Celebrity estates have a way of making money, even after the celebrity has died. The enterprises that carry on after the death of such stars as Michael Jackson can make a great deal of money. That reality is another reason why experienced estate planning attorneys in New Jersey are so attentive to making sure that the wills and trusts set up on clients' names are well crafted.
Earlier this week, Governor Chris Christie signed into law a bill that would create a new end-of-life planning mechanism for terminally ill New Jersey residents.
By creating wills and trusts as part of estate planning, the aim is to make sure that a person's final wishes are made clear and made good in the event of death. If the language of the tools isn't clear or if other issues surface, it can lead to confusion. And that can lead to legal battles. Something experienced estate lawyers in New Jersey strive to avoid.
When it comes to estates and taxes, size matters. And competing claims about size can result in major court battles. New Jersey attorneys with a focus on trusts and wills know this. It's that knowledge that guides strategies on how to protect assets from the tax collector.
One good reason to stay on top of updating your will and estate plan is that you never know what's going to happen to you, or what action some survivor may launch after you are gone. Life events, such as being stricken by cancer or filing for divorce can affect the way your plans play out unless you are diligent in making modifications as developments occur and make sure those changes are communicated. This is true in New Jersey and everywhere else.
You hear it all the time. "You always think something is going to happen to the other guy, not you." The one's who say that are usually survivors and always those who can actually say it, not someone who has suffered a disaster that leaves them unable to communicate.
There was a time when trusts were an estate planning tool used only by the very wealthy. That is no longer the case. New Jersey estate attorneys know that the middle class has expanded to a point where someone of even modest wealth may find a trust to be just the thing to ensure that the value of what they hand on to their heirs is protected.
The purpose of a will and other estate planning vehicles is to make sure that your desires regarding how your assets are distributed upon your death are fulfilled as you would have them, rather than by a New Jersey court judge.