Ocean County Estate Planning Blog

With the new year around the corner, many people have resolutions to eat healthier or change their lives in other positive ways. Often, these resolutions fail and people find themselves falling back into their bad habits. However, setting up an estate plan or going over an estate plan that needs revision is an excellent resolution and one that many people can easily keep. This resolution may not only be beneficial for you and your estate, but it could be very helpful for your loved ones as well.

Whether you are creating a will or a trust for the first time or you are taking a second look at your estate plan, it is pivotal to carefully analyze your options. For example, certain types of estate plans work out better for some people and it is vital to cover every base if you are revising your estate plan for any reason. The holiday season can be stressful for many reasons, from family drama to racking up credit card debt and bad weather. However, handling your estate plan appropriately is one way to relieve stress and give yourself some peace of mind during this time of year.

The legal jargon concerning estate planning can often be confusing. If you have heard of intestate succession, you may wonder what it is. This term refers to what happens to your parents' property if they die without a will.

New Jersey has laws regarding the proper administration of such an estate. While it is best to navigate such a complex situation with professional help, it is still important to understand what these general laws are to have an idea of what you will face.

Recently, an incredible amount of attention has focused on a massive lottery jackpot that was distributed to two lucky winners. Winning the lottery is a life-changing experience and it can be overwhelming. If you have recently won the lottery or acquired a massive amount of unexpected wealth due to some other type of gambling, it is extremely important to handle your finances properly and prepare for the future. For example, you may want to set up an estate plan to ensure that your assets will be protected. Unfortunately, some people disregard these considerations, which can be a costly mistake.

For starters, you should have a clear understanding of the different types of estate plans that are available. For some people, a trust makes more sense (and you should review the differences between a revocable trust and an irrevocable trust, for example), while others opt for a will. Creating an estate plan can offer peace of mind, which may be especially helpful during such a hectic time. Many lottery winners feel overwhelmed and unsure of what to do with all of their newfound wealth and an estate plan can help address some of this uncertainty.

People create estate plans for a number of reasons and often want to make sure that their loved ones receive a portion of their estate after they pass. Unfortunately, there are times when this may be difficult or impossible altogether, such as someone who wants to pass down assets to a loved one, but they are addicted to drugs or gambling, for example. If you have a beneficiary who is an addict, there are a number of considerations that you should be aware of. You may want to set up a trust and take steps to ensure that your assets will not be used to acquire drugs or wasted at the casino.

Sadly, many people are struggling with addiction due to the opioid crisis and there are all sorts of other substances that people find themselves addicted to. Sometimes, this results in estrangement and other family challenges and some parents may cut their child or grandchild out of the will altogether as a result of addiction. However, you may still love your child even though they are having a hard time with an addiction and there is also the possibility that one day they will become clean, in which case you may wish that you had given them a portion of your estate.