One of the most common reasons you might not have an estate will is that you might need help knowing where to start. This is entirely understandable, as several estate planning tools might confuse you. Some rules apply to these tools, which makes the matter even more complex.
Planning for the future can be an overwhelming endeavor. However, putting off something like this for a long time is not advisable. You want to be prepared in case anything happens to you. A will is an excellent place to start, as it is one of the most common estate planning tools.
Below are the first few steps you need to take in creating your will:
Be more knowledgeable about estate planning
Having sufficient knowledge about estate planning is always essential as it gives you a concrete vision of what you want for your family’s future. Reviewing your finances and New Jersey’s taxation guidelines regarding estates is a significant first step. You also want to understand New Jersey’s estate planning laws thoroughly.
Once you understand taxation guidelines and estate planning in general, you may start to carefully consider your wishes for your and your family’s futures. Consulting an experienced estate planning attorney may help you understand the nuances of estate planning.
Compile a list of your assets.
Your assets play a crucial role in estate planning, and while it may seem overwhelming, it helps if you list all of your assets as early as possible. This way, you already have an initial list to work with. You can add to it as you amass more assets over time.
First, you may want to inventory all your tangible assets, including, but not limited to, real estate, furniture, artwork, jewelry and vehicles.
You may need to list beneficiaries on the account for your intangible assets, including retirement and bank accounts. Still, it may be helpful to calculate the worth of these assets and include them in the inventory, updating them as necessary.
Consider who will receive what
You can leave specific instructions detailing who should receive particular items. If you are unsure where to start, talking with your family about managing the property you will leave behind may be a good idea.
Creating a will can be a complex process. Seeking the help of an experienced attorney can help you start the process. If you have any questions about this or any other estate planning or administration matter, contact Alan Genitempo, Esq. of our firm at [email protected].
