When thinking about the future, it is important to make sure all your matters are in order. Although death is a difficult topic, having plans for your possessions may provide some comfort. If you are leaving loved ones behind, you want to make sure they will be good on their own. There are some decisions that need to be made in order to secure your belongings.
A will is a document that provides detailed instructions on what your family should do with your estate. It is an important document that gives reassurance to your family about what you would want. This will protect your belongings by putting a specific person in charge rather than having your family fight over it and having the courts get involved. The document must be in writing and signed in the presence of witnesses.
A living will is another option that people prepare. This is also known as a healthcare directive. In this document, you will write out what your medical wishes are, involving life-sustaining support. With this, it will make it easier for your family to make decisions in a time of crisis.
Rather than just having a written document, you may decide to have a power of attorney as well. This is also known as your agent or attorney-in-fact. The person you appoint will be making decisions regarding your care within your final days based on your specific wishes. Your power of attorney has as much or as little power as you wish.
Another tool to have is a trust. This proves the will, reduces the tax consequences of the inheritance and saves time and money. There are two main categories of trust. An irrevocable trust cannot be changed once they are set up. Since they cannot be changed, they provide big tax benefits for whoever inherits it. A revocable trust does not have these same benefits since it can be changed. Within these two categories, there are more types of trusts. In order to find what best fits your needs, consult a professional to learn more about your options.
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.