How can a will help plan my estate?

Estate planning is an important part of life that plans for after death. It can get someone’s possessions in order and have them distributed after death to their beneficiaries. In their will, they plan for their estate. A will has the authority to declare your wishes for your estate. It makes sure that the beneficiaries receive the proper benefits. There are certain requirements that must be met to ensure that a will is valid and can hold up in court. When the will was made by the individual, the individual had to be of sound mind and body. If they were not healthy or lucid enough to decide the terms of the will, it may not be considered valid. Upon laying out the will, the individual will have to sign it and have two witnesses present. These two witnesses must sign it as well in order to declare that they witnessed the owner sign their will.

How is a trust beneficial?

A trust is another useful way that people can plan for their estate administration. Since trusts can be passed outside of probate, it can be passed from one individual to the next quicker. This process can prove to be beneficial since it allows people to avoid the Surrogate Court, which causes the assets to pass quickly to people. Trusts can also provide tax benefits. Through a trust, an estate can help beneficiaries save on taxes that would normally be fixed on an asset. There are various types of trusts that have different terms for each one with differing benefits.

What is a health care proxy?

As a health care proxy, this individual is appointed by you to represent your wishes when you cannot do so for yourself. Through this individual’s power, you can still maintain control of factors, such as life support, organ donation or more. Due to the various forms of estate planning, it is important to consider all options that you can utilize at this time. This individual can have your wishes in mind when they make decisions for you when you are unable to do so for yourself. If you are in a medical emergency, you may need someone to make these important decisions for you.

Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, contact The Law Offices of George J. Mardinly to schedule a consultation.