When many people in South Jersey hear the words estate planning, they immediately picture retirees in Florida or wealthy individuals with sprawling Medford estates. There is a common misconception that legal planning is something you do only when you reach a certain age or once you have accumulated a specific level of wealth. At Cohler Law, we regularly speak with young families in Marlton, Cherry Hill, and the surrounding areas who believe they have decades of time before they need to worry about a Will or a Trust.
The truth is that estate planning is less about the end of life and more about the protection of your loved ones today. If you are raising minor children, you are actually the demographic that needs a plan the most. While an older individual might use a plan to distribute assets, a young parent uses a plan to ensure their kids are raised by the right people and that their financial future is secure.
We believe that every New Jersey caregiver deserves the peace of mind that comes with a comprehensive strategy. Below, we will explore the critical reasons why you should prioritize your estate plan now, regardless of your age or the size of your bank account.
Selecting a Guardian: The Most Important Decision You Will Make
The primary reason a parent should have a Will is to name a legal guardian for their minor children. In New Jersey, if both biological parents pass away without a Will, the court is tasked with deciding who will raise the children. While judges strive to make the best decision possible, they are strangers to your family. They do not know your values, your parenting style, or the specific relationships your children have with various relatives.
When we help families create their estate plans, we focus heavily on this designation. By naming a guardian in your Will, you ensure that your children are placed with someone you trust. This prevents potential family disputes and keeps your children out of the foster care system or a lengthy court battle during an already traumatic time. It is about maintaining control over your family dynamic and ensuring your children grow up in a home that mirrors your own.
Protecting Your Children’s Financial Future
Beyond physical care, you must consider the financial side of your children’s lives. In New Jersey, minors cannot legally own significant property or inherit large sums of money directly. If you pass away without a plan, any assets intended for your children may be held in a court-monitored guardianship until they turn 18.
Once a child reaches the age of 18, they are legally entitled to receive their entire inheritance in one lump sum. Most parents agree that an eighteen-year-old may not have the maturity to manage a large inheritance, whether it is from a life insurance policy or the sale of a family home in South Jersey.
By working with us to establish a Trust, you can dictate exactly how and when your children receive their inheritance. You can appoint a trustee to manage the funds for the child’s health, education, and support. You can also set milestones, such as releasing portions of the money when the child turns 25 or 30, or when they graduate from college. This structure provides a safety net that protects your heirs from making youthful financial mistakes.
Managing the Family Home and Real Estate Assets
For many families in South Jersey, the family home is their most significant asset. Whether you live in a quiet neighborhood in Medford or a bustling street in Cherry Hill, your real estate requires specific planning. If a home is left to minor children without a clear legal path, it can become a logistical nightmare to sell the property or even maintain the mortgage and taxes.
At Cohler Law, we bridge the gap between real estate law and estate planning. We help you understand how your deed is currently held and how it will transition upon your death. We can structure your plan so that the home is placed into a Trust, allowing your children to continue living there if that is your wish, or giving your executor the authority to sell the property and use the proceeds for your children’s care without unnecessary court intervention.
Planning for Incapacity: It Is Not Just About Death
Estate planning also covers what happens if you are alive but unable to make decisions for yourself. If you are a parent or guardian, an unexpected accident or illness could leave your family in a lurch. Who will pay the mortgage? Who will make medical decisions for you? Who will take the kids to school?
A comprehensive plan includes a Durable Power of Attorney and a Healthcare Proxy. These documents allow you to choose a trusted individual to step in and manage your affairs immediately. Without these, your spouse or family members might have to petition the New Jersey courts for a guardianship, which is a public, expensive, and time-consuming process. We aim to keep your private family matters out of the courtroom by ensuring your incapacity plan is as strong as your death plan.
The Myth of the Simple Estate
We often hear parents who believe their estate is simple and does not require professional help. They might consider using a generic online DIY form. However, New Jersey has specific laws regarding probate, inheritance taxes, and the execution of legal documents. A small error in how a Will is witnessed or how a Trust is funded can lead to thousands of dollars in legal fees for your loved ones later.
Our approach is tailored to the specific needs of South Jersey residents. We understand the local court systems in Burlington, Camden, and Gloucester Counties. We ensure that your documents are not just templates, but legal tools that work exactly as intended when they are needed most. By being proactive, you are actually saving your family from the simple mistakes that complicate an estate.
Providing Clarity During Times of Grief
The greatest gift an estate plan offers is clarity. When a loved one passes away, the emotional burden is immense. By having a clear, legally sound plan in place, you remove the guesswork for your survivors. They will not have to wonder what you would have wanted or argue over who should be in charge.
We take pride in helping our clients create a roadmap for their families. We walk you through every scenario, from naming successor trustees to outlining your wishes for your digital assets and sentimental items. This level of organization allows your family to focus on healing rather than navigating a complex legal maze.
Start Your Planning Journey Today
We know that life as a busy parent can be demanding. Between school runs, work commitments, and family activities, estate planning often gets pushed to the bottom of the to-do list. But taking the time to sit down with a Marlton estate planning attorney now ensures that your assets and wishes are protected forever, ensuring your children's well-being is handled exactly as you envision, and ultimately providing them with security and structured financial support in the event of your passing.
At Cohler Law, we make the process straightforward and accessible. We are here to guide you through the difficult questions with compassion and legal expertise. You do not need to wait until you are older or wealthier to protect what matters most. The best time to start your plan was yesterday, but the second best time is today.
Contact Cohler Law Today for a Consultation About Your Case
If you are ready to secure your family’s future, we are here to help. Our team specializes in creating personalized estate plans that meet the unique needs of your family. Whether you need a simple Will, a complex Trust, or guidance on real estate matters, we provide the dedicated support you deserve.
Contact our Marlton office today or visit our website to schedule a consultation. Let us help you build a legacy that protects your children and provides you with the peace of mind you have been looking for. We look forward to working with you and your family.
Disclaimer: The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.