The future is not just about your golden years. It could be tomorrow, tonight or later. It encompasses every second that comes after the present. Unfortunately, no one can predict the future; you could get sick or get into an accident at any time. But estate planning can help you prepare for it.
Securing your autonomy in the face of incapacity
Imagine a situation where you can no longer make decisions for yourself. Without a clear plan, the courts in New Jersey could step in, a process that can be lengthy and stressful for your family. By creating a durable power of attorney, you appoint a trusted person to manage your affairs if you become incapacitated. It is a legal document that allows your designated agent to handle your financial obligations, ensuring that they manage your bills, taxes and investments according to your wishes.
Finances are not your only concern. Health care decisions can alter your life completely. You want to preserve your right to refuse or accept medical care, especially extraordinary measures that could force you to live a life you never intended. You can also create advance directives, such as living wills and health care proxies, to ensure your health care wishes are followed if ever you become incapacitated.
Choosing guardianship with care
When it comes to guardianship or conservatorships, you want to ensure that the right person is making decisions on your behalf. In New Jersey, you can establish a guardianship through your estate plan that becomes active if you can no longer care for yourself. You have the right to nominate a guardian in your will, giving you control over who will manage your personal and financial affairs if you cannot do so.
Providing for your loved ones when you are no longer around
One of the primary purposes of an estate plan is to determine the distribution and management of your assets after you pass away. With a will, you can name beneficiaries to receive your property and designate an executor to manage your estate.
In addition to distributing your assets, you can also name a guardian for your minor children or incapacitated adult children in your will. However, a will is not going to bypass probate. You can incorporate trusts and beneficiary designation into your estate plan to ensure your assets go directly and automatically to the people who matter most to you.
An estate plan offers you the tools to protect your future and provide for your loved ones no matter what happens and regardless of when it happens.