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The first step in will planning

Most New Jersey residents know that they should have an estate plan in place, but many ignore this crucial task. Why? Well, some just don't believe they need an estate plan. They might think that estate plans are for those people who have significant assets. However, no matter the reason why a New Jersey resident might think that an estate plan is unnecessary, the opposite is probably true: an estate plan is necessary regardless of a person's financial situation.

That is, in fact the first step one should take to be on the right path of estate planning, which is realizing that you need one. Even younger individuals can begin to compile significant assets as they begin their lives in the workforce. They might have life insurance policies, retirement or pension funds or even homes and vehicles. An estate plan can spell out what a person wants to happen with those assets upon death.

Next, New Jersey residents who have children may find that a will is especially important for one key reason: naming a guardian for those children should an unexpected tragedy occur. Some people might not care too much about what happens to their property in the probate process, but they will definitely care about what happens with their children.

Lastly, even when you have finally gone through the estate planning process and you have your will in place, it is important to remember to update the estate plan when life changes occur. Marriage, children and deaths in the family may impact your plans: make sure that your estate plan remains accurate.

Whether you seek to state the estate planning process, add documents to a current plan or modify an estate plan, it is important o understand your options and rights. This will ensure your wishes are memorialized in an estate plan and it is valid at the time of your death.

Source: FindLaw, "Estate Planning Tips: Find the Right Estate Plan for You," Accessed March 5, 2017

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