900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 ·
215.563.0276 ·
Fax: 856.667.3652
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Financial Planning |
If you have no will, consider what happens if you die without one. Each state has "intestacy" laws that govern the distribution of property of persons who die without valid wills (i.e. intestate). Under these "one-size-fits-all" intestacy laws, your property might be distributed in a manner substantially different from what you would have wished.
Dying intestate may also mean large legal expenses and an especially lengthy probate proceeding which can be a significant burden on your family.
Consider both assets and
relationships.
When having your will drafted, consider the value of not only your obvious assets - house, car, bank accounts,
and so on - but also the less obvious ones, such as insurance proceeds and retirement benefits. Ask your attorney
for a checklist to assist you.
Relationships are as important as assets. Name a guardian for your minor children (in case you and your spouse die in a common accident). Also, you may want to establish a trust to cover the expenses of caring for a disabled child or other relative.
Don't procrastinate. Have your attorney draft your will, and then review it periodically and keep it up to date. Review your will for updating after any of the following:
relocating (especially to or from a community property
state).
incapacitation, marriage, divorce).
The cost of updating your will is small compared to the cost of the court battles and unnecessary estate taxes that can stem from out-of-date wills.
Please call us; we will gladly assist you and your attorney with your estate planning.
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"Financial Planning Tips" are published monthly to provide useful financial information. Return to this site every month for helpful suggestions on how to reach your financial goals.
The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
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