New Jersey residents interested in estate planning issues may wish to know why their current documents may be obsolete. Because circumstances and law are subject to change, the older documents may no longer have the effect that they once did.
Having a will is important for all New Jersey adults regardless of whether they have many assets or few. Without a will, the state decides how to distribute the individual's possessions after their death. With a will, a person appoints an executor to administer the estate as well as beneficiaries who will receive the assets. A will may be as simple as a typed document signed by two witnesses, or it might be a complex document prepared with the assistance of attorneys and financial planners.
A power of attorney grants one person or more the right to act on behalf of the principal granting the power, and it can work in a number of different ways according to the needs or desires of the principal. New Jersey residents may need a power of attorney for one event or for long-term decision-making abilities.
Relatives of a flamboyant widow say her last years of life were like a bad movie. She spent much of her time following her husband’s 2000 death in the company of a younger man, to whom she left much of her wealth.
As every carpenter knows, the proper tools enable a person to do a job well. So it is with estate planning.
Approaching estate planning can be very difficult for many people across New Jersey. Making plans for the end of your life is something that people may not want to even think about, let alone put down in writing. However, as uncomfortable as it may be to go through this process, having a comprehensive estate plan in place can be crucial for a person in the event that he or she develops a serious health condition.
During a person's lifetime, one of the most important estate planning documents is the power of attorney. These documents will ensure that a person's financial affairs are taken care of if that person becomes incapacitated. New Jersey Powers of attorney can be as general or specific as needed and who the maker chooses to make these decisions is paramount.
How many times do people think to themselves that they should plan ahead for possible unforeseen events but yet never seem to get around to doing so? One of the most important yet often neglected details is having in place official powers of attorney especially regarding health care treatment issues. Selecting the right person and making sure that all personal wishes are in writing is critical to all concerned parties in the event of a medical emergency. Everyone in New Jersey needs to be aware of the importance of making sure his or her desires are cared out.