Why do you need an estate plan? Find here!

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It is a common myth that estate planning is only for older people and those with an enormous amount of money. Truth be told, everyone must have an estate plan in place. It doesn’t take much to get started, and there is more to the process than just creating a Will. Talk to an estate planning attorney South Jersey to know the type of documents that you would truly need to make a well-rounded, comprehensive estate plan. 

  1. Estate planning is for you. You are responsible for your life. What happens if you become incapacitated and cannot make decisions about your healthcare and treatments? If you have an advance medical directive, your family can honor can your wishes. You can have a power of attorney for healthcare, which authorizes someone close to you to make medical decisions and work as your proxy. You can also consider having a living will, which gives directions about the kind of treatments and medical care you want in some circumstances. For instance, you may express your wish not to be on ventilator support. Estate planning allows you to do all that. 
  2. Estate planning is for your family. After your death, you would want your family and loved ones to be taken care of. A Will can be an important instrument for ensuring that your estate is inherited by the people you want. You can name a guardian for your kids and choose someone to work as an executor. In NJ, you can also have your Will notarized, which then becomes a self-proving will. This can help speed up the probate process. 
  3. Estate planning can protect your wealth. If you have amassed considerable wealth, you can create an estate plan to make provisions for everything that concerns you. For example, if you have a pet, you can have funds aside for its care. You can also protect your assets from legal costs and the probate process. Your lawyer can also advise you on means and ways to save on taxes. 

While it may not seem super important right away, having an estate plan benefits everyone around you in the long run. You have to talk to an attorney to understand the various estate planning documents and tools that you can consider for your personal circumstances. It is not early to plan your estate, and if you are in your 60s, you should start working on the same right away. 

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