Estate planning is something applicable to everyone, no matter their life situation or their age. Some people make the mistake of thinking estate planning is only for the wealthy or those nearing retirement. However, a person’s estate is simply their possessions or assets. For example, a person’s savings account, vehicle, rental property or home are all part of their “estate.” Estate planning is the act of preparing ahead of time for what will happen to these assets once a person dies. However, it can also include end-of-life preferences. Read on to learn more about estate planning and how the Law Offices of Joseph Threston guide clients through the process:
A crucial part of a well-rounded estate plan includes end-of-life preferences. This can include a power of attorney. This gives another person the power to make an end-of-life decision for another person. As part of your estate plan, you should name a person who would serve in this role for you if the need arises. An advanced health care directive is another tool that allows a person to ensure their preferences are followed if they become unable to make important health care choices on their own. There are two types of health care directives in New Jersey. One of them is the proxy direction, which is for health care. The other is called an instruction direction or living will. This allows a person to specify if they want to have life-sustaining treatments and can also specificity general treatment preferences.
Wills & Trusts:
Another important element of any estate plan is a will. Your will is the legal document where you specify who you want to leave your assets to upon your death. You can also specify who you would like to raise your children if they are under the age of 18 at the time of your death. Having a will is very important as it allows you a voice even when you are no longer living. To not have one puts your family in a tough situation where they have to guess what you would have wanted. In some cases, the state even has to step in and determine what will come of your assets. A trust is like a will but goes a bit further. By creating a living trust, you have predetermined advisors that oversee your assets before and after your death. With a living trust, your estate transfers directly to your family instead of having to go through the probate process. Contact the estate planning lawyers at the Law Offices of Joseph Threston today to learn more about estate planning and its importance.