New Jersey readers probably understand that the importance of estate planning cannot be underestimated. Estate planning transfers your assets to others upon your death, and it allows you to specify where each of your assets will go when you die.

Contrary to some belief, estate planning is not only for the very wealthy. Those who earn modest incomes but have invested well and have property can also benefit from proper planning. Regardless of how many assets you have, having a valid will in place may ensure that your heirs receive the property that you have left them and may help avoid probate litigation if you have a strong plan in place. If you're still not sure, take a lesson from Martin Luther King Jr., whose estate is in dispute because he did not have a will.

Recently, Martin Luther King Jr. made headlines when his family became involved in a legal dispute with his former secretary. The woman has documents, including a note from Rosa Parks, that the 86-year-old secretary claims were given to her by Martin Luther King Jr. His heirs dispute the woman's story and claim the notes belong to the estate. Since he did not have a valid will, this case is a classic example of "he said, she said." If Martin Luther King Jr. had implemented a will, the case most likely would have never wound up in a court battle.

In today's culture, it is shocking that 55 percent of Americans do not have a will, and that likely includes many individuals in New Jersey. Estate planning is not only for older adults. It is for anyone who has minor children, property or other financial investments that need to be divided after their passing. Taking the time to properly plan your estate can ensure that your heirs do not wind up in probate litigation and that your heirs receive the property you intended to give them.

Source: Forbes, "A Common Sense Approach to Estate Planning," Nancy Anderson, Jan. 19, 2012