Putting together an estate plan is something many New Jersey residents believe is for individuals entering their golden years. It is not just for that particular population, though. Estate planning is something that can be done by adults of any age.
Young adults can benefit from having estate plans in place, if not for asset protection, then for personal protection. No one knows when incapacitation or death will strike. Even if one does not have many assets to pass on to loved ones, one may wish to ensure they have a power of attorney and advance directives in place. These documents allow them to name personal representatives and provide directions about desired medical care should incapacitation occur.
Moving forward, if one gets married, has children or adds to one’s wealth, an estate plan can provide the same medical protections. It can ensure assets are passed on to the right people. It can also allow for certain tax benefits. Finally, If one has minor children, one may name a guardian to make sure they go to a trusted individual.
Estate planning allows New Jersey residents to leave their loved ones and the courts clear instructions regarding end-of-life care, family care and estate management. Without these instructions, one’s wishes may not be known and, therefore, cannot or will not be honored. With the assistance of legal counsel, New Jersey residents can create estate plans that offer the protections they need and desire. As those needs and desires change, modifications to the plans can be made.
