There are over 329000 families that live in the vibrant and thriving state of New Jersey, US. Consequently, the desire for efficiently managing one’s estate for the benefit of themselves and their loved ones is high in the region.
A sophisticated estate plan takes into account all possible scenarios and provides a plan of action for each. This type of plan is typically put together by an attorney who has experience in estate planning and is familiar with the latest laws and regulations.
There are several things that proficient NJ Estate planning attorneys can do to make your estate plan more sophisticated. Here, they are:
Create a Trust or Will
One is to create trust. You can use an NJ trust to hold assets, provide for heirs, and avoid probate. Another is to make a will that includes a pour-over provision. This provision directs any assets not placed in the trust to be transferred to it at the time of your death.
You may also want to consider putting together a revocable living trust. This is often done with the assistance of an attorney, but there are templates available to show you how it works.
Give Power Of Attorney to Your Spouse
Another way to make your estate plan more sophisticated is to provide your spouse with power of attorney over all your assets during their lifetime. This will give your spouse the authority to make decisions about your finances and property if you cannot do so yourself.
Include a Letter of Wishes
A letter of wishes in NJ is a document that lets your heirs know your wishes for your estate. This can include things like who you would like to inherit certain assets and how you can handle them. A letter of wish can also provide information about your funeral and burial arrangements.
Make a List of Your Assets
A sophisticated estate plan will include a list of all your assets along with information about their value and who to contact in case they need to be sold. An overview of each asset should also be included, such as real property or business equity. This will help your attorney determine how best to distribute your estate among your heirs.
Make a Plan for Long-Term Care
If you need long-term care, you may want to make a plan for it in your estate plan. This can include designating someone to make decisions on your behalf if you are incapable of doing so.
It can also include creating a trust that will provide financial support for your long-term care needs. You may want to consider establishing an ILIT if you have an insurance policy that you would like to be inherited by your heirs but is subject to estate taxes at the time of your death.
Your NJ estate planning attorneys can help you set up the ILIT and make sure it is structured correctly.
Make Sure Your Plan is Updated
Lastly, you should make sure that your estate plan is reviewed and updated regularly. Over time, laws may change, meaning that some of the provisions in your plan may no longer be advisable. An attorney will keep up with such changes and recommend any necessary updates to your plan.
An attorney can also help you design a sophisticated estate plan that will provide peace of mind for you and your loved ones.
The more sophisticated your estate plan, the better it will serve you and your heirs if something happens to you unexpectedly. Talk with an attorney about what else you can do to protect yourself and your loved ones in a moment of uncertainty.