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Category: Estate Planning

Estate Planning for Elderly Unmarried Couples

Even without estate planning, there are laws in place for married couples to distribute property and assets to either the other spouse, children, or parents. However, there are few laws for unmarried couples, even if they have lived together for a lengthy period of time. That is why estate planning is imperative for elderly, unmarried …

What Is a Power of Attorney?

A power of attorney (“POA”) is a legal document that you can use to let another trusted person make decisions on your behalf when you cannot make those decisions for yourself. Under a POA for yourself, you are called the “principal” and the person you are giving the power to is called your “agent.” There …

How Often Should I Update My Estate Plan?

If you created an estate plan or will, it is important to review and update them regularly. If you have not planned for your estate or any other end-of-life plans, now is the time to do so. According to a Gallup poll in 2021, over 54 percent of American adults do not have a will. …

What Are Common Estate Planning Mistakes to Avoid?

Today, there are legal documents like wills and trusts that help ensure someone’s wishes will be carried out upon their passing or when they become incapacitated. If mistakes are made during the estate planning process, they are likely to show up at a later time. It is important to set specific goals, have ways for …

How Can You Encourage Your Parents to Plan for Retirement?

Many people may be surprised to find out that their parents are unprepared for retirement. According to a study by Northwestern Mutual, over 78 percent of Americans are concerned about not having enough money for retirement. Yet, a FinanceBuzz survey shows that 35 percent of people do not have any savings or money set aside …

What Is a Living Trust?

In estate planning, you will often hear about two types of important documents that relate to dividing up your property and other assets: trusts and wills. They have a relation to each other but are separate. If you own any assets, you might have specific desires as to who will receive them upon your passing. …

What Is the Probate Process in New Jersey?

You may have heard of probate, but it may be unfamiliar unless you have dealt with a will. Probate is a process used by courts to enforce the provisions of a will. Probate also manages any disputes that might arise about the decedent’s estate. If there is a person named as the executor for the …

What Happens if Someone Dies Without a Will?

It is estimated that about half of the people in the United States die without having a will in place. It is likely that many people do not understand exactly what happens to their assets once they pass away without having a will in place. While designing a will might not be a pleasant task, …

What Are Estate Planning Tips for Widows and Widowers?

Losing a spouse at any point in your life is earth shattering. Navigating this emotional toll can leave some people feeling lost. However, there are many items you need to tend to after losing a spouse. One of the last items on your mind, but also one of the most important, is your own estate …

Why Are the Holidays a Good Time to Create an Estate Plan?

People tend to put off creating an estate plan because they do not like thinking about sensitive topics, but it is important not to procrastinate. The holiday season can actually be a good time to create an estate plan, even though it may not seem that way at first glance. You can make your estate …

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