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Details to consider when creating an estate plan in New Jersey

Many people in New Jersey know that estate planning is a crucial. When people think about what estate planning entails, they usually think about big picture things. People consider things such as who should receive their assets, what type of financial legacy they would like to leave for their heirs, and whether they would like to create a trust to avoid probate.

However, in the midst of all the big decisions, many people forget about the details that need to be considered. Although it is important to have a concrete estate plan and make decisions about your will and trust, it is also important to consider the details.

to the estate administration, it can be beneficial to have cash available for those expenses. Attorney's fees, court costs, debts and taxes must all be paid. However, if an estate is "asset rich and cash poor," the executor may feel rushed to sell the assets in order to raise the necessary funds.

When you are preparing your estate plan, a professional can help you estimate how much various expenses will cost. Knowing that amount can help you determine the most appropriate solution, including establishing a line of credit or creating a life insurance policy.

Although you may have a general idea of who should receive your estate, it can be beneficial for your executor to know exactly what is in your estate. Creating a list of your major assets and accounts can help ensure everything is accounted for. It may also be a good idea to provide your executor with the details of your accounts, including what financial institutions hold your money, the names of financial planners you work with, the types of accounts and their approximate values.

Read more in the next post to learn about details related to creditors, asset values, executors and gift planning.

Source: Investing Daily, "Forgotten Estate Planning Issues," Bob Carlson, 19 April 2011

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