The problem with aging
As you grow older, there is this tendency for you to worry about how your property will be managed should something happen to you. For instance, you own a business and you need this business to continue after you die. You would also likely worry about who would manage that business when you become too old to manage it yourself. To plan for all these things — such as the management of your assets during incapacity, as well as the disposal of these assets after your death — is what is referred to as estate planning. If you live in New Jersey, then you’d need to contact an estate planning lawyer NJ to help with your estate plan.
What estate planning entails
Estate planning has to do with creating certain legal documents on which you make specifications on what happens to your assets during your incapacity, end of life situations, and ultimately the distribution of your wealth after death. All your accounts and assets need to be accounted for in your estate plan. You have to specify what goes to whom, and instructions must be laid down on how this is to be done. But there are so many legal formalities associated with estate planning, and you would therefore need professional guidance from the estate planning lawyer. Estate plan is backed by laws local to the given area of residence, and so estate planning in New Jersey would have some differences with estate planning in other states. For this reason, you would need an estate planning lawyer in New Jersey to offer you the best services.
Documents contained in an estate plan
An estate plan is not a one-size-fits-all affair. Since every individual is different and owns different kinds of assets, then each individual’s plan would likely be different. The relevance of hiring an estate planning lawyer is seen here as he would offer you advice on the most important matters to plan for, and uncertainties to guard against, using certain estate planning tools. The attorney would also help you create and establishing these documents in such a way that they best represent your best interests. That being said, an effective estate plan should contain some or all of the following documents:
A will is the most fundamental estate planning document. In a will, you lay down instructions on how your assets would be inherited at your death, and the beneficiaries.
A living trust is a very effective tool for asset transfer. In addition to transferring assets, a type of trust known as the irrevocable trust offers asset protection. Trusts can also help you avoid probate and estate taxes. As powerful as trusts are, they are not something to be dabbled into in ignorance, so you should seek the estate planning lawyer NJ for legal assistance creating a New Jersey Trust.
Financial power of attorney
The financial power of attorney allows you to appoint someone who would be making financial decisions on your behalf when you become unable to make such decisions yourself. This person helps you to run your business and manage your financial accounts during incapacitation.
Medical power of attorney
This document, on the other hand, allows you appoint someone who will make medical decisions on your behalf. This is important as cases may arise where you become unable to make your own decisions, such as during mental incapacitation.
Why you need to hire the estate planning lawyer, NJ
As have been said, estate planning varies from one state to the other and as such, you need a lawyer well-versed in laws of New Jersey if you are a resident here. Also, estate planning should be done in such a way that offers you the best benefits. For example, you may wish to avoid the taxes that come with transferring property. You may also wish to avoid probate. The estate planning lawyer NJ knows the right estate planning documents to use in order to provide you these benefits. He uses his expertise and skill in estate laws to provide his clients with the best services to ensure that their best wishes are clearly written out and instrumented, and that the surviving heirs are taken care of.
The estate attorney NJ is also knowledgeable in guardianship, probate, estate litigation, contest of wills, real estate, estate settlement issues amongst others.
So are you living in New Jersey and wish to create an estate plan? Kindly contact the estate planning lawyer NJ today to get the best and most reliable estate planning services.