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Starting on March 20, 2024, every seller of real property in the State of New Jersey must disclose specific flood risk information. Each seller must complete a new property disclosure statement before a purchaser becomes obligated under the terms of a contract. The disclosure must state whether the property is located in FEMA’s Special Flood Hazard Area or Moderate Flood Hazard Area and actual knowledge concerning the risks of flooding on the property.

The State of New Jersey has determined that the risk of flooding is growing and both coastal and inland areas are subject to flooding. There is also concern that places which have never flooded may experience significant flooding in the future. It is likely according to the NJ Division of Consumer Affairs that 40,000 properties are at risk for permanent coastal flooding. The Division is also concerned that precipitation has increased in New Jersey and inland properties will be at greater risk of flash flooding.

For this reason, the Seller’s Disclosure Form has added information about flooding in order to provide prospective home buyers and renters with critical information needed to make better informed decisions about purchasing a home. In addition to the new form, there is a user friendly internet look-up tool searchable by mailing address. This site will identify properties in flood hazard areas.

See https://flooddisclosure.nj.gov

Written by Ashwin Telang

What is an Estate Plan?

An estate plan is the best way to plan for the worst. Estate planning creates a smooth wealth
transition, leaving a lasting contribution to your family when you pass away.

If you want to choose who will inherit your possessions, you need an estate plan. The foundation
of an estate plan, the Last Will and Testament, contains instructions about what to do with your
possessions and financial accounts. Importantly, a Will allows you to name a guardian for minor
children or any funeral arrangements in the event of premature death. Without a Will, your state
decides how to distribute your possessions and decides your children’s guardians. States rarely
consider familial circumstances and won’t carry out your wishes. This leads to long, stressful
court cases for your loved ones. The bottom line: a Will goes a long way, and an estate planning
attorney can quickly create one for you.

Living Wills and Advanced Directives cover your healthcare preferences when you are
unconscious or terminally ill. If you are unable to make decisions for yourself, this document
will specify your preferred medical procedures. These include ventilators, blood transfusions,
dialysis, and organ donations. Planning ahead can avoid unnecessary suffering and confusion
about what you want.

Not all healthcare choices can be documented, so, an estate plan also lists a Healthcare Proxy.
This gives a person you trust the authority to make healthcare decisions for you. If you cannot
speak for yourself, a Health Care Proxy is especially important.

A Power of Attorney provides another person the power to act on your behalf. Such power can
be limited to one particular activity or applied over a broad category of actions. For example, a
third party can close the sale of your house or, more generally, handle your financial affairs when
you are not able to do so.

A Will is an obvious and quick first step. Nonetheless, only 33% of people have Wills. Absent a
Will, a court will decide how your assets are divided and even who raises your children. Your
family will further face ugly legal battles and heavy tax burdens.

Who Should Get an Estate Plan?
An estate plan isn’t only for senior citizens. No one is immune to accidents. And as the densest
state, New Jersey is prone to vehicular accidents. If the unthinkable were to happen and you were
terminally ill without a Will, doctors would have absolute control over your body. Anyone over
the age of 18 should start planning their estate as soon as they can.

No matter how much money you have, an estate plan is necessary. Not only will it determine
how you are treated when terminally ill, but also who raises your children in the event of
premature death. You should also update your Will after every major life change or every three to
five years — reflecting adjustments such as new children or spouses.

Who Should You Consult?
“Having an estate plan is like carrying the umbrella for the inevitable rainy day,” said Mary
Elizabeth Anderson. Except, this rainy day is also a deadly day. It is thus essential to craft an
estate plan with a reputable lawyer to ensure your documents are legally correct.
The many components of an estate plan will provide you, your family, and your loved ones peace
of mind going forward. Most clients take comfort in knowing that their health and wealth will be
placed in the hands of their loved ones.

Pidgeon & Pidgeon attorneys have decades of experience to help you form an estate plan. We
will handle all necessary documents and minimize your exposure to taxes. Call Mary Ann
Pidgeon at 609-520-1010 or email her at mpidgeon@pidgeonlaw.com. Don’t wait until it’s too
late to prepare for the future.

Thank you to our office family and John Walsh and his moving service! They were wonderful. We love the office- please pop in and say hello!

Mary Ann met with the agents of KW Princeton