The answer is probably yes. If you own any assets in your own name, the only way to ensure that the persons who you want to inherit your property upon your death will get your property is to make a will and have it executed in accordance with New Jersey law.
Depending on the size of your estate, your heirs may not need to go through probate, the legal process for the court to order the transfer of your property to your heirs. In New Jersey, if your spouse is alive when you die, an estate of less than $20,000 does not require probate. If there is no surviving spouse, then the estate must be less than $10,000.
Regardless of whether your estate needs to go through probate or not, the issue that you must address is whether you want the state of New Jersey to dictate who will receive your assets or whether you want to make that decision. If you want to make that decision, then you must make a will.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.Gronskylaw.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at RGronsky@Gronskylaw.com. Thank you!
Friday, August 28, 2009
Wednesday, August 19, 2009
Do You Know How to Manage Your Family’s Finances If A Disaster Struck?
In my family, I pay the monthly bills that are still done manually (you know, write out a check, put it in an envelope with a stamp and mail it). My husband takes care of setting up the online payment of bills. Twice a year, we go through our statements from the banks and brokerage firms to create a spreadsheet of our assets, liabilities, retirement accounts and the kids’ college funds to see how we are progressing (most of our spreadsheets show that we are progressing but we did take a hit to some of our investments last year).
What does your family do so that if something were to happen to you or your spouse, the other one would know what your financial picture looks like? Do both of you review your financial decisions? Do both of you reconcile bank statements? Do you know where all of the family money is invested and who to call if you need to make any changes?
It is good for the family if both of you are knowledgeable about your money matters. That way, both of you can contribute your ideas as to how to manage your money, invest for the future and strengthen your relationship. You will never be caught unprepared in an emergency and will ensure that one partner does not have all of the power in the relationship. Yes, at the beginning, you may make mistakes that may cost you in money or dignity. But, you need to know how to ensure that a disaster can never take everything away from you.
It is also a good idea to teach your children how to manage money. They need to know how to use a checking account, to learn the self-discipline to save money for future goals, and how to manage credit. These are skills that they will need when they go off on their own. Most parents would like to give their children an inheritance but do you want your children to squander what you have worked so hard to save?
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.Gronskylaw.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at RGronsky@Gronskylaw.com. Thank you!
What does your family do so that if something were to happen to you or your spouse, the other one would know what your financial picture looks like? Do both of you review your financial decisions? Do both of you reconcile bank statements? Do you know where all of the family money is invested and who to call if you need to make any changes?
It is good for the family if both of you are knowledgeable about your money matters. That way, both of you can contribute your ideas as to how to manage your money, invest for the future and strengthen your relationship. You will never be caught unprepared in an emergency and will ensure that one partner does not have all of the power in the relationship. Yes, at the beginning, you may make mistakes that may cost you in money or dignity. But, you need to know how to ensure that a disaster can never take everything away from you.
It is also a good idea to teach your children how to manage money. They need to know how to use a checking account, to learn the self-discipline to save money for future goals, and how to manage credit. These are skills that they will need when they go off on their own. Most parents would like to give their children an inheritance but do you want your children to squander what you have worked so hard to save?
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.Gronskylaw.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at RGronsky@Gronskylaw.com. Thank you!
Wednesday, August 5, 2009
Sending My 18-Year Old to College
I have 2 children and I am sending my older son to college in 3 weeks. I still remember his first day of kindergarten and soon I will drive him to college with all of his “stuff” and leave him to be on his own.
We’ve created lists of thing to buy from clothing, sheets and mattress toppers (but no dorm furnishings since he’s a boy), and a new laptop computer to laundry bags and shower caddies. I’m sure that those of you who passed this milestone are nodding your head in remembrance of doing the same rituals yourselves. He has dropped off his medical forms to be filled out by his pediatrician and had to talk to the people in his engineering school with his questions about different courses. I have stepped back and made him take on his responsibilities when he was not so eager to do it on his own.
Before we actually take that drive to college, I intend to prepare a durable power of attorney and health care proxy/living will and have him sign these documents. I’m hoping that he never is so incapacitated that we need to use them but I’d rather have them in place in case we do. And I’ve also made him give us access to his school records. Now that he is an adult, we don’t have an automatic right to see his grades. But, if we (my husband and I) are paying for most of his college costs, he has an obligation to keep his grades up; I want to make sure at the end of each semester, that he is keeping his end of the bargain.
So, to all of you parents who are like me and going through this rite of passage with your first child, I salute you for reaching this milestone. It’s a big adjustment for the entire family and it will take us some time to adjust. But, hopefully, we’ve all done our jobs well and our kids find that they can cope, adapt, and thrive on their own.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.Gronskylaw.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at RGronsky@Gronskylaw.com. Thank you!
We’ve created lists of thing to buy from clothing, sheets and mattress toppers (but no dorm furnishings since he’s a boy), and a new laptop computer to laundry bags and shower caddies. I’m sure that those of you who passed this milestone are nodding your head in remembrance of doing the same rituals yourselves. He has dropped off his medical forms to be filled out by his pediatrician and had to talk to the people in his engineering school with his questions about different courses. I have stepped back and made him take on his responsibilities when he was not so eager to do it on his own.
Before we actually take that drive to college, I intend to prepare a durable power of attorney and health care proxy/living will and have him sign these documents. I’m hoping that he never is so incapacitated that we need to use them but I’d rather have them in place in case we do. And I’ve also made him give us access to his school records. Now that he is an adult, we don’t have an automatic right to see his grades. But, if we (my husband and I) are paying for most of his college costs, he has an obligation to keep his grades up; I want to make sure at the end of each semester, that he is keeping his end of the bargain.
So, to all of you parents who are like me and going through this rite of passage with your first child, I salute you for reaching this milestone. It’s a big adjustment for the entire family and it will take us some time to adjust. But, hopefully, we’ve all done our jobs well and our kids find that they can cope, adapt, and thrive on their own.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.Gronskylaw.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at RGronsky@Gronskylaw.com. Thank you!
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