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estate planning Archives

A power of attorney is an important part of an estate plan

Along with a will, a trust if one is needed, a health care directive, and other documents which we have discussed on this blog, a New Jersey resident who is going through the estate planning process may want to consider creating a durable power of attorney. Under New Jersey law, a durable power of attorney allows a person, called a principal, to name a trusted loved one, called the attorney in fact or agent, to handle the principal's financial affairs.

Estate plans can make end-of-life care decisions in advance

Much of estate planning is focused on what happens after we are gone. A well-drafted will helps our loved ones through the transition, resolving difficult issues in advance and, hopefully, providing them with the resources to have easier lives.

Make sure to update your beneficiary designations

This blog has previously discussed that there are ways a New Jersey resident can pass property along to their loved ones without having to draft a will or go through probate. In addition to trusts, people can use vehicles like jointly held real estate, joint bank accounts and other means to pass along property.

What is a spendthrift trust and how can it help me?

A previous post talked about a type of trust called a living trust. A living trust is a convenient vehicle for New Jersey residents who have wealth to hand that money down to the next generation. Oftentimes, the living trust in the long term can save a family the costs of probate and may have tax benefits as well.

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