth of a child.

While it’s possible to create some basic estate planning documents on your own, it’s often recommended to work with an attorney who can provide personalized guidance and ensure that your estate plan is legally valid, and avoids unnecessary costs.  Estate planning mistakes are typically very costly, and often not discovered for many years into the future.