The issue of creating a will can often be a contentious one, which may be why so many tend to avoid doing it (at least publicly). Many in Ocean County & believe the estate planning process must be a formal affair, where you and other potential parties to an estate should be called together to provide your input into how your loved one should disperse their assets. Yet does your family member or friend have an obligation to include you in this process? No, they do not. In fact, some may simply write our their will themselves and then pass them on to the appropriate parties. Here at Campbell & Pruchnik, LLC, many often ask us if such a will is even valid.
Relocation can be stressful for an array of reasons, from financial considerations related to moving (such as buying or selling a home and starting a new job) to the emotional impact that the move may have on loved ones. People often move for new and lucrative opportunities and to gain a fresh start on life, but it is essential to make sure that all important issues are taken into consideration before moving, such as the potential impact that relocation may have on an estate plan. There are a number of ways in which your estate plan could be affected by relocating to a different state.
Perhaps the most important element of estate planning in Ocean County is actually choosing to do it. It is a decision that many American adults have yet to make (indeed, according to research information shared by the American Association of Retired Persons, 6 in 10 have no estate planning documents). Those who die without a will force their estates to become subject to intestate succession. This is a state-controlled process in which the dispersal of one's assets are regulated by the law (and not the wishes of their heirs).
When some people picture the type of person who sets up an estate plan, they may envision someone who is wealthy and owns a considerable amount of property. To be sure, estate plans are especially important for people in this position, but even low-income individuals benefit from estate plans. By setting up a will or creating a trust, those with low incomes are able to not only protect what they have but make things easier for their loved ones down the road. Moreover, there are other aspects of estate planning, such as power of attorney, which can be extremely important regardless of how much money one makes or their net worth.
The process of estate planning in Ocean County is a fluid one that is not necessarily complete with the drafting of a will or other estate management instruments. Circumstances will certainly change over time, which could cause one to rethink earlier decisions and revise their estate documents to reflect their current wishes. The question then becomes which provisions are valid: those that were made initially or the revisions?
People choose to set up estate plans at different points in their lives. Some may create a trust or a will during their younger years, while others may wait until they are much older. Some people may choose to create an estate plan after the birth of their child, and retirement is another turning point in life which may result in the development of an estate plan. There are a handful of reasons why retirement is a great time to set up an estate plan, from financial changes and concerns about one's future estate to more free time.
Handling estate planning matters can be hard for different reasons, but some people have an especially difficult time when it comes to setting up an estate plan. For example, some people have a lot of uncertainty over how to distribute their assets, and some may worry about how their decisions will affect those they love. In some families, there is a lot of drama and disagreement, such as sibling rivalries and estranged family members, and it can be particularly hard to approach an estate plan in this environment. However, it is especially vital to make sure that your estate is set up properly if you are facing these difficulties in your own family.
You may have numerous challenges in front of you if you are creating or revising an estate plan. For example, you might have a plethora of options to choose from and you could be unsure of what is best for you and those you love. Or, perhaps you are not familiar with how some aspect of the process works and you are worried about taking on additional responsibilities. For example, you may believe that someone you have decided to name as the executor of your estate is no longer capable of carrying out these responsibilities, or you may choose to change the executor for some other reason.
We know how difficult ending your marriage can be, and some people have an especially difficult time during and after the process of divorce. For example, those who have a high net worth may face significant financial hurdles and parents may have a hard time as a result of legal issues related to their kids (child support, custody and so on). There are many things to take into consideration once your marriage has come to an end and some people may forget to think about all of the different ways in which their life will change after divorce. For example, some people may have an estate plan which includes their former spouse and it is vital to revise your estate plan after a divorce for a number of reasons.
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.