When it comes to estate planning, there are a plethora of decisions one may have to make. For example, there are a variety of options with respect to estate plans, whether someone decides to set up a trust or feels that a will suits their needs better. Outside of deciding which estate plan will work best, many other decisions may have to be made, and they can be tough. For example, someone may have no idea how to distribute their assets among those they love, or they may not even know if it is the right time to create an estate plan altogether.
If you’re creating an estate plan in New Jersey, you may be considering writing your own will. Some people think creating a will on their own can help save money, especially if they believe the needs of their estate are simple. While you can write your own will, doing so has quite a few downsides. The Balance offers the following information.
Setting up an estate plan earlier in life can be advantageous for many reasons and gives people time to prepare. Some, however, do not have this option as they have waited for too long or recently discovered that an unexpected medical crisis has given them little time to live. For example, someone may have found out that they have terminal cancer and will probably not be able to live for much longer. This can be very overwhelming for a number of reasons, but those who have found out that their lives will probably end soon should take steps to help their loved ones during this difficult time.
Parents of children with special needs face the difficult decision of how best to provide for their children over a lifetime of care. Each family's case is different. There may be particular disabilities and settlements that determine the best course of action.