According to plenty of research studies, half of all individuals in the United States don’t have an estate plan or a will at all. People make plenty of opportunities to make excuses for putting off the inevitable. For example, you may be uncomfortable thinking about or planning for your own mortality, or you may be under the impression that you don’t have enough assets to warrant an estate plan.
However, passing away without a will or any more extensive plan can only add further grief and frustration for your family members. You could risk changing the family dynamics by having family members forced to figure out the next possible steps. During a time when they are already coping with the grief of a lost loved one, it can be too much to bear to deal with the probate process.
Without any will in place in New Jersey, decisions about who will administer your estate or who could be appointed to be the guardian of your minor children will fall to a local probate court. This might mean that your intentions are not carried out as you would have wished them to be. Thankfully, setting up a consultation with an experienced estate planning attorney gives you the opportunity to address these issues sooner rather than later. Your estate plan is something that needs to be flexible and adjustable based on your individual needs and your loved ones’. A knowledgeable attorney can meet with you on an annual basis to ensure that your documents have incorporated any changes in the family.