Estate planning is an important matter that can sometimes be tempting to delay. Yet this is an area where planning is critical. Many people like to plan to have enough money available to age comfortably, while still leaving some for descendants. Thinking about all of the necessary arrangements can seem overwhelming. This is why estate planning attorneys can make the process easier by guiding planners to thing about bequests.
Estate planning involves anticipating the future. You want to protect assets and ensure that that you provide for your loved ones. There is paperwork involved in estate planning such as wills and trusts, and you have to choose beneficiaries. You will also have to appoint an executor or executors to administer your estate. It will likely take a great deal of thought and discussions with family members.
You can start by taking inventory of all of your assets such as insurance policies, business investments, and property. It is important to include any antiques, art, jewelry, etc. You will then want to decide who should receive these items. Sometimes heirs argue over possessions in court and you want to avoid this situation if possible. You should also think about who you would like to take care of you and handle your affairs if you become unable to do so because of medical reasons. You can give a power of attorney to these people.
The earlier you start the planning process, the better. The most important part of estate planning is getting started. An estate planning attorney can help you devise a specific plan.
Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.