As you know, there are few things more important than preparing for the unexpected. Not only can having a plan in place protect you, but it can also protect your family, and this is especially true when it comes to estate planning. Though nobody wants to imagine the day where this happens, there are times where individuals can become incapacitated, and if this happens to you, it would be in the best interests of you and your family to have a well-rounded estate plan in place to soften the blow. Please continue reading and reach out to our experienced New Jersey estate planning attorney to learn more about some of the most important steps you can take to ensure that your estate plan addresses potential incapacitation. Some of those steps are as follows:
Wills: As you may know creating a will is the cornerstone of all comprehensive estate plans. By creating a will well ahead of time, and ensuring that you constantly update your will as life goes on, you and your family will be far better prepared when it comes to potential incapacitation.
Advance Health Care Directives: Advanced health care directives are a critical part of any estate plan. When you create an advanced health care directive, you essentially give a trusted loved one the authority to make certain critical medical decisions on your behalf, should you be unable to make those decisions on your own. Your loved one can tell doctors whether you would prefer feedings tubes, ventilators, and other life-sustaining treatments, should the situation ever arise where you may need it. For this document to be considered valid, however, you will have to sign it while you are still competent.
Trusts: One of the main reasons for creating trusts is so that your family can avoid the probate process after you pass on, which can save your family time and money in the long run.
Durable Power of Attorney for Finance: When someone becomes incapacitated and can no longer handle their own finances, durable powers of attorney for finance are fantastic tools for them to use, as it will give a loved one the power to manage their finances on their behalf to ensure they are not squandered or otherwise mismanaged.
If you have any additional questions, please do not hesitate to give us a call today.
Contact Our Experienced New Jersey Firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.