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What do you need to know about estate planning in New Jersey?

On Behalf of | May 10, 2022 | Estate Planning & Probate |

Estate planning is essential because it allows you to pass on your property to those you want to. Because of digital property like social media accounts and cryptocurrency, there are a few more considerations than in the past.

Digital property

You may name a specific person whom you want to pass on a digital asset to or instructions on what to do with your digital property. Some people also choose a trusted loved one to delete certain files and accounts.

Funeral representative

It’s not just an executor you should name in your estate planning. You should consider who you want to be your funeral representative. This person will be responsible for making funeral arrangements.

Executor and back-up executor

In New Jersey, a person has the right to decline to serve as executor. You should check with the person you have in mind if they’re willing to take on the responsibility. Also, choose a backup executor in case something were to happen to them or they change their mind. You have the option of choosing a corporate fiduciary as your executor if you’re unable to find someone whom you think is a good match for the role.

Trusts

Look into the different types of trusts to see if it makes sense in your estate planning to set one or more up. Trusts are a great way to protect your privacy if you don’t want the public knowing about certain assets you’re passing on to beneficiaries. A trust could help you save money on taxes as well.

Pets

If you have a pet, then you should make plans for who will take care of them. You may also want to set aside some money intended for your pet’s expenses.

There are many areas to look at when you’re putting together your estate plan. Some of the most important aspects to remember are what to do with your digital assets and pets. You should carefully choose your executor and backup executor too.