Estate Planning Lawyer Elizabeth NJ
Any individual that has accrued income, property, and other assets during their lifetime and hopes to pass it down to their family or next of kin should speak to an estate planning lawyer that the community Elizabeth, NJ knows and trusts. All these things are part of one’s estate, and it’s not just reserved for the highest earners of a population. Estate planning is invaluable to anyone with accumulated earnings and possessions, and can even help you prepare a plan for how you want your financial and medical decisions to be managed in later stages of your life. An experienced and qualified lawyer such as one from Wade Suthard, P.C. can determine your best course of action.
Estate Planning Lawyer in Elizabeth NJ
When most people think of estates, they think of sprawling mansions nestled in a large gated area, but estates don’t just apply to wealthy individuals. Anyone who owns money and assets such as property should consider estate planning, which refers to the strategy of securing your wealth in preparation for your family members or loved ones to take ownership of it. It’s a financial plan that contains legal documentation about how you want your money and other assets distributed and to whom.
Getting a head start on your financial strategy early in your life can save you the hassle of figuring out the legalities related to your estate. One scenario you want to avoid is having your relatives or loved ones arguing about who gets a portion of your share. Those are issues that can have a generational impact, and can result in lingering rifts and questions among family members and those closest to you. An Elizabeth, NJ estate planning lawyer would advise that you discuss estate planning with your loved ones in its early stages and express your preferences regarding your specific financial decisions and future medical care.
Main Elements of Estate Planning
There are several ways to approach state planning. Some people choose a few documents while others opt for a larger set of documents to address certain topics. While every approach to estate planning is different, the following items are the primary components:
- Will. This document provides instructions regarding how your assets will be distributed to your loved ones.
- Living Will. This is a key document to have as it contains healthcare directives for the type of care and treatment you wish to receive, such as a do not resuscitate order (DNR).
- Powers of Attorney. You can appoint certain individuals you trust to make decisions pertaining to your finances and medical care in the event you become incapacitated and are unable to communicate. There are different types of powers of attorney, such as for financial and healthcare decisions.
Call an Experienced Attorney for Legal Assistance
You might not know where to begin if you’re new to estate planning. Seeking guidance on your estate planning strategy is best done sooner than later. Schedule a risk-free consultation with a trusted estate planning lawyer in Elizabeth, NJ now.