Hamilton Estate Planning Lawyer
While it is true that more Americans are coming to realize the importance of estate planning, data compiled by a renowned, nonprofit organization reveals that many have far to go in terms of getting their final affairs in order. In a recent survey conducted by Caring.com, just 1 in 3 respondents stated that they had prepared a will, a 10 percent decrease from 5 years ago. It is even more surprising to take a closer look at the age demographics. Around 45 percent of individuals 55 or older have prepared estate planning documents, but only 22 percent of those 35 to 54 years old have done the same. This figure even falls below the next age group down, with almost 27 percent of survey respondents aged 18 to 34 stating that they did have a basic estate planning foundation in place.
Procrastination, concerns about net worth, and many other factors are often cited as reasons to avoid estate planning, but the truth is that individuals of all ages and backgrounds can benefit. At Scott Counsel, P.C., it is our goal to make sure you understand the advantages and develop a strategy for achieving your estate planning goals. Please contact our firm today to set up a consultation with a Hamilton estate planning lawyer who can advise you on options. An overview and some information on our legal services may also be helpful.
Benefits of Creating an Estate Plan
There are specific advantages related to the different documents described below, but you should be aware of the big picture when it comes to estate planning.
- If you do not take measures to indicate your wishes upon your passing, New Jersey laws step in to make the decisions for you. The result is your real estate, personal property, and other assets are distributed in a way you did not intend. There are also statutes on who will have the authority to manage your estate as a personal representative.
- Estate planning is not just about what happens at death. There are strategies for addressing incapacity and the awkward situation of being alive but having no one to act on your behalf. Your loved ones can avoid legal hassles with end-of-life care.
- Privacy is an important, valuable right that deserves protection. Estate planning offers a way to keep confidential matters out of the public eye, an important goal for high-net-worth individuals and business owners.
- From the above, another key advantage of estate planning becomes clear: Reduced costs and hassles, primarily because court action is limited or unnecessary.
Options Under New Jersey Estate Planning Laws
There is no one-size-fits-all with regards to your alternatives, but the following estate plan components might be part of your strategy.
Last Will & Testament: As the primary document that dictates your wishes after death, your will acts as your voice when you are no longer able to speak. Through a will, you appoint someone to serve as your executor, whose job it is to see that your intentions are completed. You will also make provisions for specific bequests to beneficiaries, as well as how the residue of your estate is distributed to the remainder. In addition, you can:
- Name a guardian for minor children;
- Waive the requirement that your executor post a surety bond for estate administration, which can be costly; and
- Distribute all of the assets you own as an individual into a previously created trust.
Power of Attorney: These are the documents that take effect during your lifetime to ease the challenges of incapacity. By executing a health care advance directive, you appoint someone to make decisions regarding medical treatment, procedures, long-term care, assisted living, and your overall well-being.
Another aspect of incapacity is being unable to make decisions regarding your assets, debts, and financial matters. New Jersey laws empower you to create a durable power of attorney, which appoints an agent to manage your real estate, personal property, bank accounts, and related issues.
Trusts: Many individuals can benefit from trusts in estate planning, but wealth is not the only factor to consider. When you value privacy, a trust is a confidential way to distribute assets. You might have grounds to manage distributions to beneficiaries on account of age or lack of financial sophistication. Plus, if you want to provide for a loved one that is entitled to public benefits because of a disability, a special needs trust might be an option.
Guidance from a Knowledgeable Estate Planning Lawyer
It is important to realize your options, but determining the right estate plan for your needs and putting it into effect can be complex. The Hamilton estate planning attorneys at Scott Counsel, P.C. want to ease the stress of a sometimes stressful topic by sharing key elements of our process.
- We meet with you to assess your circumstances and learn about your estate planning goals.
- We will explain the various ways you can achieve your objectives and create a plan per your wishes.
- After assessing the laws and developing an appropriate strategy, our lawyers will craft the documentation.
- You will want a thorough assessment of the estate plan we create, so we will explain the details and advantages.
- Some estate plans involving trusts require funding, asset transfers, and compliance with tax laws, so you can rely on our team for help.
- Circumstances change, and we may suggest a review or adjustments to your estate plan. These modifications must comply with the law to become effective. We keep current on tax matters and are ready to help with modifications to wills and trusts to gain the best treatment.
Cases We Handle
- Asset Protection
- Business Succession
- Elder Law
- Estate Tax Planning
- Living Wills
- Power Of Attorney
- Trusts
- Wills
- Probate
- Special Needs Trusts
- Veteran Benefits
Call Now to Speak to a Hamilton Estate Planning Lawyer
A summary of your options is useful for understanding the basics, but skilled legal representation is critical when taking on the estate planning process. Our team at Scott Counsel, P.C. is prepared to support your needs, so please contact our office today. You can call 856-925-7281 or visit us online to schedule a consultation with a New Jersey estate planning attorney.