Congratulations on taking this big step towards planning your estate. A huge step as this should be properly backed with right and quality information as you find below.
Understanding estate planning
Estate planning is an umbrella term for all the legal processes involved in making decisions as regards the management of your asset(s) during life and it’s allotting in the event of death or incapacitation, while limiting cost and complications to the barest minimum.
We can’t live forever and as such almost if not every estate plan is succeeded by bequest or disbursement of assets to family, organization or individual as stated by the asset owner.
Who is an estate planning attorney?
An estate planning attorney also known as probate attorney is a professional that helps in your estate planning process, by making documentations and paperwork of how you want your asset preserved, managed or allocated while you are alive, incapacitated or dead. He is a trained professional who proffers solutions to estate planning problems.
In addition to this an estate planning attorney must have the knowledge of state and federal laws that directly affects how your estate is accessed, valued, allocated and taxed most importantly, in the event of death or incapacitation.
What services does an estate planning attorney offers?
As a trained specialist in estate planning matters, an estate planning attorney offers a wide range of services, from documentation to executions of your wishes. Below are the services offered in New Jersey by our professional estate planning attorney.
- Creation of wills: wills are simply what an estate owner wants regarding the estate. As basic as it might seem, it is a very powerful estate plan document, which is the bedrock that holds the desires of an estate owner in the event of death or incapacitation. Your firm’s estate planning attorney helps draft a comprehensive and detailed will, while considering all your assets in New Jersey and those that are better left out of the will.
- Creation of trust: a trust is quite similar to a will but it’s better and advisable. Using a will is quite stressful, as it must undergo probate before whoever your bequest your estate to can inherit it. Trust on the other hand enables the estate beneficiary to receive allocation without going through the curt process of probate. The estate planning attorney simply transfers your assets into a living trust.
- Power of attorney: Incapacitation might occur during life situations and it is advisable to have someone to fill in the vacuum and make decisions as you would and on your behalf. The power of attorney is a power and highly important document in estate planning as it allows you to appoint a competent individual of your choice to make decisions in your stead. Our estate planning attorney will ensure to include this in your estate plan.
- Litigation: If probate ensues, cases may arise where a party conflict with another over assets, this usually leads to filing of lawsuits. Every party involved must be represented by an attorney in court. Great representation will ensure your successful allocation of the estate.
- Tax evaluation: A professional estate planning attorney knows how the state and federal taxes work on estates. In New Jersey, a portion of your estate known as estate tax goes to the state government, if your estate value exceeds a certain amount at your death. To prevent these situations of heavy and unfair taxing, the estate planning attorney applies a legal estate planning strategy.
Why should you hire an estate planning attorney?
Estate planning is a tedious and technical process best suited for an estate planning attorney. Nobody except maybe a probate attorney wants to go through the difficult process of probate which is done to check the authenticity of a will. A professional estate planning attorney will help you create which is the best and advisable way to avoid probate, additionally peradventure your estate is bound to undergo probate, the estate planning attorney can and will help you and your loved ones prepare.
Talk to our experienced estate planning attorney in New Jersey. Embark on a smooth estate planning journey today, and be sure to get quality and a hundred percent professional assistance.