Every New Jersey adult will benefit from making certain plans for the future. Legal and financial planning allows one to have a measure of control over certain things, including what will happen with assets and money after passing. The basic first step in this process is to create a will carefully crafted and uniquely suited to the needs of the individual. A will is a basic building block in any solid estate plan, and it is a prudent place to start with any long-term strategy.
Every adult, regardless of age, health status or income level, has a need for some type of estate plan. Even a basic will allows one to control certain things about his or her estate assets, name a guardian for minor children and accomplish other things. Without a will, distribution of assets and other necessary steps will be particularly complicated in the event of an unexpected death.
Why do you need one?
You may not see the need to have a will if you are young and in good health, or you don’t have children. In reality, crafting a will is prudent for everyone regardless of age, income level and more. Some of the reasons you may need a will include the following:
- It allows you to decide who will take care of your minor children in the event of your death.
- You can control what will happen to your estate assets after your passing.
- You can name a person to oversee your estate and distribution of assets.
- It may be possible to use some estate planning tools to avoid probate.
- It allows you to protect loved ones and leave important assets to them that you want to stay in the family.
- It will provide you with the peace of mind that comes from knowing your financial interests are secure.
- You can alter and update your will as needed over the course of your lifetime.
The future is uncertain, and life is unpredictable. While you cannot control what will happen, you can have confidence knowing that you have a will and other estate planning tools in place. Your financial interests will be secure, and you can provide security for heirs and beneficiaries, even in the event of an emergency or your passing.