Most successful New Jersey residents leave their financial assets to their heirs, who are usually their children, grandchildren, and other relatives. However, in rare cases, people die without a will, and the courts are left with the task of sorting out their estates. In general, if no one is identified as an heir to the fortune, the state receives the assets.
Most people in New Jersey help their children and grandchildren as much as they can. Fortunately, wills and other estate planning documents enable people to pass their wealth on to their descendants. However, some people neglect to update some of the most critical documents: beneficiary designation forms.
Although wills are intended to prevent family members from arguing over a loved one’s assets and property, there are exceptions. Because people in New Jersey sometimes change their wills when they’re nearing the end of their life, when they may be elderly and ailing, their decision-making abilities may be diminished. Unfortunately, some family members who don’t have their relative’s best interests in mind may take advantage of this situation to pursue their own self-interest.
Estate planning can be a very complex process, even if you do not consider yourself to have a vast estate. Simply ensuring that your assets are protected and given to the party or parties that you wish in a reasonable amount of time with limited tax implications can be enough to make some people put off the entire process of creating wills or trusts and more.
Estate planning is not really anyone’s favorite subject to talk about, but planning for those who will be left behind after someone dies can make a huge difference. Proper estate planning in Hudson County can go a long ways in helping prevent family members and organizations from fighting over a person’s assets.
College savings is an important topic for New Jersey families. The popularity of the 529 plans has made saving for college a valued tax advantage as well as a convenient way to provide higher education opportunities. Parents and grandparents alike choose these plans for their simplicity and benefits but may forget to incorporate this planning into their overall estate planning.
What would a person do with more than 700 dolls that they inherited from a relative? Many people who aren't sure what their relative intended for them to do would probably just have them appraised and sell them. However, if this relative was deeply emotional about their collection, whether it is a doll collection or a car collection, the person or people who inherit the collection would probably try their best to maintain the collection.
A man who lived in a neighboring state has left a large sum of money after he recently passed away. The problem is he has no apparent will, and no living heirs. With an estate valued at approximately $40 million, the state will start an extensive search to see if the man ever had a will. They will also hire a genealogist to research whether the man has any living heirs.
An Irish documentary on genealogy ended up bringing together long lost cousins who all lived very close to each other in the United States. The documentary is called "Dead Money" and featured the estate of a woman who had no apparent relatives, but an estate valued at $1.5 million. The woman didn't have a will, and according to Irish law, the estate would go to her closest heirs.
People who are single might sometimes think that they are the only ones that need a will. They think that the families of people who are married and have children will just get all of their belongings. The truth is, even married people should have wills. While in many states their family will get their belongings, it is important that people's assets are distributed according to their wishes. Sometimes people don't understand the estate laws of their state, and their assets might not end up going where they think they will.