Estate planning is not always limited to the decisions of the asset holder. New Jersey residents who know they are in line to receive an inheritance may also have some work to do. When older relatives make it known that their furniture and other personal property will be left to the family, those heirs may have to help the asset holder decide how the items should be divided. And that division of assets may depend on more than just the likes and dislikes of the heirs. Often, the best first step for everyone involved is figuring out exactly what property will make up an inheritance.
Estate planning in New Jersey typically includes a review of the many assets an individual has accumulated over time. Scheduling the distribution of the family home, investments and other monies is a main goal for many estate planners. But how often do people consider the well-being of their beloved pets when planning the future of an estate. Readers in Camden County may be interested to hear that more people these days are including estate planning provisions for the family pet.
When Cherry Hill residents create their estate plans, it is often assumed that further changes are unnecessary. But as the years go by, it can be easy to forget exactly what the original documents contain. Major changes such as marital status, childbirth and death can affect estate planning, requiring proper adjustments to avoid future problems with probate.
A letter of instruction -- or LOI for short -- is a frequently overlooked possibility in New Jersey estate plans. However, the inclusion of an LOI typically provides general guidance to the person or persons in charge of an estate after one's death.
An issue of growing national interest involves the inheritance rights of children born after the death of a parent. This issue impacts a number of different areas of the law across the country, including the right of individuals to claim Social Security survivor benefits and the right to be declared heirs and beneficiaries in a variety of circumstances.