Lifestyle

Estate planning guide: Answering top questions

Nothing in life is permanent. As you age, your ability to do certain things would diminish. Things can go downhill quickly if you have age-related complications or diseases like Alzheimer’s and Parkinson’s. Protecting your wealth and ensuring your loved ones inherit as per your wishes is the crux of estate planning. Consider talking to an estate planning lawyer Hammonton to understand the key aspects. We have answered a few questions below for your help. 

“What documents are required to create an estate plan?”

There is no one answer to that. Your estate plan should include a Will/trust, durable powers of attorney for healthcare and finance, and a living will. Creating an estate plan requires considerable work and contemplation, and you have to ensure that your documents are in sync with the state laws. Also, there are things that you can and cannot do through an estate plan. 

“Is it necessary to revise the estate plan?”

You have the right to change your estate planning documents as you want. There are many reasons why you may need to revise your estate plan. For instance, if you have acquired more assets in the last few years or have new family members, you may want to change your documents accordingly. Talk to your attorney to know how you can incorporate those changes.  

“I am not sick. Why do I need a power of attorney?”

You cannot predict the future. If you are incapacitated or cannot make medical or financial decisions, your POAs will help your loved ones. The person assigned to make medical/financial decisions can take over and do what they think is best for the given circumstances. You can also consider having a Living Will, which will state your wishes for medical/end-of-life care. 

“Do I need an attorney for estate planning?”

Yes, you must consider hiring an attorney, although it is not mandatory. The whole process of estate planning requires extensive research and work. Online legal services may help you sign a Will in a few clicks, but these services cannot replace the work and expertise of an attorney. A skilled local estate planning lawyer can ensure that your wishes are fulfilled and help save on taxes. They can also guide you on other aspects, such as Medicaid planning. 

Check online to find more on estate planning lawyers in your area. Get all your documents ready for the first meeting, and don’t forget to discuss your immediate and long-term concerns. 

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