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New Jersey residents shouldn't skip out on estate planning

Many people in New Jersey put off estate planning, feeling like they have their whole lives to do it. Some even skip it altogether. However, it is important to have an estate plan, no matter what your age. After all, no one can predict whether a catastrophic accident or illness will occur. Not everyone is guaranteed to live to an old age, making estate planning all the more important.

Estate planning can protect a person's wealth and can make sure that their loved ones inherit per the decedent's wishes. If an individual has minor children, a guardian can be named in an estate plan, should both of the child's parents pass away before the child is 18-years-old. Moreover, an estate plan can name a chosen individual to serve as a person's power of attorney should that person become incapacitated. Finally, an estate plan can name a chosen individual to serve as executor of the estate.

There are a number of documents that can be part of a well-rounded estate plan. These include wills, living wills, various types of trusts, healthcare directives and powers of attorney, among others. However, it is important to understand what each of these documents does and does not do, before you sign off on them. Moreover, there may be certain statutory requirements that must be satisfied for these documents to be enforceable. For all these reasons, it can help to get the right information when estate planning.

At our law firm, we have helped New Jersey residents craft estate plans that meet their needs and wishes. We've helped clients who are interested in sheltering assets, giving to charities or who have re-married after a divorce or the death of their first spouse. Our estate planning overview may provide more information about how estate planning can help you.

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