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It is a scene commonly witnessed in “rags to riches” movies. An incredibly wealthy person passes away and chooses to leave behind his or her inheritance to someone else in the family. Usually these two people have never met to make the plot more dramatic, but the main idea is that the deceased’s assets were inherited by this relative because of something called estate planning. Estate planning in Bergen County is the formulation of a plan for the distribution of assets following a death. It formally and legally sets the record straight about how to handle someone’s property, bank accounts, and so on. Generally, the decision is made for family to be the beneficiaries of the estate, but that is not always the case. Sometimes the choice is made to donate everything to charity or to an organization with a special connection to that person. Although the stories in films only highlight rich individuals, should anyone else be concerned with estate planning as well? Stories of wealth are always associated with estate planning in Bergen County, but anyone with anything worth passing on after death should be thinking about this. If no financial plan is set and a person dies, a rift can sometimes be created within the family. After the mourning period is over, assets are up for grabs, with no instructions on how to handle them. Siblings and cousins will suddenly find themselves in a conflict over the estate. It is best to avoid this scenario for loved ones by starting estate planning early on. The process is quite simple: all you need to do is take that first step, by contacting a law firm that specializes in Bergen County estate planning. From this point they can direct and assist you every step of the way. They will have experienced most financial and family situations and will be able to best alleviate any estate tax burdens that your relatives will have to endure. Estate planning in Bergen County is not necessarily permanent either. By getting your finances in order, it does not mean you think you will die, but it is planning for the most unexpected. As times change, so will your plans for how to handle your assets. Your will is not static and can be changed at any time you wish. Take the time in the new year, for the sake of your family’s future, to begin the conversation about estate planning.
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