When planning for the final disposition of your estate in Beachwood, New Jersey, there are a few things you'll want to consider: who do you want to give your assets to, and under what conditions? Do you have any preference for how your funeral should be handled? Do you have any particular wishes concerning end-of-life care? These questions, and more, should all be taken into account.
The drafting of a will, which simply states what you wish to be done with your property after death, is typically one of the most critical parts of an estate plan. Of course, it's rarely the only one. There are many other things you might want to include, depending on your objectives.
For example, a knowledgeable estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
For anyone who has children who are still minors, it is very important to make arrangements for their custody and care, just in case the unthinkable happens. You should think of a family member or very close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's critical to discuss this matter with that person before you truly do it.
What Type of Estate Plan Do I Need in Beachwood, New Jersey?
This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
If you're not married in Beachwood, New Jersey, but have a life partner, estate planning is imperative. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Additionally, your will should clearly name your partner as a beneficiary, if you want them to inherit any of your assets.
There is another considerable group of people who would benefit from having a good Beachwood, New Jersey estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is critical and unavoidable.
Do I Need a Beachwood, New Jersey Estate Planning Attorney?
Because estate planning in Beachwood, New Jersey is not always simple, the assistance of a knowledgeable attorney will almost certainly be useful, and worth the cost. This is doubly true because of how important the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.