While nobody wants to think about life after they are gone, being prepared is important, which is why people should take estate planning seriously. By completing the necessary steps, people can ensure that their children and spouses are taken care of should the unfortunate happen.
The following are four steps that can be taken to ensure estate planning is a success.
1. Choose professionals to help: This isn’t a process that people will want to undertake on their own, so it will be important to select experienced professionals to help. This includes getting a tax attorney, accountant, financial planner, and trustee, among others. These professionals can help ensure that there are no errors made during the estate-planning process.
2. Discover assets and liabilities: In order to plan an estate, people will need to know how much money they have in assets and liabilities. This could be bank accounts, homes, stocks, debts and many other things. By discovering exactly how much is in each account, people can allocate their assets accurately.
3. Hash out the specifics: Estate planning can be a difficult process. People will need to figure out many specifics before completing their plans, such as who will act as the executor and should they appoint a single trustee or co-trustees? The professionals hired to assist in this process should be able to provide valuable input at this time, as they have likely helped during many estate plans in the past.
4. Construct the plan and complete documents: The final step will be to actually construct the plan and complete the documents to make it official. The legal formalities will make sure that assets go to the people who were awarded them in the plan. It is probably a good idea to make recipients aware of this fact before anything happens.
Guardianships in New Jersey: When a Loved One Can No Longer Manage Personal or Financial Affairs
When a family member can no longer make important decisions for themself, the question is often not whether the family will step in, but whether they have the legal authority to do so. A spouse may manage household finances, or an adult child may arrange medical care and pay bills. Still, informal assistance does not […]
New Jersey’s Revised UHAC Regulations: What Residential Developers Need to Know About Affordable Housing Commitments
New Jersey residential developers with affordable housing obligations should carefully review their existing approvals, development agreements, and proposed deed restrictions in light of the State’s revised UHAC regulations (Uniform Housing Affordability Controls). The regulations, which took effect on November 6, 2025, significantly change the administration and physical requirements for affordable housing units. For developers with […]
“No Comment” Culture: Why Silence Is Often the Riskiest Legal Strategy
A “no comment” response is sometimes the right call when a legal problem arises. As a blanket policy, however, it lets allegations go unanswered, deadlines pass, evidence disappear, and manageable disputes grow into expensive litigation. The businesses that fare best are usually the ones that say little publicly while acting decisively behind the scenes. When […]
Utility-Scale Battery Storage Projects: A Legal Roadmap for Developers, Property Owners and Other Stakeholders
Utility-scale battery energy storage systems (BESS) are becoming an increasingly important component of the electric grid throughout New Jersey, New York, and Pennsylvania. As renewable generation expands, electricity demand increases and grid operators seek greater flexibility, battery storage can help balance supply and demand while providing additional capacity and reliability. For developers, battery storage presents […]
Navigating Disputes: Hire a Partnership Dispute Lawyer
A falling out between partners can be disastrous for any business. In many cases, the partnership will not survive. If you are in an unworkable situation with your partners, it may be time to consult a partnership dispute lawyer experienced in handling partnership breakups and dissolutions before the situation deteriorates any further. It is easy […]
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
