Estate Planning Attorney in New Jersey
Estate planning can help you protect your assets, your family, and your legacy. A smart strategy can help keep your estate out of probate and ensure your wishes are followed. It can also take the pressure off your loved ones because they will clearly know what you want. Do not wait to talk to a New Jersey estate planning lawyer about your goals for the future.
At Chaves Perlowitz Luftig LLP, our experienced New Jersey estate planning lawyers can guide you through the process and develop smart solutions to meet your estate planning goals. Our attorneys can help whether you need to draft a will, set up a trust, create a power of attorney, or otherwise outline your wishes.
How Our New Jersey Estate Planning Attorneys Can Help You
When the time comes to draw up your life plans, an estate planning lawyer in New Jersey can help by:
- Talking through your goals and answering your questions about estate planning
- Explaining the laws around estate planning and how those laws may affect you
- Walking you through your options and their tax implications
- Discussing how any real estate you own may affect your plans
- Drafting a will that handles your estate according to your wishes
- Creating advance directives to protect your healthcare choices
- Setting up a power of attorney
- Advising you on the various types of trusts and how they could benefit you
- Handling the paperwork and hassle of probate administration
Contact a New Jersey estate planning attorney today from the law firm of Chaves Perlowitz Luftig LLP to get started. It’s never too early or too late to plan for your future.
Creating a Will
A will is a critical component of any estate plan. A will is a foundational document that will determine how your estate is handled after you pass. It can address issues such as who is responsible for settling your estate and who inherits certain assets. A will can also specify whether certain trusts should be created and who should act as a guardian of any children you may have.
If you pass away without a will in place, the state will handle your estate according to its default rules. This process is known as intestate succession. By putting a will in place, you are ensuring that your wishes and your plans are known.
Creating an Advance Directive
In New Jersey, advance directives are documents that help you describe your choices about healthcare before you need it. If you are incapacitated and unable to make your own healthcare decisions, an advance directive can let your loved ones and family know what kind of care you should receive. An advance directive can take the guesswork out of healthcare decisions and take the pressure off your loved ones.
Two common types of advance directives are proxy directives and instruction directives:
- A proxy directive allows you to appoint someone who can make healthcare choices for you when you are incapacitated.
- An instruction directive, also known as a living will, sets out various scenarios and allows you to specify the types of healthcare you would want to receive as well as the times you would want healthcare to be withheld.
Designating Power of Attorney
A power of attorney can be a key piece of your estate plan. Using a power of attorney, you can designate someone who will have the power to make decisions for you if you are ever incapacitated. A power of attorney form can include financial, legal, and even healthcare needs, so it is crucial to have one in place as part of an effective estate plan. Without a power of attorney, it may be unclear who can make decisions for you if you are no longer able to do so.
Protecting Your Assets with a Trust
Trusts are a powerful tool that you can use to protect your wealth and assets. You can set up trusts while you are still alive or create them through your will. When your assets are in trusts, they can receive significantly different tax treatment than assets passed through a will. Trusts may allow you to avoid probate on some of your assets.
Through trusts, you can retain control of your assets and your estate while providing for the people you love and organizations you care about. An estate planning attorney in New Jersey can advise you on which trusts you should set up and when they should take effect.
Probate administration can be a stressful experience that involves notifying heirs and beneficiaries, appraising property, handling taxes and debts, and distributing assets. A challenge to a will could turn into a contentious legal battle. A New Jersey probate lawyer can handle all parts of estate administration and help your family navigate from start to finish.
Talk to a New Jersey Estate Planning Attorney Now
If you have questions about estate planning, contact the law firm of Chaves Perlowitz Luftig LLP today. With decades of experience, our knowledgeable New Jersey attorneys can help you protect your wealth and your legacy. We can help you draft key documents and develop a strategic plan for your estate.
Do not leave the future of your estate to chance. Start your estate planning now. Call us today or contact us online for a free consultation.