A power of attorney grants a designated individual the right to handle one's affairs in the event that he or she is not in the position to do it for himself or herself. It is a powerful tool to have in one's estate plan and can be created with the assistance of an estate planning attorney. Here are a few things about powers of attorney, of which New Jersey residents may not be aware.
If you are someone who was shocked to find out what bequests and provisions your deceased New Jersey parent’s will contained, you may be wondering how in the world (s)he made such bequests. They do not seem to sync with who (s)he was and how (s)he normally acted. Before you conclude that you did not know your parent at all, consider the possibility that (s)he was under someone else’s undue influence at the time (s)he made the will.
Many New Jersey residents enjoy the companionship of animals. These loyal friends are there during some of the roughest times in life offering love, support and comfort. It is normal to want to make sure that one's pet is taken care of in the event of one's incapacitation or death. It is possible to do just that when going through the estate planning process by setting up a pet trust.
People in New Jersey and all over the country have a lot of ideas on how to set up their estate plans to make things easier on their loved ones. Conflicting advise may be given from people in varying fields of expertise. There are several ways to set up an estate plan that can help loved ones avoid estate litigation. Utilizing a durable power of attorney is one option.
Many New Jersey residents need to take the time to do some planning for the future. Future planning is more than thinking five or 10 years out; it extends to planning for one's incapacitation or death. While estate planning is not a fun topic, failing to get it done, get it done right and get it done with the help of the right people can have significant consequences for oneself and one's beneficiaries.