Whether you have a large or small estate, a wills attorney can help you plan for your future. The right plan allows people to age with dignity. Once you have the documents in place, you can enjoy the peace of mind that comes with planning. You will know that whatever situation arises, you will be protected.
A New Jersey wills attorney does much more than draft the last will and testament. An attorney can also help clients preserve assets. If necessary, the attorney can appoint guardians for minor children. Another thing that the attorney can do is help people plan for incapacitation.
A wills attorney can use various legal strategies to help clients preserve assets, such as gifting, setting up an irrevocable trust, and succession planning. Asset preservation strategies allow people to pass more down to loved ones. Then, the last will and testament will distribute some assets. The remaining assets are distributed through other channels.
A wills attorney helps parents designate guardians for minor children. The appointment is made in the last will and testament and allows parents to prepare in case anything happens to them. If parents pass away without naming a guardian, the New Jersey court system will appoint one. Both parents should appoint the same guardian in individual wills to avoid complicated legal procedures.
Regardless of how healthy people are, incapacitation is always possible. An attorney can help people plan for a time when they cannot make financial and medical decisions. Through incapacitation planning, families do not have to petition the court to take over the decision-making process. Also, planning provides a smooth transition, so people get the necessary help sooner.
First, the attorney can draft a Power of Attorney to use if the individual cannot make financial decisions. Upon incapacitation, the authorized person will make financial decisions. The lawyer can define incapacitation, so a power of attorney is not abused. Also, people can revoke powers of attorney as long as they are of sound mind.
The attorney can also assist by creating a Durable Power of Attorney for Health Care. People use this document to designate someone to make healthcare decisions in the event of incapacitation. The document can give broad authority or be limited in scope. For instance, people can limit it to specific healthcare decisions or situations.
In addition, people can draft a living will to work alongside the Health Care Proxy. This document allows people to choose the treatment they will receive if unable to verbalize decisions. The Health Care Proxy uses this document when deciding how to proceed with treatment. With this document, people maintain some control after incapacitation.
With the help of an attorney, you can plan for the future in a way that protects you and your loved ones. Planning will help your family avoid petitioning the court while also ensuring you receive proper care as you age. If you have yet to make an estate plan, now is the ideal time. You might not know what tomorrow will bring. But you do know that an estate plan can prepare you for all circumstances and situations.
Call us at (732) 449-0449 for more information from Anthony J. Cafaro, P.C. or to schedule a consultation in our office in Sea Girt. NOTE: This is for informational purposes only and does not constitute legal advice.
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