An estate plan allows anyone with assets or property they want to pass on to specific beneficiaries to control how their estate will be handled if they become incapacitated. These plans include specific instructions for medical care and finances, outlined by a collection of legally binding documents. The types of assets protected by most estate plans include vehicles, stocks, life insurance policies, bank accounts, and pensions.
If you are looking to create an estate plan to protect your assets and build a plan for their distribution once you’ve passed on, Rozin | Golinder Law can help. Our estate planning attorneys in New Brunswick will work with you to create a plan that fits your needs and prevents your assets from being lost to those acting in bad faith.
Call us at (732) 810-0034 for a free consultation.
Elements of an Estate Plan
Everyone is in a different position financially and has different wishes for their assets and property. However, any good estate plan will include most of the following elements:
- Will: A will is a document created by a person and their attorney to direct who will receive their property at the time of their death. A will also formally appoints someone to carry these wishes out, known as an executor. Anyone with minor children can name a person to become the children’s guardian should they pass away before their children reach 18 years of age.
- Trust: A trust is a legally binding arrangement that allows a trustee to hold the title of another person’s property, that person being called the beneficiary. Trusts allow people to avoid probate and pass property on to specific people with peace of mind.
- Power of attorney: Anyone creating an estate plan should appoint a power of attorney to act in their place if they become incapacitated. A power of attorney can help take care of financial affairs and represent someone in court on their behalf.
- Medical plans: An estate plan should include medical directives for people to follow if the owner of the estate becomes incapacitated. This includes items such as a healthcare proxy, medical instructions, and healthcare power of attorney. This allows someone to decide who will make medical decisions on their behalf if they are in a position where they cannot do so themselves.
- Beneficiaries: Anyone in the process of creating an estate plan should ensure that their health insurance plan and retirement plan are updated with accurate beneficiaries listed. Without a beneficiary named, the benefits from these plans may be given to someone chosen by the courts.