After your death, you would want your loved ones and immediate family members to inherit what you have left behind. You may need to leave funds behind for your beloved pet or may want to donate some of your wealth to a charity. An estate plan allows you to do that. If you need help with Cherry Hill estate planning, you can find some reliable law firms and attorneys for help. Also, having an estate plan is more than just about drafting a Will. Here is a look at the benefits.
- Protect your assets. You can decide to create a Trust as a part of your estate plan. Your assets would be transferred to that trust, for which you can choose a trustee. With estate planning, you can protect your wealth for people who matter. You can also decide who gets to make decisions if you are incapable of doing so. A Will can ensure that your wishes re fulfilled after your death. Each estate planning document has an advantage.
- Retain control of your estate. What happens if you become incapacitated or extremely ill to make certain financial decisions? If you have signed a Power of Attorney for finance, the person assigned can take over. On the other hand, if you don’t have a will, NJ’s intestacy laws will take over to determine your heirs. With an estate plan, you can have complete control over what you own.
- Prepare for the contingencies. Death is the ultimate truth of life – No matter how philosophical that sounds, it is a fact you cannot deny. You could also end up in situations where you may not have the physical or mental strength to decide about certain things. With an estate plan, you can prep for these contingencies. You can decide about your end-of-life care guardians for your minor kids and everything else.
Finally, let’s not forget that estate planning also allows you to prevent conflicts among your loved ones. Your family members don’t have to go through the tough process of determining who gets what, and more importantly, if you don’t have an estate plan, things will happen as per law. Regardless of how little you own, make sure to talk to an estate planning lawyer to determine how you can work on your key documents to protect your wealth. Don’t leave anything to fate, especially when you have the scope and power to decide everything.