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Do not forget to consider age in your estate planning

When it comes to estate planning in New Jersey, you will probably consider several important factors. Some of these things may include your financial situation, your health, your assets, and your family members and loved ones. Another thing you may need to look at, however, is scientific research.

Scientists have coined the term “emerging adulthood” to describe the ages between 18 and 29. While it was previously believed that the brain was finished developing by the time someone reached the age of 18, it is now understood that the prefrontal cortex continues to mature throughout your 20s. What does this mean for your estate planning? Simply put, it means that you may want to delay your children’s inheritances.

An estate planning professional points to this scientific research to explain why someone may not be ready to handle a large sum of money at the age of 18, or even 25. At this age, the part of the brain that regulates decision making and prioritizing is not fully matured, which means that an 21-year-old with a lot of money may be tempted to spend it on a sports car instead of an education or another type of wise investment. He recommends that his clients do not leave their heirs money until they reach they reach their 30s.

Ultimately, you know what is best for your heirs and your estate. The most important things is that you compose a valid will to ensure all of your wishes are properly taken care of. A lawyer may be of assistance in this area.

Source: Gazettes.com, “ESTATE PLANNING: Age Matters When Receiving Inheritances,” Curtis Kaiser, July 22, 2013

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