It is difficult to predict the type of support and help you may need in the future. While you cannot predict what you need for your security and long-term interests, there are steps you can take that will allow you to feel confident regarding what is ahead. One of the most important things you can do to feel confident about the future is creating an estate plan. An estate plan allows you to decide what you want to happen to your personal assets in the future.
Your estate plan will also allow you to outline your preferences for the types of medical care you may want in case of incapacitation. If you are unable to speak for yourself, your loved ones can rely on decisions you made when you created these important documents. Every estate plan is different, but you can custom-tailor yours to suit your individual needs, objectives for the future and goals for your heirs and beneficiaries.
How can you create a meaningful plan?
The creation of a meaningful estate plan differs on a case-by-case basis. There is no one-size-fits-all approach for estate planning, and the ideal solution for you will depend on your goals for the future, the size of your estate and more. If you have not yet created a plan that suits your objectives, the following tips may be useful as you navigate this process:
- Take an inventory of your estate, including real estate, savings, valuable collections and all types of assets that could hold monetary or emotional value.
- Think about what your family needs, both now and in the future, as this could impact how you distribute assets.
- Create directives, such as health care power of attorney or living will, allow you to decide the type of medical care you would want in case of incapacitation.
- Identify your beneficiaries and update your designations on accounts, such as retirement accounts.
- Understand tax laws and how your estate planning decisions could impact you and your loved ones.
- Know that you will need to reassess, change and update your plan every few years as life will inevitably continue to change.
Every New Jersey adult will benefit from the protections provided by a complete estate plan. If you are unsure of what you need or how you can create a plan that will provide you with security and stability long into the future, you may find it helpful to seek a professional assessment of your estate and your estate planning needs.