"Estate planning" in Oradell refers to the decisions a person makes concerning what is to be done with their assets after their death, and the procedure of implementing those wishes.

The problems that estate planning raises are sometimes very complicated. Without competent legal and financial advice, many problems can pop up, which can quickly 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 issues 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.

If you want to maximize the odds that your wishes will be followed after your death, you should do everything you can to make them legally binding. While this is not always possible, an Oradell attorney will be able to make sure that, where it is feasible, it is done.

Common Features of Oradell Estates

Will: This is a legal document which transfers ownership of the testator's (the person making the will) property to named beneficiaries after the testator's death. The beneficiaries can be just about anyone the testator chooses, but smaller estates, usually only include family members, and maybe very close friends. If you want, you can place conditions on gifts (say, leaving a certain amount of money to your son, but only if he graduates college before he turns 25 - this is just an example). However, a will can't actually compel anyone to do anything, and some conditional gifts won't be enforced, usually because they involve an illegal act, or require a person to marry or refrain from marrying a certain person.

Living Will: This is a document which lays out instructions for your medical care, should you become so sick or badly harmed that you are unable to express your wishes. It should state under what situations you want to remain on life support. A well-drafted living will can prevent you from being kept alive in a permanent vegetative state (if that is not what you want), while guaranteeing that you receive medical care as long as you have a chance at recovery.

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: If you have any strong preferences concerning the disposition of your physical remains, you should make them known to your family early, and should not include funeral instructions in your will. Wills are commonly read weeks after the testator dies, so in most cases, it will be too late by then.

Do I Need a Oradell Estates Lawyer?

A poorly drafted or executed Oradell estate plan can have major negative consequences. For instance, it might be confusing to the people who are most directly affected by it. This confusion can commonly lead to costly litigation. For that reason, the advice of an accomplished estate planning attorney can be invaluable.