No one wants to think of unpleasant things like illness, age-related complications, incapacitation, long-term care, and death. Unfortunately, some of these things will come true for many of us. With estate planning, you can minimize your hassles and protect your loved ones. Working with a Hamilton estate planning attorney can help you honor your goals and plan for the future, including the contingencies. If you are wondering whether you need an estate plan, here are five reasons to consider.
- Express your wishes. Are you against surviving on ventilator support? Do you want to disinherit some of your assets? Do you wish to donate to a charity after your death? Estate planning allows you to do all that and much more. With an estate plan in place, you can be sure that your final wishes are honored.
- Protect your family. If you die without signing a Will, your estate and properties will be distributed among your legal heirs as per the intestacy laws of New Jersey. Through estate planning, you can protect your wealth for your loved ones and for the causes that matter to you. You can even leave provisions for your pet.
- Minimize conflict. It is not unusual for people to fight over inheritance. You wouldn’t want that for your family. Work with an estate planning attorney and ensure that you don’t leave room for conflict by creating a strong plan.
- Help your family in the tough times. Imagine your family having to decide whether you should put on life support. It won’t be an easy decision for them. Through a living will, you can share more about what you want for end-of-life care. You can also have a durable power of attorney for healthcare to choose someone to make those decisions.
- Reduce your taxes. When done in the right way and planned ahead, it is possible to save on taxes through estate planning. You can also create an irrevocable trust, which can help bypass the probate process, which can be overwhelming for your heirs. A trust ensures that your assets remain private, while a Will is for the public to know.
Never assume that you don’t need estate planning because you don’t have enough. Life can be truly unpredictable, and you need an attorney who can help you with all the options and tools available for creating an estate plan. Check with a local law firm in Hamilton now.