Estate planning could significantly impact your future and determine the rights of your beneficiaries after your death. However, it is crucial to develop a plan that is comprehensive and compliant with relevant state laws.
Although you may have a general understanding of what an estate framework entails, nuances in the law may complicate what appears to be a simple matter. A legal representative could help you address potential issues with estate planning in Moorestown so that you can protect your property. A skilled estate planning attorney could answer your questions and help you build a comprehensive proposal for the future.
How to Identify Assets in an Estate Plan
Often, the estate planning process begins long before a pen touches paper. The first step in creating a plan is identifying the location of a person’s assets, including:
- Bank accounts
- Real estate
- Business holdings
- Physical property
An estate plan aims to distribute assets to named beneficiaries after a person’s death. To ensure that property is accurately distributed to heirs, a will must name assets with as much specificity as possible. Allowing an attorney in Moorestown to take the lead in locating and identifying an individual’s property could help them avoid issues that might arise in the future.
What Conflicts Arise When Creating an Estate Plan?
Even if a person identifies assets and heirs in a will, their estate planning documents, including trusts, must adhere to the state’s rules of construction. These regulations are key to establishing a document’s authenticity before a probate court. For example, a valid will must contain the signature of a testator and two witnesses who observed the execution of a document.
A common issue that arises when creating an estate involves the proper selection of beneficiaries. In most cases, any adult can be an heir in a will or a beneficiary in a trust. However, those parties may need to pay taxes in other jurisdictions that lower the overall value of an estate. Likewise, naming children as beneficiaries may force a probate court to appoint a guardian to take temporary control of assets until the child reaches adulthood.
Intestacy and Incomplete Estate Plans
Another conflict that arises during estate planning is when a person dies without completing a will. If a decedent passes away without planning their estate, a probate court will apply intestacy rules under New Jersey Revised Statute § 3B:5-4. The resulting distribution may result in the forced split or sale of valuable assets. However, having a comprehensive will in place could avoid this.
Speaking with a knowledgeable lawyer in Moorestown about potential conflicts could help a person understand the rules and regulations they must follow to ensure the validity of estate planning documents.
Speak with an Attorney Now to Learn More About Issues with Estate Planning in Moorestown
Planning an estate is an important but challenging process. Being proactive to identify potential issues with estate planning in Moorestown can help keep your future on track. Conflicts like not drafting documents according to legal standards could create substantial headache, but our legal team is here to help.
Reaching out to an attorney could help address many of these common issues and ensure the creation of a strong estate plan. Schedule a consultation today to get started on this process.