Many people make the mistake of doing the bare minimum when it comes to estate planning and fail to handle the details. When you are estate planning, it is important that you cover your bases and continue to review and update your plans as needed.
When you are estate planning, it is important that you ask yourself a number of questions to make your plans as clear and detailed as possible. First, you want to look whether your will is up to date. Many people write their will, but to forget to update it as their lives change. For example, if you have moved to a different state, gotten married or divorced, lost a beneficiary, or the birth of a potential new heir, it is likely that you will need to update your will. It is good practice to revisit your will every few years to ensure that everything is the way it should be.
You should also make sure that you have followed all state laws to ensure that your will is legally binding. Lastly, make sure you have provided enough detail in the will and included both big ticket items and sentimental items that may not have much monetary value, but have personal meaning to your family.
In addition to updating your will, you will need to organize your finances, plan for the care of your survivors, and finalize your funeral arrangements. The more planning you do pre-death, the less your surviving family members have to worry about post-death.
Finally, you will want to make sure that you beneficiaries know what to do with possessions that you do not list in your will. Items may be sold, donated, or given to one or more beneficiaries.
No one likes to think about the inevitability that is death, but for the sake of surviving family members and friends, it is important that we have a valid estate plan in place. An estate planning attorney in New Jersey can assist with all your needs and ensure that all the details of your plan are handled properly.