Having a proper estate plan could help protect current assets, but also plan for any future fluctuations in value and how that will affect those you wish to give your estate to. A trust and estates attorney could help ensure your estate is protected from excessive probate costs and tax obligations by drafting an effective and thorough plan. Planning properly and early could help ensure that your beneficiaries and heirs have as little stress during asset division as possible. Hiring an experienced Manalapan Township Estate planning lawyer could help you achieve these goals by offering legal knowledge and counsel.
Creating a Will
A will is a legal testament specifying a person’s intentions regarding the disbursement of property after death. Drafting a will is one of the first and most important steps to proper estate planning. Although a will alone may not protect an estate from probate, it could appoint an executor to ensure that the decedent’s wishes are followed. Without a will, a decedent’s assets will be divided and disbursed to eligible heirs by the state.
Changing A Will in Manalapan Township
Estate plans and wills are usually not permanently fixed. As a person’s life changes, their plan for property after life may also be altered. An estate planning lawyer in Manalapan Township could draft desired addendums, conditions, or changes to plans and goals.
New Jersey Living Wills
A living will is a document allowing a person to state their wishes for medical treatment. If the person is unable to communicate their own desires, a living will could outline what they want to occur until death. A knowledgeable estate planning lawyer in Manalapan Township could help prepare these testaments and ensure copies are given to relevant family, doctors, or healthcare facilities.
The Estate Planning Process
This process very unique requirements that must be conducted appropriately to avoid serious financial consequences. A seasoned trust and estates lawyer could help families through the legal process and secure assets.
The first steps of planning include gaining a basic understanding of the estate through an appraisal. This includes identifying beneficiaries, their concerns, the estate’s value, and determining a timeline for disbursement. After research, an attorney could help form a plan consistent with a person’s wishes and values while ensuring it meets legal requirements.
A plan should include options for selling the estate, issues that may arise in probate, and difficulties with beneficiaries. Once agreed upon, a will or plan can be finalized. Making an estate plan legally enforceable usually involves filing all necessary tax documents, notarizing and signing any wills with witnesses present, and making valid copies of a will.
Why You Should Retain An Attorney
Estate planning is often a complex process and the ramifications can be long-lasting. To ensure that your wishes are represented and enforced after passing away, it is imperative that you retain a trusted Manalapan Township estate planning lawyer so documents can be comprehensively written and properly filed. Do not leave the disbursement of your estate up to chance. Call today to schedule a consultation and start protecting your legacy.