Estate Planning

Estate planning has a reputation as being a process for senior citizens. However, it is never too early to think about what will happen to your assets after your death or how to live a more comfortable life in the coming years. Early planning is important in the unfortunate event an unforeseen injury or illness leaves you unable to properly articulate your wishes. Having an estate plan in effect is the best way to retain control.

Talking with an estate planning lawyer in Central New Jersey today could be the first step towards securing your future. Our experienced attorneys could help identify your goals and areas of current vulnerability. We could then recommend the steps that you need to take to address those areas of concern and draft documents according to your wishes to form a comprehensive estate plan.

Why is it Important to Create an Estate Plan?

Every person who creates an estate plan in New Jersey does so with the intention of protecting their property in the future. For many, this includes creating a will that informs a probate court about their wishes for which parties will inherit these assets. For others, it can involve creating a trust that transfers property to loved ones at a set time in the future.

There are a few key things to recognize about how property moves through estate plans. The first is to understand that an estate plan must account for every portion of property that a person owns. Failure to do so could see a probate court using the state’s intestacy laws under N.J.S.A. § 3B:5-4 to distribute property to heirs along familial lines.

It is also important to recognize how wills and trusts differ in their goals of distributing property. A will only has a legal effect upon the testator’s death. By contrast, a trust can order this movement at any point in the future. This can occur in one instant or in installments. Talking with a Freehold attorney could help individuals to craft estate plans that best fit their wishes for the distribution of property.

Benefits of Crafting an Estate Plan

Controlling asset movement is not the only purpose of an estate plan. It is also possible to bring more immediate benefits that can help you to live a more comfortable life in the coming years.

A popular tool to achieve this outcome is the trust. A person who places property into a trust no longer needs to pay taxes on those items. This can save thousands of dollars every year. In addition, placing property into a trust could help people to receive certain government benefits, like Medicaid.

Estate planning can also serve as a way to retain control over one’s future. If an illness or injury leaves a person unable to make their own medical decisions, having a living will in place can help to inform doctors about one’s wishes. It is also possible to empower others to make key decisions about one’s life through powers of attorney. Consulting with a well-practiced estate planning lawyer in Central New Jersey allows people to recognize their needs and create documents that help them to regain power over their futures.

Speak with a Central New Jersey Estate Planning Attorney Right Away

Having a comprehensive estate plan is vital for all adults. These plans not only inform a probate court as to how you want your property to move after your death, but they can also come with immediate financial benefits, help you retain control over future medical care, protect those with developmental disabilities, or empower others to make important decisions on your behalf.

People seeking to form or update an estate plan should reach out to a New Jersey estate planning attorney now. We are ready to meet with you to discuss your goals and form a plan that helps you to provide for your family and live a more comfortable life. Call now.