The process of planning for the distribution of one's assets at the time of death is difficult for many in New Jersey. Aside from the matter of facing the reality of one's own mortality, there are plenty of practical reasons why many prefer to postpone the estate planning process. Recent research suggests that for individuals and families who hold more than $1 million but less than $5 million in wealth, a condition known as estate planning fatigue may be to blame.
Estate planning fatigue occurs when an individual makes multiple changes to his or her estate plan, only to find that additional attention is required within a very short period of time. This type of mental fatigue is common among those who made efforts to adjust to the ever-changing estate tax issues that were prevalent in the decade leading up to 2013. During that time, it was difficult to predict how one's estate might be taxed, and many people made a number of changes to their estate plan in order to try and reduce taxation.