When people think about distributing their wealth and property after they pass away, they may imagine family members arguing over who was supposed to receive certain property. In reality, getting to this point takes time and effort, and a will is only a small part of the process.
The estate planning process in New Jersey should start with consulting with a lawyer. A trusted estate planning attorney could go over how you want to distribute your property after your passing or incapacitation and devise a plan that fits your intentions. A lawyer from Nesevich Law could safeguard against possible disputes between your surviving loved ones.
Listing and Distributing Assets
The first step in the estate planning process is assessing what kinds of property the planner possesses or owns. This includes physical property like real estate, houses, vehicles, and heirlooms and intangible property such as bank and brokerage accounts. Some property, namely bank accounts, cannot be passed on with the will, and an attorney could help ensure that all property is accounted for. Detailing how each piece of property is to be distributed could prevent confusion and arguments.
Another part of this step is deciding who will serve as the executor. This is the person in charge of ensuring their intentions are followed. They may also designate someone who will serve as a guardian for minor children or anyone who needs caretaking.
Prepare the Documents
Once the property has been assessed, a distribution plan is in place, and an executor is chosen, a lawyer could draft the last will and testament, the document that memorializes the planner’s intentions. It must be in writing on paper and signed in front of two witnesses or it may not be considered valid. A lawyer could ensure during the estate planning process that a will complies with New Jersey law.
A will is only one part of the entire estate planning package because it only deals with certain property after death. An experienced attorney could prepare a trust to target specific desires such as donating funds to charity, providing for special needs children, and transferring bank accounts.
Additionally, there is a chance the planner will become incapacitated by an accident or illness, so naming a power of attorney is necessary. A power of attorney appoints a trusted person to manage financial affairs or other responsibilities if needed.
Stay Up to Date
Planning the estate is not a set-and-forget process. Life changes, such as marriage, divorce, a falling out with a family member, or simply a change of mind, could alter the entire estate plan. The plan and documents must be kept up to date, which means following the proper procedures. A new will, for example, may need to be signed in front of two witnesses. A New Jersey attorney could help make any plan alterations if the intentions change after the initial estate planning process.
Work With a Lawyer in New Jersey During the Estate Planning Process
Consult with a lawyer if you are ready to begin the estate planning process in New Jersey. Planning now could help your loved ones avoid family arguments and legal battles. Call Nesevich Law today to get started.