You must have worked really hard to build a strong portfolio of assets but did you invest your time in estate planning? This is one of the most critical topics that often take a back bench since the person always feels that the time is still not right.
To be honest, there are numerous reasons behind people not paying heed to their estate planning. They either think they’re not wealthy enough or too young, or the process is too complex, or simply because they don’t want to talk about the entire thing called estate planning. Before you rush to seek the help of your Cherry Hill NJ estate planning lawyer, here are a few basic estate planning tips.
Build a solid team
As long as estate planning is concerned, it is vital to building a solid team that includes a tax professional, a financial advisor, and an experienced estate planning lawyer. All these professionals can assist you in chalking out an all-inclusive estate plan that is tailored to meet your needs. Each of them will play a vital role in the entire process.
Decide the name of a guardian for dependents
If you have dependents in your families like a minor person or someone who has special needs, you have to set up guardianship for them. In case you fail to do this, after your demise, the court or the judge will do so and the person chosen might not be the best one for them. Hence, it is better to ensure that you choose your guardian beforehand and also get his consent.
Make a document of all your wishes
When you design an estate plan, you should clearly mention what exactly you want to do with your probate assets after you die. Unless you make these decisions through an estate plan, the state might make inappropriate decisions for you. Make sure your estate plan includes a durable power of attorney (financial), healthcare power of attorney, a living will, a testament, and a HIPAA release form.
Opt for trusts
You can imagine trusts to be containers that are made for storing money for your heirs. You are the one who will decide what goes into the trust, who will get what, and how the money will be distributed in your absence. A properly structured trust can let you guarantee your plan to be executed the way you want it to.
So, if you don’t want your assets to go haywire after your demise, plan your estate with the help of a lawyer.