Don’t Forget These 3 Things in Your Estate Plan
- August 15th, 2018
- Estate Planning
Once a certain point in life is reached, estate planning becomes very important. At this time, not only are plans made to give something special to loved ones, but certain roles and authorities are designated to individuals within the family. As estate planning takes place there are a number of parts to be included so that a thorough plan can be executed at the right time. During this time, it is a great idea to contact legal professionals that can guide you along this process. The attorneys at the Faloni Law Group are a top choice of estate planning attorneys in Fairfield NJ and can ensure that all of your wishes are included in your estate plan.
Important Points of Inclusion
While estate planning has many crucial parts, there are 3 main things that every plan should include:
- Will/Trust.A will is a document that states how your assets will be distributed upon death and who is responsible for giving out such assets. A trust takes effect the moment it’s created and requires a named trustee to allocate the property where stated.
- Power of Attorney.This authority is given to a named individual or entity which allows them to make legal or financial decisions on behalf of someone else. This should be someone who is trustworthy and will work in the best interest of the person granting this authority.
- Designation of a Guardian.In the event that a person becomes incapacitated, a guardian will make decisions on their behalf. This is very important because such decisions can include those regarding the life and well-being of this person, as well as the estate. Before this person is added to the estate plan, aspects of care and choices related to all parts of the estate should be discussed in detail to ensure that the wants and needs of the person granting this authority are met.
Given the complex nature of estate planning, the assistance of an attorney should be sought at the beginning of this process. At Faloni Law Group, the wishes of the clients are top priority and we will answer any questions related to this procedure. Our highly skilled estate planning attorneys in Fairfield NJ are available to offer a consultation for this service.