You shouldn’t be taking chances when it comes to your hard-earned money, assets, and investments. Planning your estate in New Jersey doesn’t have to be hard or complicated. All you need is unbiased legal advice on how to do things right. Talking to a Mullica Hill estate planning attorney can help you understand the legal options you may have. Top lawyers usually offer a free initial consultation for select clients, and you can ask specific questions related to your case. Here are the key estate planning documents worth knowing about.
Your will comes into effect after your death. It is a document that allows you to decide how your estate is divided after you are gone. If you don’t have a will, the court will divide your assets as per the state laws after determining rightful heirs. You can also use your will to name a guardian for your minor children. You can also mention an executor who would be responsible for ensuring that your will is honored.
A Durable Power Of Attorney
Contrary to what some people think, a will is not the only estate planning document that matters. You should prepare the estate plan in a manner to address all controversies. If you are physically or mentally disabled because of an illness or accident, you will need someone to make decisions. A durable power of attorney allows for that. The person you choose can take over your finances and make decisions on your behalf. You can also create a power of attorney that is for a limited period.
An advanced medical directive
You can choose to create different advanced medical directives. The first one is a living will, which allows you to decide the kind of treatment you want or do not want. For instance, your living will can state that you don’t want intravenous hydration at any point. The second document is called a “durable power of attorney for healthcare”, which allows you to appoint someone to make medical decisions for you if you are incapacitated or cannot make decisions. If you don’t want CPR in the event of a cardiac event, you can also create a “do-not-resuscitate order”.
There is also the choice of a trust, which places your assets in a trust that is managed by a person of your choice. Trusts are useful when you want your immediate family members to avoid the lengthy probate process. Talk to an attorney to know more.