Ending a marriage is one reason why many people choose to revise their estate plans, but there are other circumstances in which someone may find that it is necessary to make changes to their estate plan. For example, someone may adopt their spouse’s child after entering a new marriage, or they may adopt a child because they are unable to have kids with someone they have been married to for years. Either way, adoption can necessitate estate plan revision and it is pivotal to cover every base in this regard.
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.
We have covered numerous issues on this blog, such as people who set up a power of attorney for one of their loved ones who is no longer able to take care of themselves. However, you may be in need of a power of attorney one day after becoming incapacitated for some unexpected reason. It is always important to plan ahead and have power of attorney plans in place even if they are never needed. In Ocean County, and all over the state of New Jersey, there are many different reasons why people set up a power of attorney and this may be the right move for you as well.
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.
Plenty of people in New Jersey get married after previously getting divorced or having experienced the death of a spouse. While a new marriage and future can and should be something to celebrate, these situations do often raise unique issues that should be addressed by both parties up front. These issues pertain to plans for each partner's assets and debts after they die.
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.
It can be tough watching an adult parent grow older, especially when issues arise regarding self-care and financial responsibility. If your parent no longer appears to be capable of these tasks, you might want to consider guardianship. Forbes offers the following information on when guardianship makes sense, which will help you make the best decision for your parent.