Considering your future is not always easy. You may have hopes and dreams about what you wanted your retirement to look like or what you hoped for your children, but life is unpredictable and always changing. While you cannot predict the future or know what will happen long-term, you can achieve some peace of mind by having a strong and thoughtful estate plan in place.
You may think all you need for long-term security is a will, but you may benefit from more than that. A will is a basic step in any estate planning process, but there are other tools available to you that can help you accomplish specific goals for your finances and health care. With the right plans in place, you will be able to feel confident about your financial needs and other concerns that may arise down the road.
What’s in your plan?
Every estate plan is different. What you need for your future security depends on your goals, your financial situation, what you want for your children and more. For your financial needs, you will benefit from a will. This will allow you to decide what will happen to your assets and property in case of your death. You can also establish a trust — a tool that allows you to set aside and protect assets for a specific reason.
You can use a power of attorney to appoint someone to make financial decisions on your behalf in case you are unable to do so. There are also powers of attorney that allow you to name someone to make medical decisions on your behalf. Certain documents give you the ability to outline the types of medical care you do or do not want in case of an emergency.
Saving time and money
Even if you are not wealthy, having an estate plan is a prudent financial step. Certain estate planning tools allow you to protect assets in case of an emergency, and they allow you to effectively care for loved ones long after you are gone. In turn, this saves your family members and beneficiaries from the time and expense associated with disputes and complications that can arise when trying to settle an estate.
Life is uncertain, but good planning can provide a bit of certainty for you and your loved ones. If you are unsure of where to start or what additions may be necessary for your estate plan, you may find it beneficial to start with an assessment of your case with an experienced New Jersey estate planning legal professional.
