Estate planning is a way for people to plan what will happen to their assets after their death. While this topic may seem depressing, it is very important to have a solid plan. Even if you are currently healthy, it may be a good idea to go ahead and start to plan for the distribution of your assets once you pass away. If you are estate planning in New Jersey, Bowne Barry & Barry can help. We will walk you through the steps to make sure you feel comfortable with your estate plan. Read on for 5 things to consider when estate planning.
Wills
Creating a will is very common in estate planning in New Jersey. A will states how assets will be divided up after death and who they will go to. It also includes information such as who will be guardians to your children. In addition to a will, some people also make living wills. These state your end-of-life medical care preferences should you be unable to talk to the doctors yourself.
Trusts
Trusts are a way to distribute funds to children who are still minors. Instead of receiving funds all at once, children will get distributions from the trust.
Understand Taxes
One reason why it is important to involve an attorney in your estate planning is because the taxes are so complicated. Income, gift, and estate taxes all come into play when creating a plan to distribute assets post-death. Your attorney will work with you to create a plan with strategies to help reduce tax expenses.
Power of Attorney
A power of attorney is a document that gives a person the right to act for another person. This document is a very important one to include in your estate planning in New Jersey. Often the power of attorney goes to adult children.
Advance Health Care Directive
This is a legal document that basically tells physicians what to do in an emergency or at the end-of-life with regard to medical care. The document may include personal decisions about ventilators, Hospice care, feeding tubes, and CPR. A living will is a type of advance directive.
It is never too early to start estate planning. Even if you are healthy, it is a good idea to figure out where your assets will go after you pass away. If you are estate planning in New Jersey, Bowne Barry & Barry will help guide you through the process. For more information about our services, contact us today.
