Estate Planning 101: Knowing the Key Documents That Matter

Key Documents

Key Documents: People in New Jersey often have their reservations about estate planning. While some assume that estate planning is only for the rich and the retired, others believe that the process may mean chasing an attorney. There are also legal aspects to consider, and every person’s circumstances are unique. When it comes to estate planning Cherry Hill, you need to contact an attorney that you can trust for your expertise. Here’s a list of documents that you need to know about. 

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  1. Last will and testament. Who will inherit your wealth and assets after you die? A will is created for that. You can mention the people important to you and can even decide to share a part of your estate with a charity. If you have minor children, you can assign guardians for them and choose an executor who will ensure that your wishes are respected after your death. 
  2. Revocable living trust. A revocable living trust is another estate planning document that transfers your assets to a trust. You can be the trustee of your own trust or can also appoint someone. If you want your loved ones to avoid the probate process, you should consider having a revocable living trust, which is ideal for people having a large estate or considerable assets. 
  3. A living will. Also known as the Advance Healthcare Directive (AHCD), a living will allows you to appoint someone, like a family member, to take healthcare and medical decisions for you, if you cannot make those decisions because of incapacitation or illness. A living will can be use to share your preferences concerning certain treatments and end-of-life care. A medical power of attorney is another document that allows you to choose your healthcare agent. 
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  5. A financial power of attorney (POA). True to the name, a financial power of attorney (POA) allows you to appoint someone to make decisions for you if you are incapable of doing so. Financial decisions may relate to managing real estate, payment of banks and debtors, and other decisions related to your estate. 

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Regardless of your income, if you are an adult with a job, you should consider consulting an estate planning attorney to know the documents you need. They can advise you on various aspects that are specific to you, and you can trust them to ensure that your estate planning documents are drafted rightly. You can find local lawyers through websites like Nolo and Google. 

Revocable living trust. A revocable living trust is another estate planning document that transfers your assets to a trust. You can be the trustee of your own trust or can also appoint someone. If you want your loved ones to avoid the probate process, you should consider having a revocable living trust, which is ideal for people having a large estate or considerable assets. 

A living will. Also known as the Advance Healthcare Directive (AHCD), a living will allows you to appoint someone, like a family member, to take healthcare and medical decisions for you, if you cannot make those decisions because of incapacitation or illness. A living will can be use to share your preferences concerning certain treatments and end-of-life care. A medical power of attorney is another document that allows you to choose your healthcare agent. 

A financial power of attorney (POA). True to the name, a financial power of attorney (POA) allows you to appoint someone. To make decisions for you if you are incapable of doing so. Financial decisions may relate to managing real estate, payment of banks and debtors, and other decisions related to your estate.