"Estate planning" in Hackensack refers to the decisions a person makes regarding what is to be done with their assets after their death, and the process of implementing those wishes.
The problems that estate planning raises are sometimes very confusing. Without competent legal and financial advice, many problems can pop up, which can easily throw your entire plan into disarray, and cost your survivors a great deal of time, energy, and money.
In addition to post-death decisions, estate planning also concerns matters that might affect you during your life, such as granting power of attorney to a family member or trusted friend in case you become unable to make your own decisions regarding your finances or medical care. Additionally, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
A qualified estate planner in Hackensack can make the process of planning your estate go much more smoothly, and maximize the chances of your wishes really being carried out with legal force.
Common Features of Hackensack Estates
Will: This is normally a major component in any estate plan. A will is a document in which a person lays out what they want done with their property after their death. These gifts normally have the effect of transferring legal ownership of the property to the named beneficiary.
Living Will: This is a document which articulates your wishes concerning your medical care, to give instructions to your family and doctors in the event that you become incapacitated. While really consulting it will hopefully never be necessary, one never knows - unexpected illnesses and injuries can happen to anyone, at any time. While making a living will might require a person to acknowledge the existence of some unpleasant possibilities, it can end up saving their loved ones a great deal of grief and uncertainty.
Power of Attorney: Power of attorney, while important, is not to be used lightly. This is because it involves granting someone else the power to make legally-binding decisions on your behalf. Normally, your spouse will automatically have power of attorney if you become incapacitated. If you are not married, however, you need to make a document explicitly granting that authority to someone you trust (a life partner or close family member, for instance).
Funeral Arrangements: Whatever your preference on this matter (if you have a preference) you should make it known to your family both verbally and in writing. If you have very specific wishes concerning the final disposition of your mortal remains, you should not put those instructions in your will. Or, if you do, you should also put them somewhere else. Wills are usually not read for quite some time after a person dies, and the funeral is normally long over by then, so it will be too late to follow your instructions.
Do I Need a Hackensack Estates Lawyer?
A brilliant estates lawyer in Hackensack can make the estate planning process much easier. He or she can maximize the chances of your wishes being given effect. Additionally, a good and clear estate plan is far less likely to result in litigation in the future, since disputes of this nature are almost always the result of ambiguity.