Contrary to popular opinion, estate planning is not for the rich alone. Life is unpredictable, and there are things beyond your control. You can address some of your concerns and likely contingencies by creating an estate plan. Talk to a local estate planning lawyer Princeton to know more about your options. For your help, here are some dos and don’ts that can come in handy.
- Start early. You don’t have to be an older citizen to plan your estate. You can do so right now. It is never too late or early to create an estate plan. You may not need all estate planning documents, but you definitely need a plan.
- Get an attorney. Your attorney is your best friend for creating the process. Lawyers can ensure that your documents have no room for mistakes or disputes. It is also important to have a close relationship with your lawyer so that you don’t have a hard time when changing your estate plan (if needed).
- Create advanced medical directives. What happens when you are incapable of making medical decisions for yourself? You can create an advanced medical directive like a Living Will to let your wishes be known. The second option is to create a durable power of attorney for healthcare, where you assign someone to make decisions for you.
- Create a will. You may not want to think of your death, but that’s the ultimate truth of life. Creating a will is the best way to ensure that your assets end up with the people you want after your death. Note that you can only mention assets that are owned by you in the will. You can also create a self-proving will in NJ.
- Don’t hire an attorney who is a jack of all trades. You need someone who specializes in estate planning in NJ and has an office in Princeton.
- Don’t trust anyone other than your lawyer. Your family may have the best intentions, but for creating an estate plan, you should only trust a lawyer.
- Don’t Procrastinate. You have to create an estate plan – Period. Procrastination never helps, and if you end up in an unprecedented situation, many things will be beyond your control.
Now that you know the basics, go ahead and find an attorney worth your time and trust. You can change your estate planning documents anytime you want, which is a great advantage.