Do I need an estate plan?

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Understanding the Totten Trust

earth upon death, and as such, there becomes a rising need to plan for how these assets will be disposed, protecting these assets before they get disposed while minimizing the taxes and costs that come which such disposition. Some wish for their assets to fall into the ownership of their spouses and children only, others having no surviving family may wish to leave their funds to charity. The process of putting all these plans and wishes into documentation is referred to as estate planning.

Because of the seemingly complicated aspect of estate planning, many people refrain from making an estate plan. There are many forms to fill, papers to make, and laws to follow, and some busy people hardly have time even to sit down and think about what happens to their estate and hard-earned life if sudden death, accident or tragedy occurs. Some are also afraid to talk of death itself, and refuse to prepare for it. However with the help of an estate planning attorney New Jersey, your estate plans would be made much easier.

Estate preparation does not only involve the documents, but also the quality of the inclusions in documents, the signature process and the implementation. The challenge of creating one of your life’s most important documents has its complete disadvantage. You might lose money, valuables and jeopardize your family and loved ones ‘well-being. Instead of making such a mess of your estate plans, you can contact an estate planning attorney for the required guide.

Why you need to make estate plans.

To protect beneficiaries of your estate.

There are reasons why you need to put together an estate plan to protect beneficiaries. You can protect a minor or adult beneficiary from bad decisions, creditor’s problems, etc. With an estate plan also, you can name a desired guardian and guardianship relationship for your minor children.

To prevent excessive taxes on estate and assets.

One great motivation for you to have an estate plan is estate taxes as you can lose a significant amount of your estate to the payment of state and federal estate taxes or state inheritance taxes. Through living trust, and other advance state planning techniques you can reduce estate taxes and even cut it off although. Estate planning also ensures that your assets are protected and secured.

To prevent intestacy distribution of assets.

If an individual dies without giving directions on his or her properties, the state in which he or she had resided or held assets will then have to step in and determine what happens to those assets. There are probate laws known as intestacy laws that affect the court’s decision to allocate these properties. Such intestacy laws consider the deceased’s nearest living blood relatives as the bona- heirs to the estate, so the estate will go to your spouse and kids (if they’re alive) in the state’s proportions.

The downside is that anyone you want financially provided for won’t earn a penny from your estate as long as they don’t belong to your immediate family. Moreover, your loving kid, whom you wish to have earned the largest portion of your assets, will not be able to do so as long as such proportions are already set by state laws. Often, the minors wouldn’t get their inheritance until they’re 18. There is a need for a surviving family of a deceased to employ an estate planning attorney in the state or county the deceased had lived in.

Contact our Best Estate planning attorney New Jersey today.

An estate planning attorney is pivotal to making well informed decisions that would definitely result into making solid estate plans.

Planning with our estate attorney is the only way to ensure all appropriate formalities are with proper protocol. With this, you stand at better chances of achieving your goals of estate plans with its adequate execution. On the other hand, doing it yourself option may leave you and your loved ones to chances of revoked, invalid and void estate plan documents.

With the wellbeing of you and your loved ones at risk and safety of your assets in question, is preparing estate plans yourself worth the risk? Contact our estate planning attorney New Jersey today.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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