With advancements in technology, even something as legal and powerful as a will can be downloaded online. And this has led to so many people going for do-it-yourself estate planning. But then you find yourself asking, “Do I even need the assistance of an estate planning attorney?”
You can do DIY estate planning for a small estate, such as one you desire to pass to only one beneficiary. But if your estate contains valuable and complex assets, and you wish to will them to multiple beneficiaries, then it would be in your best interests to call an estate planning attorney. Estate planning attorneys in New Jersey offer estimable legal assistance to New Jersey clients looking for a comprehensive estate planning that addresses a number of things, while offering the client the best benefits.
Looking for experienced estate planning attorneys in New Jersey? We’re here to help.
Our estate planning attorneys have years of experience working with clients all over New Jersey. We know what people usually face and how to develop the right decisions and strategies that address those situations. When you come to us, we will discuss personally with you in order to come up with a personalized estate plan that works best for your estate. Get started by contacting us today.
Situations in which you will need estate planning attorneys NJ
As we have said, you may competently draft your will yourself if your estate is simple.
However, you would want to ensure you’re using the right terms recognized legally as saying exactly what you mean. You could mean a thing, but use the wrong words in your will. In the end, your will would be saying something contrary to what you meant, and confusion will arise.
Nevertheless, if you find yourself in one or more of the following situations, you are safer with the assistance of an estate planning attorney:
- You intend to leave your estate to two or more persons
- Your estate exceeds $2 million, and you do not wish for a huge chunk of that to go to your the state
- You intend to exclude default heirs from your will (e.g. your spouse or child) who assets should typically have gone to
- You have children less than 18 (these ones cannot inherit by New Jersey law)
- You plan to leave your real estate in trust with your spouse until their death, after which the estate can then go to your children
- You are a joint owner of a business and do not know precisely how your share will pass at your death
- You have a child will special needs and wish to get guardianship for them
- You wish to prepare a trust in addition to your will, probably because of probate avoidance
- You are worried about the amount of tax your inheritors would be subject to, and you wish to minimize them
- You have questions about how estate planning should be done, and you seek professional advice
What estate planning attorneys New Jersey can help you do
Plan for tax avoidance
Your loved ones would have to pay an amount from the estate as inheritance tax in New Jersey. If your estate exceeds $2 million at the time of your death, an amount will also go to the state of New Jersey. These taxes can vary up to 16% of your estate. But would it not be best if all of that goes to your loved one instead? If that is your wish, we can make it possible through gifting. However, these gifts must be made at least three years before your death to be tax-exempt.
Plan for incapacity
As you get older, there arises a fear of incapacity. It may be Alzheimer’s or dementia. It may never come, but it is best to plan for such a situation using:
- Power of attorney: The power of attorney is a document by which you can authorize a trusted individual to make decisions for you when you are incapable of doing so yourself. This agent, known as your attorney-in-fact, will step into your shoes to manage your property, legally bound to act in your best interest always. There are different kinds of POA, and we will discuss and create only that which suits you.
- Medical power of attorney: you grant your agent powers to make only medical healthcare decisions. Here, your agent has no authority over your financial affairs.
Create a living will
If you wish to lay down your wishes on what kind of medical attention you would want or not want at an end-of-life situation, such as when the quality of life can no longer be extended, we can help you express them in a living will.
To ensure your wishes are honored when you die is to do proper estate planning. Let us help you. Call us to speak with our New Jersey estate planning attorneys.