Estate Planning Documents
- Power of Attorney
- Healthcare Directive
- Document Package for Young Families
An estate plan is a collection of documents that describe when and to whom your assets are to pass to and how your estate is to be managed. An Estate Planning Attorney offers essential legal advice in the event of incapacity.
Why do Young Families Need an Estate Plan?
Parents of young children usually have a much greater need for an estate plan than they realize. In NJ if both parents pass with no will, guardianship of the children will be determined by a judge. Various people may apply to care for the children and the judge would have to deem who is the best person to care for them.
It is also important to recognize that in NJ your spouse does not automatically inherit your whole estate.
Often times online wills will not take into account applicable state law. Families can end up spending thousands of dollars to correct mistakes made on estate plans created without the advice of an experienced attorney.
How to Prepare to Create your Estate Plan
Decide who will become the guardian of any minor children and financially how much should be set aside for the education and care of the children.
Decide who will inherit assets and think about an asset inventory.
Decide who will be the executor of your estate and healthcare directive.