Must-Do Estate Planning Tasks for the Boomer Generation

For New Jersey’s baby boomer residents who still do not have estate plans, planning needs to be on the top of their to-do list for the new year. A recent article discusses several important estate planning tasks that should be done as part of any estate plan.

  1. Create a Will and Trust: While this may be the most obvious estate planning task, a staggering number of New Jersey residents over the age of 50 have still not done so. Although many people can accomplish their estate planning goals through a simple will, incorporating a trust into an estate plan often provides more control over the management and distribution of assets.
  2. Create a Power of Attorney: Many people do not realize that the process of estate planning deals with an individual’s potential incapacity, as well as his or her death. One vital part of an estate plan that deals with incapacity is the power of attorney. Through this document, a person can designate someone to pay the bills and manage the finances during a period of incapacity.
  3. Check the Titling of Your Assets: Many assets are not transferred through a will or trust. Rather, these assets are transferred immediately upon a person’s death, and are based on contract. Some such assets are retirement accounts and life-insurance policies. The owner of these assets must designate a beneficiary to receive the proceeds of these accounts. It is important to not only understand which assets transfer outside of your will and trusts, but to also keep the beneficiary designations updated.