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ILITs Unveiled: Estate Planning
Estate Planning

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How do I organize my estate documents?
Estate Planning

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So are you ready to create your estate plan and secure your future? That is a great beautiful step that you are taking, and you need an estate planning attorney to assist you with your estate plan. If you live in Bergen County or anywhere within New Jersey, then the best estate planning attorney in Bergen County is just a phone call away.

Assistance rendered by the estate planning attorney

Estate planning comprises a lot of things. In addition to planning for asset distribution, there are also many things worth considering and planning for. Something may happen to you at any time that renders you unable to care for yourself. You may be involved in a fatal accident that leaves you in a vegetable state. As bad as that sounds, it is a possibility that has befallen some. Your estate, financial accounts, and companies will all require someone to manage them while you’re on the sick bed. You may also develop a terminal illness that leaves you in such a state. Then you wouldn’t be able to make decisions on what happens to your estate, or what should be done for you. A professional estate planning lawyer will plan for all these. Note that this should be done when you’re in good state of health because you will have to appoint someone who will stand on your behalf when you become incapacitated.

Plan for disability using Durable Powers of Attorney

The estate planning lawyer Bergen County will help you create documents known as durable powers of attorney. This document has two types namely the Financial Power of Attorney, and the Medical Power of Attorney. In Financial Power of Attorney, you get to name someone who would be responsible for making financial decisions on your behalf when you become disabled. On the other hand, the Medical Power of Attorney allows you name someone who would make medical decisions on your behalf. The reason you need to include powers of attorney in your estate plan is because without them, the court will decide who would make decisions for you when you become disabled. The person chosen may not be who you want. That is why you have to name someone now. The best estate planning attorneys in Bergen County will never ignore this aspect of estate planning, and will help in creating and establishing the document in a way that’s most beneficial to you.

Helping you plan for asset transfer

In your estate plan, you also have to lay down instructions on how you want your assets distributed at your death. You do this through the creation of Wills and Trusts. Note that if your Will or Trust is not properly created according to New Jersey laws effective, then the document will be discarded by the court during probate. This means that your wishes contained in the document will hold no water. To avoid this, the best estate planning attorney will help you create your will and trust, ensuring that they are in line with State laws, and that your wishes are effectively carried out when you die.

Knowing which assets to transfer with a will or trust

Not all assets can and/or should be transferred with a Will. This applies to Trusts as well. The estate planning attorney will advise you on this, and even go as far as making decisions for you that best serves your interests.

Helping you save money by avoiding probate and taxes

The estate planning lawyer has your best interests at heart. He knows what taxes your estate will be subject to, and will help you avoid such taxes through proper planning. Without proper planning, funds that are supposed to go directly to your loved ones will be spent paying taxes. When you transfer assets with a will, then such assets must go through probate in a law court. Probate is costly on its own, and the cost of probate is proportional to the value of the asset. For this reason, it becomes necessary to avoid probate when you have highly valuable assets that you desire to pass to a loved one. The attorney will help you create an estate plan such that those valuable assets are put in a living trust. Assets in a living trust would go immediately to your beneficiary without going through probate.

Contact us at our estate planning law firm Bergen County

At our estate planning law firm Bergen County, we have the best estate planning attorneys in Bergen County that will assist you in creating a customized estate plan that satisfies your needs. We will consider even the things you’re negligent of, due to our expertise and experience working with clients in Bergen County. The satisfaction of our clients is our foremost desire. Give us a call today.

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