While estate planning can be challenging to undergo, it will protect your family when you die or become incapacitated. It can be successfully done only when you have the legal knowledge and an understanding of legal procedures. And mistakes have no place in this legal document. This is the reason you may want to hire a New Jersey estate planning lawyer to manage your estate planning affairs on your behalf. No matter the size of your estate, below are the reasons you must plan for what must be done to your assets when you die:
Why Create a Comprehensive Estate Plan?
Having a comprehensive estate plan that an attorney creates is essential for a lot of reasons. Your lawyer will get a better idea of your preferences and needs before they make an estate plan that:
- Lets you control how your assets will be distributed. An estate plan or will is the only way to make sure your wishes are respected following your passing. You can decide who gets your assets and how you want these to be distributed. Without an updated estate plan, a judge will decide what happens to your assets. A judge, being a stranger to your life, is not familiar with the financial situation of your family.
- Ensures your family does not go through the probate process. Although the probate process in New Jersey is quick and inexpensive, it may still cause some stress to your will executor or estate administrator. Your attorney can make a plan that lets your family members avoid probate and immediately access their inheritance when you die.
- Minimizes the risk of estate disputes. A lack of a valid estate plan or will often results in estate litigation. To minimize the risk of disputes over your assets when you die, ensure you have an estate plan in place.
Securing the Future of Your Children
Your attorney can create an estate plan that addresses what happens to your kids when you and the other parent dies. This will ensure they have a loving home regardless of what happens. Your lawyer can walk you through the tough process of picking guardians and fiduciaries as well as create a plan that addresses the educational, social medical, and moral needs of your children when you die before they become adults.
Planning for Long-Term Expenses
Your estate planning attorney can help you come up with a plan that protects your assets, so you can qualify for Medicaid sooner while ensuring the inheritance of your children and grandchildren stays intact. With a good asset protection plan, you can keep a part of or all of your assets and still qualify for a public program.
