Regardless of how many assets you own, estate planning is an important component of your overall financial plan. A properly expected estate plan can help to secure a financial legacy for loved ones and express medical decisions if you are unable to do so. Estate planning can be complex, so it is important to consult the guidance of an experienced estate planning lawyer.
A properly executed estate plan should include the following legal documents:
- Last Will and Testament
- Trusts
- Durable Power of Attorney
- Advanced Directives (Health Care Proxy)
An estate plan can help preserve the value of an estate, avoid lengthy waits for distribution, and helps assets pass to beneficiaries as they are intended. Through a Last Will and Testament, an individual can name their assets, their beneficiaries, and the executor of their estate, who will carry out their wishes after their death. Some people may require certain strategies to reduce estate taxes, while others may require only a Last Will and Testament and trust.
Here are some steps to take in order to have a successful estate plan that is right for you:
- State Your Goals
- Organize Your Information
- Analyze Your Assets and Liabilities
- Develop a Strategy with Planning Professionals
- Implement the Plan
- Review Your Plan Regularly
Seeking the guidance of an experienced estate planning lawyer can help you to communicate your wishes clearly, avoid mistakes, minimize tax implications, and adjust your plan as personal circumstances change or over time. An experienced New Jersey estate planning lawyer can give you the legal guidance necessary to help plan for your future.
The experienced elder law and estate planning lawyers at the Law Offices of Hunziker, Jones, & Sweeney help seniors and their loved ones handle all aspects of estate planning. Our New Jersey estate planning lawyers can answer your questions about planning for your future, and assist you along the way. For more information or to schedule a consultation, contact our New Jersey estate planning lawyers at (973) 256-0456.
