Estate planning is a collection of legal agreements that ensures everything you own will go to the right people after death or in case you are incapacitated. The term "estate" encompasses everything you own like land, bank accounts, investments, houses, jewellery, stock portfolios, vehicles, and other valuable items. Estate planning is about leaving your legacy behind in an organized manner so that your family is taken care of. It is a legal process that an estate planning attorney should take care of. If you need help, contact a New Jersey estate planning lawyer.
Functions of an estate planning lawyer:-
Last will: The last will is a legal document created by an individual to hand down assets and property to specific beneficiaries/heirs, entities, or guardians of a minor in their death. A lawyer will ensure these documents are formed correctly and signed by the owner. These estate planning lawyers have extensive knowledge about minute details regarding the laws that govern estate planning. Therefore, they provide beneficial advice on what to include in the will.
Protect assets from creditors: As an individual, you might have had some debts to clear off. In the event of death or incapacitation, creditors will use various ways and tactics to claim your assets. An estate planning lawyer will ensure these creditors do not come near your assets. A strong and durable estate plan by them will protect all your assets from such debt collectors.
Create healthcare directives: Creating healthcare directives is an important part of an estate plan that looks into the future. Suppose you face a medical emergency that leaves you permanently disabled or in a vegetative state, where you cannot communicate clearly. In that case, healthcare directives will clear your family's doubts. The directives mention who will take care of your medical supervision.
Plan living trusts: Living trusts are legal documents you can plan while alive. It is a part of smart financial planning. Creating a plan to move your assets into trusts can help you hand the funds to your family or near dear ones while you are alive. They will help you with this smart asset management.
Estate planning can be a tedious. It involves a lot of paperwork and documentation that should not go wrong. One mistake can prove costly in family disputes and ugly legal battles. An estate planning lawyer will help you throughout your planning. They will ensure the assets do not go to unintended beneficiaries and eliminate the risk of family disputes.