It is common for people to avoid thinking about their eventual demises. Many New Jersey residents may think that it is morbid to consider such events, and as a result, they avoid the topic completely. However, if you avoid it for too long, you may miss out on making important end-of-life decisions through estate planning.
Of course, in addition to avoiding thoughts of death, you may be among the numerous people who simply think that you do not need an estate plan. You may not consider yourself particularly wealthy, or you may not have children that you need to make certain arrangements for in the event of your passing. Even so, you can still benefit from creating an estate plan.
Reasons for planning
You may not realize that estate planning has many other benefits than just for distributing wealth or ensuring that children are taken care of (but those are certainly two significant benefits of planning). If you have not yet chosen to move forward with estate planning, you may want to consider the following ways planning could help you and your family:
- Distribution of wealth: Since this benefit is most thought of, it is important to include it as a reason for planning. Even if you do not think you have a substantial amount of wealth, any assets you have will need distributing after your passing, and planning for that distribution will give you say in where your property goes.
- Charitable giving: Do you have any charitable organization that you support or want to support? You can use your estate plan to indicate what charitable organization should benefit from your remaining assets, if you wish to take that route.
- Care planning: Your estate plan can also address events that may occur while you are still living. If you become incapacitated or otherwise unable to make sound decisions for yourself, you may need someone else to do so, and planning ahead can ensure that you have placed a trusted person in charge.
These reasons are only a few examples of how estate planning could benefit you, even if you do not have substantial wealth or children.
You may even have reasons for planning that are specific to your life or your estate. Exploring the various planning options may help you understand ways in which you could make your estate plan work for you and your family. Discussing these options and any concerns you may have with an experienced attorney may help you create a plan fitting for your estate.