How Hard is it to Set Up an Initial Estate Plan?
Every adult should have an estate plan. The American Bar Association (ABA) explains that estate planning “covers the transfer of property at death as well as a variety of other personal matters.” You may be wondering: How hard is it to set up an initial estate plan? While the answer depends somewhat on the complexity of your estate, a lawyer can easily help you set up an estate plan. Here, our New Jersey estate planning attorney explains the key things to know about setting up your first estate plan.
With an Attorney, Setting Up an Estate Plan is Easy
Although it can feel intimidating to get started with the process, creating your first estate plan does not have to be hard. Quite the contrary, when you work with a New Jersey estate planning attorney, creating an initial estate plan can be easy. A lawyer can answer your questions and offer personalized advice based on your financial situation, family dynamics, and long-term goals. Estate planning is not one-size-fits-all. Your plan should meet your needs.
Key Elements of an Estate Plan
What goes into an estate plan in New Jersey? The answer will depend, in large part, on your specific situation. Estate planning documents often include:
- Will: A will is a fundamental component of any estate plan. It outlines how you want your assets distributed after your death and can appoint a guardian for minor children. Every adult in New Jersey should have a will.
- Power of Attorney (POA): A power of attorney is a legal document that grants someone authority to act on your behalf in financial/legal matters should you become incapacitated. It is crucial as it empowers a trusted person to handle your affairs if you cannot.
- Living Will: A living will (advance directive) specifies your wishes regarding medical treatment if you are unable to communicate your decisions due to illness or incapacity.
- Trust(s): While not included as part of every estate plan, a trust can be a highly effective tool to control over how your assets are managed and distributed. There are many different types of trusts. A lawyer can help you find the right trust for your goals.
Your Attorney Can Easily Revise Your Estate Plan When Needed
Life changes—from a marriage to a divorce to the birth of a child to the acquisition of high-value assets—may necessitate an update to your estate plan. Once you have your initial plan in place, making changes can be a straightforward process. A top-tier New Jersey estate planning attorney can review and revise your estate documents to reflect new circumstances.
Contact Our New Jersey Estate Planning Lawyers Today
At Poulos LoPiccolo PC, our New Jersey estate planning attorney is standing by, ready to help you set up your initial estate plan. If you have any questions about your options, we are here to help. Call us now or contact us online today for a confidential initial consultation. With an office in Monmouth County, our firm helps people and families with estate planning matters throughout New Jersey.
Source:
americanbar.org/groups/real_property_trust_estate/resources/estate-planning/
