For many people, estate planning involves passing wealth to children and grandchildren, but even someone without direct descendants should take the time to decide where the assets they’ve accumulated should go. Without a valid will in place, your estate will be subject to intestacy laws, leaving decisions about your legacy in the hands of the state.
Studies from the Pew Research Center and other organizations have examined reasons why more Americans are childless by choice than in previous generations. Whether someone has consciously avoided parenthood or remained childless due to circumstances, they should carefully consider the priorities that are most important to them. If you’re in this situation, you might examine one or more of these estate planning options:
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Transfers to other family members or friends — Many people want relations to receive the property they leave behind. It’s important to remember that the state’s intestacy rules treat every family member in a certain class the same. Accordingly, if you die without a valid will and your closest relatives are two siblings, they will each receive equal shares of your estate, even if you are estranged from one of them. You should also understand that New Jersey imposes an inheritance tax when heirs are siblings, cousins, nieces, nephews or friends.
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Charitable giving — There are many different ways to support a cause that means a lot to you. You might wish to bequeath funds, real estate or other assets in a will, or make a charity the beneficiary of a trust. If no existing charitable organization seems right, we can help you establish a funding mechanism of your own.
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Ensuring pet care — Whether they have children or not, many people want to ensure that their dog, cat or other pet is well taken care of no matter what happens. You can include within your estate plan instructions on where you would like your pet to live, as well as funds designated to meet their needs.
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Designating individuals to handle important duties — Everyone should have a legal agent in place to handle critical healthcare and financial matters in the event that they are incapacitated by injury or illness. Our firm can formalize these arrangements and can also provide guidance on someone to serve as a trustee or will executor.
Estate planning is not just for parents—it’s for anyone who wants to take control of their legacy. Frieri Law Group in Cranford advises residents of Union, Morris and Somerset counties, as well as other New Jersey locations, on a full range of issues relating to wills, trusts and other estate planning instruments. To make an appointment, please call 908-883-3390 or contact us online.