Ocean County Estate Planning Blog

Estate planning can be challenging for a multitude of reasons, whether you are unsure of who to name as the executor of your estate or you cannot decide which type of trust will best suit your individual needs. However, there are other complications that may arise within a family, such as sibling rivalries over estate matters. There are many different causes of bitterness and disagreement between siblings when it comes to trusts and wills, whether they do not agree with the way in which property was distributed or responsibilities were assigned. For example, multiple siblings may want to serve as the executor of an estate.

When you are setting up your estate plan, you should try to be mindful of a potential rivalry between your children or grandchildren, if you are concerned that such an issue will arise. Sometimes, these disputes simply cannot be avoided, but there may be ways to minimize the extent of a rivalry, such as talking with your beneficiaries and explaining your decisions. Some disagreements may arise simply because of confusion. However, it is not always necessary to talk about these issues with loved ones and may not always help, so it is important to keep in mind that every family and situation is unique.

For a parent, legal issues involving the custody of a child can be especially tough and may make a recent divorce even more difficult to work through. Furthermore, there are other ways in which these matters can change a parent’s life. For example, you may need to revisit your trust or will following a recent custody dispute. As with all legal issues involving your finances and children, it is paramount to make sure that the correct approach is taken.

A child custody dispute can bring multiple changes to your life and your estate plan. For example, it may impact the way in which you choose to distribute your property among those you love once you pass away, including your children and their other parent. Moreover, a custody decision can transform your life in many ways and from a financial perspective as well. As a result, you may find that your assets have changed, whether you have acquired new property, decided to sell your home, have experienced significant changes with respect to your financial accounts, or have been impacted in other ways.

Residents of New Jersey who are faced with a situation in which calls for making legal or medical decisions for a minor or incapacitated adult may want to consider establishing guardianship. Although not appropriate for all circumstances, a guardianship can provide certain protections for both the guardian and the person needing guarding.

According to FindLaw, guardianship of a minor is recommended when the caretaker is providing for all the child's needs and the situation is going to continue for longer than a few months. This is beneficial for the child because the caretaker is able to make more decisions, such as medical care, school enrollment and benefits, based on the best interests of the child. The caretaker also has some protection in the event the parents, who are deemed unfit, want to get custody back.

There are many different reasons why people may decide to take a second look at their estate plans, from problems within their family to significant changes in their loved ones' lives. However, divorce is a common reason why revising a will or trust becomes necessary. Many people who end their marriage feel overwhelmed with the changes in life, but it is essential to cover every base and make sure that your estate plan is updated to reflect your wishes. After all, it is critical to make sure that your assets are distributed to your loved ones properly.

There are a number of different issues that you may have to go over when it comes to revising your estate plan after a divorce. For example, if your spouse was the executor, you may need to name a new executor, which can be challenging. It is important to find the right person who is fully capable of handling these important responsibilities. Moreover, you may want to make changes to your will or trust with regard to beneficiaries. For example, you may want to remove some of your beneficiaries or change the way in which assets are split up.