One reason to avoid delay in rounding out one's estate plan is that surviving family members will have to fill in the details if their loved one passes away before completing everything. And those family members may be ill-equipped to handle the task, perhaps unaware of where all the decedent's assets are, how they are titled and what further steps need to be taken.
The case of one New Jersey couple demonstrates this dilemma. The husband died shortly before he was set to retire. Although he had a 401(k), a joint investment account and pension, he failed to execute a will before he passed away. Until her husband's death, the wife was not aware of the value of the 401(k) or that he even had a pension. She had the difficult task of winding up her husband's financial affairs while simultaneously grieving her loss.
It took the wife many months to contact professionals who helped her straighten things out and create a financial plan that not only provided funding for her daughter's educational expenses but created an array of investments for her future as well.
In the absence of an estate plan, confusion and conflict can take hold. The aim of a will, trust and other estate planning documents is to provide an orderly distribution of assets in accordance with the decedent's wishes. A complete estate plan also provides information on all of the decedent's relevant assets. Without that information, the assets may only reach the proper beneficiaries after a period of delay, or perhaps not at all.
Source: Forbes, "Sudden Loss: Financial Advice For Widows," Eve Kaplan, Aug. 28, 2012
? Communication with family members about the contours of one's estate plan can also make things go more smoothly. If you would like more information about our firm, please visit our Bergen County estate planning page.
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