Providing for the long-term future of your family could bring immediate and future benefits. A comprehensive estate plan not only provides instructions to courts in the event of your death but could also provide financial support and peace of mind for the rest of your life.
Many key legal questions arise during the estate planning process. These can include what forms of testamentary documents best fit your needs and the legal impact of these documents. A Cherry Hill trusts and estates lawyer could help evaluate your current estate plan, determine your current and future needs, and draft documents that bring the desired legal effect. A dedicated attorney could provide expertise to ensure stability after your death.
Common Issues Addressed During Estate Planning
Comprehensive estate planning requires attention to detail. These plans can affect a person’s finances, current living situation, and who will inherit their property after death.
Perhaps the most common topic in estate planning is what will happen to one’s assets after death. New Jersey Revised Statute § 3B:5-4 assigns assets to family members in the event that a person dies without an estate plan. However, this can lead to legal complications and a lack of control. Thankfully, having a will informs an individual’s wishes to a probate court, and trusts could allow for property transfer without court interference.
There are many issues to consider when thinking about trusts and estates, including but not limited to:
- The naming of beneficiaries
- The cataloging of assets
- Evaluating any current testamentary documents
- Managing assets to improve eligibility for government benefits
A trusts and estates attorney in Cherry Hill is ready to discuss these issues during a consultation.
Examples of Estate Planning Documents that Could Offer Protection
A thorough estate plan requires people to evaluate the totality of their needs and how they want their future to look. For many, having a simple yet comprehensive will is sufficient. Other popular options for estate planning documents are trusts. These are ways to transfer property from one party to another at any point in the future. In addition, property that moves through a trust is not subject to taxation.
Other examples of estate planning documents that could help people retain control of their future include:
- Business succession plans
- Powers of attorney
- Living wills or advance medical directives
- Plans to care for those with infirmities
A seasoned trusts & estates lawyer in Cherry Hill is ready to recommend the legal steps necessary to achieve the desired outcome.
Contact a Cherry Hill Trusts and Estates Attorney to Get Started
Effective planning for the future requires the ability to measure your current assets, evaluate how you want assets to behave in the future, and choose legal plans that bring the best chance of success. This process might seem intimidating, but it is key to remember that you can seek legal help to understand your options and draft documents with the intended legal effects.
Speaking with a Cherry Hill trusts and estates lawyer now could be your first step in the right direction. They are ready to evaluate your current estate plan, identify areas where help may be necessary, explain your options, and draft the documents as carefully as possible. Reach out now to schedule your appointment.