Estate planning
Estate planning is a very important and delicate matter, one that shouldn’t be done in a hurry. Care should be taken to consider all the properties you own, how these properties are owned, and how to designate beneficiaries for each property. While planning for the distribution of assets after death, what about when something happens to you than renders you incapable of making your own decisions, such as Alzheimer’s, Dementia, or any other terminal disease or accident? Who would stand in your shoes to handle your affairs? All these are always at the forefront of the thoughts of the estate planning lawyer New Jersey. He has worked with several clients all over New Jersey and knows how best to go about estate planning, such that it covers all possible situations and protects your interests and those of your heirs.
Estate planning documents that the estate planning lawyer New Jersey will help you create
1. Will
A will is a basic estate planning document used for wealth transfer. The estate planning attorney will listen to your wishes; how you want your assets transferred, and who you desire to receive from your possessions. He would also help you take into account all assets and accounts which you own, and how you can include such assets into your will. Will creation requires certain formalities which must be strictly adhered to, and the estate planning lawyer NJ will help you avoid mistakes associated with creating wills.
2. Trusts
A trust is created by the Grantor (the owner) and left in the hands of the trustee, to hold and manage for the benefit of the beneficiary. A trust goes into effect as soon as assets are transferred in to the trust. Whereas a will passes through probate, a trust does not.
There are basically two kinds of trusts viz.: Revocable trust and irrevocable trust
Revocable trust
A revocable trust, often called a revocable living trust or simply living trust, is a kind of trust which can be changed or terminated at any time during the lifetime of the Grantor. For this reason, the assets put into the trust do not fully take the name of the trust, but are still regarded as owned by the Grantor. You as the Grantor can be the trustee (holder) of your own living trust until you die. At death, a successor trustee whom you have named in the trust will then be in charge of the trust. The assets contained in the trust will pass to your beneficiaries without going through probate, and this saves costs and time, making the revocable trust a better alternative to a will. But a revocable trust does not avoid estate taxes. If you wish to avoid estate taxes, then the estate planning attorney can help create an irrevocable trust.
Irrevocable trust
This kind of trust can never be changed or terminated once created. That is, once you transfer assets into the irrevocable trust, they cease to be yours. This means that every tax or debt that normally would have affected them due to your ownership would be nullified. So if this is your wish, you can have the estate planning lawyer New Jersey effect an irrevocable trust for you. Since the assets would no longer be within your reach, he’ll advise you on what asset to include and those not to. Irrevocable trust gives full asset protection and avoids probate as well.
3. Pour over will
In some cases, you may need to use your assets up till your death, yet you desire to put them in a trust (which hinders you from using the asset). To make this possible, the estate planning lawyer New Jersey will help you create a pour-over. This will gives instructions that your assets be transferred into a trust immediate you pass away.
4. Durable power of attorney
The estate planning attorney will also help you create a durable power of attorney, which allows you to appoint a competent individual who you trust to make medical and/or financial decisions on your behalf, in the event you become incapable of making them yourself.
5. Living will
You may decide to or not to be placed on life-support when you fall into a vegetable state or terminal condition. Such wishes and instructions are stated in a living will.
Contact the estate planning lawyer New Jersey for the best estate planning services in New Jersey
The estate planning lawyer New Jersey has your best interests at heart. Seeing his clients and their loved ones satisfied is what drives him. He’ll also inform you when there’s need to update your will or estate plan. When you hire the estate attorney, you can rest assured that your heirs would get exactly what you desire for them. Hesitate no further; contact the estate planning lawyer New Jersey today.