There are many situations in which people may be tempted to do the “bare minimum.” For example, it makes sense to aim for the bare minimum if you are on a budget. Or perhaps you only have enough energy or time to do the bare minimum. Estate planning is one of the many areas in which people tend to do the bare minimum. But when it comes to planning for the unthinkable, one thing is clear: The bare minimum is better than nothing. So what’s the least you can get away with if you want to create an effective estate plan in New Jersey?
The Bare Minimum is a Will
In New Jersey, the bare minimum for estate planning is a will. A will should be your first move. It is the foundation from which all other estate planning tools are built. If you want to go a few steps further, you can look into options such as life insurance or trusts. But if you simply have a will, you should be able to handle your estate in an effective manner. A will lays out not only your wishes regarding inheritance but also certain health care decisions should you become incapacitated. In this way, it fills many roles and can be described as a “multitool” when it comes to estate planning.
Consider Tax Implications
Another “bare minimum” is to consider any tax implications you or your beneficiaries may face. Creating a will is one thing, but you will not get very far if you do not consider what kinds of taxes you may face and how to avoid them. A qualified estate planning attorney in New Jersey helps you consider and overcome estate taxes – such as New Jersey’s estate tax.
Isn’t Doing Nothing the “Bare Minimum?”
You might argue that doing nothing at all is the “real” bare minimum when it comes to estate planning. But is this really true? If you pass away without a will or any other estate planning tool, you are said to have died “intestate.” This means that the probate court gets to decide how your assets are distributed among your family members. Neither you nor your family members can control this process because a.) you are no longer here and b.) you did not put anything in writing. In a perfect world, the probate court distributes assets exactly as you would have wanted them to be split among your beneficiaries.
But in practice, we often see difficult situations when people die intestate. For example, an ex-wife might get the family fortune when this was not the intention of the deceased spouse. Or perhaps an unsuitable family member might suddenly find themselves with the fortune – such as someone with a gambling problem.
Where Can I Find an Experienced Estate Planning Attorney in New Jersey?
If you have been searching for a qualified estate planning attorney in New Jersey, look no further than Giro, LLP, Attorneys at Law. We know that many residents in New Jersey might be searching for a relatively simple, affordable estate plan. The truth is that you can create an effective estate plan without spending too much time or money on the process. During your consultation with us, we can go over your specific needs and help you pursue your goals. Reach out today to get started.