When people write or talk about trusts in the news, they are usually complicated and exotic. The implication of stories like this is that everyone needs trust like this in order to avoid taxes or otherwise protect assets for their loved ones.
As a parent, you probably hate picking one child over another. They each have their talents and reasons why they should be involved in important end-of-life decisions for you and how to divide up your estate when you’re gone.
On any given Friday night in New Jersey, about 550,000 families gather around two candles to welcome Shabbat. New Jersey's Jewish community has a rich history with a diverse cultural mix. From the ultra-Orthodox to the easy-going Reformists, no sect is without a home.
Estate planning is usually not top of mind for the millennial generation, because serious, end-of-life issues seem such a long way off.
An estate plan gives individuals the ability to designate the allocation of their property and person should they pass away or become incapacitated. Whether an individual has a few assets or a large estate, a plan may be beneficial and avoid confusion for the family during a difficult time.
If you are young, single and focused on your career, estate planning is probably something you do not think about often, if ever. While you do not need a complex plan at this point in your life, you should think about the basics.
Like many people, you may be procrastinating about sitting down with an attorney to map out your estate plan. It may seem to you a huge undertaking.
You may not have a lot of money or many assets, but drawing up a will is important. If you have a minor child, a will can and should address the matter of guardianship.
You may believe that probate is a complicated, onerous, difficult process for an executor to manage and, in general, a procedure to avoid. While issues can arise, settling an uncontested estate is usually a fairly straightforward task.
Making a will often falls into the category of tasks many people put off indefinitely. After all, you have so many things to take care of right now, and focusing on what happens after your passing can feel somewhat morbid. However, no matter your age, drawing up a will should be on your list of priorities.