When planning for the final disposition of your estate in Livingston, 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 done? Do you have any specific wishes regarding end-of-life care? These questions, and more, should all be taken into account.
Generally, the first thing a person thinks about when they think about estate planning is a will. A will dictates what occurs to a person's property after they die. In general, you can leave your property to whomever you want, and attach almost any condition to such gifts. In the vast majority of estate plans, a will is the central component. It is rarely the only one, however.
In addition to a well-drafted will, a comprehensive estate plan should contain things like a living will (healthcare directives made in advance, in case you become incapacitated and unable to make or express such decisions), funeral instructions, and instructions relating to organ donations.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in Livingston, New Jersey?
The answer to this question varies on your individual needs, your priorities, your health, and the size and nature of your estate.
For example, if you're unmarried, and in your early 20's, estate planning is probably not the most essential thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you have a life partner in Livingston, New Jersey, but aren't married to him or her, estate planning is crucial. If you want your partner to have most of the same rights and responsibilities as a spouse, it's usually possible with good estate planning. You should grant your partner power of attorney, so they can make decisions for you in case you become incapacitated. Furthermore, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
If you are elderly, and have a large amount of assets in Livingston, New Jersey, estate planning may be more essential at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is crucial if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a Livingston, New Jersey Estate Planning Attorney?
Because estate planning can be a perplexing process, the expertise of a good lawyer in Livingston, New Jersey who specializes in wills, trusts, and estates can make the process a great deal easier.