A Good Estate Plan Involves More Than a Will
At Shane & White, LLC, in Edison, we represent people throughout New Jersey who need help with their estate plans. We can draft estate planning documents, review and update existing documents, and answer your questions.
A complete estate plan is more than just a will. Estate plans may include several documents:
The will names your assets and heirs. You can be as specific as you like regarding percentages, property division and specific property, like grandma’s engagement ring. Your will can also name guardians for children under the age of 18, which is one of the primary reasons that parents choose to have a will.
Trusts are often created as part of a complete estate plan. There are many different types of trusts, but they are commonly used in combination with wills to protect the financial interests of children and other young people who inherit from the estate. In the case of an incompetent party, a Trust can be established to sustain them financially throughout that individual’s life by appointing a Trustee.
A living will allows you to tell your doctors and loved ones how you choose to be medically treated. You can provide guidance on serious issues, like whether you would like to be kept alive on life support or whether you would like your organs donated.
Power of attorney:
Powers of attorney give another person or business the authority to oversee all your affairs if you become incapacitated. If a power of attorney is in place, someone else can pay your bills and monitor your accounts.
When Should I Make an Estate Plan?
If you are asking the question, you should probably have an estate plan. Many people create their first will when they become parents for the first time. Others wait until later in life, often considering estate planning as part of retirement planning or dealing with a serious illness.
It is a good idea to revisit your estate plan if you go through any significant life change. Have your lawyer review and update your estate plan after a marriage, a divorce or the loss of a loved one. At Shane & White, LLC, we can talk with you about your situation and make sure that you and your family are protected. It’s part of our caring and complete approach to the practice of law.