Life gets busy and some items on the long to-do list move lower and lower down, or fall off the list entirely. For many, estate planning is one of those tasks. It is understandable; devising a plan for your financial future doesn’t have a definitive deadline. However, time has a way of passing quickly and unexpected life events can throw your life of course. By taking the time to sit down and evaluate your financial situation, discuss your goals, and address your concerns, you can develop an estate plan that suits your needs and enables you to reach your objectives, with peace of mind knowing you have taken care of your loved ones and your future.
Last will and testament
A last will and testament is an important document that can help both married and unmarried couples protect both their loved ones and their property after they die. A last will and testament enables you to name a guardian for any minor children; select the people or organizations that you would like to inherit your property; name a trustee to manage any assets that are left to minor children; and assign an executor, who is responsible for making sure that the terms of your will are carried out. Without a last will and testament, the state’s intestacy laws dictate how your property will be distributed after your death. In New Jersey, if you die without a will, your property will be distributed to your closest relatives, beginning with your spouse and children. If you are unmarried, your property will not pass to your partner. The only way to indicate how you would like your property distributed after your death is to develop a last will and testament. For couples with prenuptial agreements, the last will and testament should reflect the terms of the prenuptial agreement; the prenuptial alone is not sufficient.
Durable powers of attorney
A power of attorney is an important legal document that names someone to act on your behalf if you are unable to do so. A durable powers of attorney for medical care and finances is necessary if you or your spouse ever become mentally incapacitated; this document indicates that the power of attorney stays effective in the event you are incapacitated and cannot handle matters on your own.
Estate planning is important at any age
Most couples are busy living life, not putting much thought into the “what if…?” questions that inevitably arise as life events unfold. But thinking about estate planning and developing a last will and testament and other documents that will protect your loved ones and allow you to inform the state as to how you would like your property distributed are critically important. The estate planning attorneys at Lomurro Law work with couples to explain various estate planning tools, discuss your concerns, and develop estate plans that meet your needs. With convenient offices in Freehold and East Brunswick, we are available to meet with you to discuss your long-term goals. Contact our office today at 732-482-9285 or contact us online to arrange for a confidential consultation with one of our estate planning specialists.