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Key estate planning decisions can be about people

The estate planning process can be complex and include a number of documents that enable people in New Jersey to plan for incapacity or death. Developing an estate plan can help people to feel secure about the future and how their loved ones will be provided for. As part of the process, people may be asked to name a number of representatives to act on their behalf.

People may think first of the executor of a will, the person who sees that a testator's wishes are carried out after death. However, there are also a number of other representatives involved in an estate plan. For example, an agent may be named in an advance health care directive or a power of attorney to make medical or financial decisions in the case of incapacity. Many people also make use of trusts in estate planning for their increased flexibility and level of control provided. A named trustee will manage the trust's investments, distributions and financial responsibilities.

Other representatives may be named separately to deal with Social Security, banks and insurance companies. When all of these positions are held by different people, some of whom may be unfamiliar with one another, it is easy for miscommunication to take place. In addition, people may name someone close to them, but the tasks required may need extra professional attention, especially when managing a large trust is involved.

Developing an estate plan means thinking about the people involved as well as the assets and property in the picture. An estate planning attorney can help people to draw up the important documents like wills, trusts and powers of attorney.

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Lanza & Lanza LLP
5 Main Street
Flemington, NJ 08822

Phone: 908-905-0183
Fax: 908-782-4012
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