Estate planning is put off by some people, not wanting to think about the end of life. But planning benefits our families, and it can actually be satisfying to look at what you have accomplished and earned, and the good you will be doing for your loved ones.
A last will and testament is the basic estate planning document. Unless you make your wishes clear, your estate will be distributed according to New Jersey law. The next steps in estate planning involve minimizing taxes and avoiding probate. The inheritance tax laws have been in a state of change, and depending on your situation, you may wish to take steps to minimize taxes. Probate in New Jersey can be slow and costly. Trusts can remove property and assets from your estate, minimizing the probate process.
As part of your plan, you should consider a living will, indicating your wishes in regard to extraordinary medical procedures that can extend one's life. Some of our clients do not wish certain of these measures to be taken. Powers of attorney are recommended for the possibility that you would be incapacitated and unable to express your wishes. They can authorize a trusted person to handle your affairs temporarily.
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No matter the size of your estate, or your age or health, estate planning can put your mind at ease and provide asset protection. If you were to become incapacitated, it would be too late to execute any legal document.
Contact a Bergen County Estate Planning Attorney
When the matter is important, when you want an experienced lawyer from a well-established law firm, contact Randall and Randall, LLP, in Westwood, Bergen County, New Jersey. We are a local, community-based firm that clients have counted on since 1922. We welcome your calls for a free initial consultation.
