Should you consider estate planning now? Yes, absolutely. There is no better time to create an estate plan. Contrary to what many of us assume, estate planning is not something that only the rich and old need. Also, it is much more than having a Will. Talk to a Cherry Hill estate planning lawyer to understand the aspects that concern you, and for your help, here are some terms explained.
- Wills. A Will is probably the most basic estate planning document every adult needs. It expresses your wishes with regards to your estate. You can decide who inherits your assets, how funeral and burial arrangements should be done, and also name a guardian for your kids. Your Will needs to have an executor who ensures that your wishes are respected and honored after your death.
- Trusts. A will has to go through the probate process, which is why many people prefer to have a trust. You can create a trust where your assets are transferred, and you can choose someone as your trustee to manage the trust. Talk to your lawyer to know if you can benefit from having a trust. If you have vulnerable loved ones who need your help, you can also consider a special needs trust (SNT).
- Powers of Attorneys (POAs). A Powers of Attorney (POA) allows you to choose someone who can make decisions for you if you become ill or are incapable of doing so. You can have a POA for healthcare or finance as needed.
- Living Wills. Also called an advanced healthcare directive, a Living Will expresses your wishes with regards to healthcare. For instance, you may choose to go opt for certain treatments if your condition has reached a point where end-of-life support is necessary. Your Living Will can allow your loved ones to make the right decisions.
- Adult Guardianships. Typically, the guardianship arrangement is for kids. However, sometimes, an adult individual may not be able to make decisions on their own. These are often very unique and sensitive circumstances, and only an experienced attorney should advise you on Adult Guardianships. For instance, if you are experiencing the early stages of dementia, you may benefit from having certain estate planning documents.
Don’t let someone convince you that you can handle estate planning on your own. You need a reliable attorney to understand the best tools and documents you can use to create a plan.
