Wills & Estates
Putting your estate in order can be one of the most basic steps a person can take to protect their loved ones. Yet many people are hesitant to do so. We can assist you in preparing an estate plan that will provide for your family’s support and care while minimizing your estates exposure to taxes and are experienced in preparing plans for estates of all size.
Estate law in NJ
Under existing estate law in New Jersey, a person who dies without a will is considered to be “intestate.” In those circumstances, all of your assets, income, and even the raising of your children will be dictated by estate law in New Jersey. Assets in joint names will automatically go to the other person named on the account or property. Insurance policies will automatically be paid out to named beneficiaries. Anything you own in your individual name or for which there is no living beneficiary, will be divided up amongst your surviving relatives. Do not assume that if you are married, and die without a will, your spouse will receive your entire estate. If you are married, and have children from any relationship, or if your parents are still alive, they could be entitled to receive up to half of your estate. Likewise, if you are divorced, but have children, and die without a will, your former spouse could end up with custody of your children and managing all of the money you intended to be used for their benefit.
If you have children, or if you have assets in your individual name, you need to have an estate plan put in place. The best way to do this is to consult with an Estate Attorney in New Jersey.
Drafting a Will in NJ
Drafting a will in NJ can be a basic step you can take to make sure your loved ones are provided for. It enables you ensure that your assets are distributed in the way you want while minimizing any potential tax consequences. In addition, any person with a child should draft a will in New Jersey, if only to name individuals who will care for your children should something happen to you and to provide guidance to them on how they should manage any money or assets left on behalf of your children.
Living Will In NJ
Living wills and other kinds of advance directives describe your preferences regarding medical treatment if you’re faced with a serious accident or illness. These legal documents speak for you when you’re not able to speak for yourself. No one ever plans to be in the situation where this may become an issue. Injury, illness and death aren’t easy subjects to talk about, but by planning ahead you can ensure that you receive the type of medical care you want, to take the burden off your family of trying to guess at what you’d want done.
Drafting a Living Will in New Jersey can be achieved with minimal inconvenience and cost while saving you and your family untold hours of stress and unnecessary added cost later.
Power of Attorney In NJ
A Power of Attorney is a legal document in which you can designate a person or organization to act on your behalf in any financial matter if you are unable to do so. These Powers can be drafted to take effect immediately or upon your becoming disabled. A Power of Attorney provides extensive powers to your agent including handling banking transactions, buying and selling property, paying bills, and filing taxes.
Drafting a Power of Attorney in New Jersey can be achieved with minimal inconvenience and cost while saving you and your family untold hours of stress and unnecessary added cost later.