A person in New Jersey feels he or she has done a great job of planning for his or her future. Estate planning has been thought out and put in place and life is good. Time passes, things change and an estate plan may need attention to ensure it is still serving a person well.
There are certain aspects that need to be periodically reviewed to ensure that an estate plan continues to clearly represent a person’s wishes. Not least among these are the personnel entrusted with carrying out various parts of a person’s plan. People entrusted with acting on a person’s behalf, also known as trustees, have the power to make final decisions on designated matters. Having the right person in such a position is important.
In addition to trustees, there may be people entrusted with power of attorney who can act on a person’s behalf regarding financial and medical decisions. There is also the executor of an estate. When considering people for these roles or reviewing existing designations, certain factors should be considered. Has the relationship with the person or persons changed? Are they geographically nearby and are they able and qualified to carry out the task they are being asked to perform?
Estate planning is an ongoing process. As a person’s life changes, his or her final plans may need to be adjusted as well. Periodic review of the estate documents can provide peace of mind. Someone in New Jersey who has a plan in place or is considering establishing one may benefit from a consultation with an attorney familiar with the field. A knowledgeable professional can review a person’s financial assets and other circumstances and help advise him or her on any changes that should be made to ensure the financial plan will perform as intended.