An Estate Planning Lawyer in New Jersey can help you plan your estate including the following facets:
Although many people would rather not think about end-of-life matters, it is important to be prepared. New Jersey estate planning lawyers have experience assisting clients when it comes time to draft a will. This is one of the most important things a person can do to protect the future of their estate.
A trust is a fiduciary arrangement in which a trustee holds assets on behalf of a beneficiary or beneficiaries. Trusts can specify how and when assets should be passed to beneficiaries. When a person has a trust, they may be able to avoid the probate process when the time comes to distribute assets. This can save a family time, money, and court fees.
Probate is the legal process that occurs after an individual’s death. An individual’s estate can go through the probate process if he or she dies with or without a valid will. If the decedent dies with a will, the estate can pass through probate and assets can be distributed according to the terms outlined in the will. Conversely, if a decedent dies without a will, probate law can then kick in and dictate how the decedent’s estate assets can be distributed.
- Estate Administration
When an individual passes, his or her estate is usually administered to beneficiaries. If the decedent dies with a will, he or she is said to have died “testate.” Within the will, the testator would have identified an executor. This executor holds the responsibility of carrying out the testator’s wishes as referenced in his or her will.
- Power of Attorney
In life, there may come a time where you are unable to make a decision for yourself for any number of reasons. A Power of Attorney (POA) gives another person the power to make financial decisions and property transactions on your behalf. The individual who is the subject of the power of attorney is known as the principal. The individual who is named to act on your behalf is known as the agent. You may decide to execute a power of attorney if you become unable to handle matters for yourself due to sickness or an injury, or if you will be away for an extended period of time.
- Advance Healthcare Directives
When a loved one becomes incapacitated and can no longer make decisions for themselves, the family members may be unsure of what to do. As a result, it may be the responsibility of a family member to make decisions for them. For this reason, it is of the utmost importance that an individual creates an advance healthcare directive. It is essential to retain the services of an experienced New Jersey estate planning lawyer who can guide you through creating an advanced healthcare directive.
- Elder Law
Planning for life as you age or helping to plan the future of your elderly loved one is a very important process. When individuals have a plan in place for their future or a loved one’s, they can feel at ease and relieved that they are prepared for uncertainty. Planning for the future can seem very daunting, so it can be of great value to seek the help of a lawyer who can help with your elder law needs.
- Estate Litigation
When a loved one passes away, his or her estate must be closed, all assets must be administered to beneficiaries, and any remaining debts must be paid. Sometimes, contentious disputes can arise between beneficiaries and the estate administrator or executor. With emotions running high, it can be difficult to come up with a resolution that would be in accordance with the decedent’s wishes.
Get Legal Counsel
During such a difficult time, it may be a good idea to retain the services of an experienced estate planning lawyer in New Jersey, as good as the ones at Klenk law. They will help you get organized and plan the best way forward.