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Many people believe estate planning only involves drafting a will, but there are many other vital aspects to consider. Although nobody likes to think about what could happen if they are incapacitated or pass away, creating a comprehensive estate plan can protect your interests and maximize your loved ones' inheritance. At Giro & Associates, LLC, our experienced River Edge estate planning lawyers can help you develop a personalized plan that meets all of your specific needs.
Whether you are just starting out or you're ready to retire, any time is the right time for estate planning. When you die without a will or estate plan, the probate court distributes your assets according to the intestate succession laws of your state. This means that the court will dole assets out to your spouse, children, and other living relatives as dictated by the law, not your wishes. The probate process can be more lengthy and expensive when a deceased person doesn't have a will in place.
In addition to making a difficult time easier for your loved ones, estate planning protects your rights while you're still alive. Our wills and trusts attorneys provide creative solutions that safeguard your interests and preserve the legacy you want to leave behind.
There are several important elements of estate planning that can be beneficial for anyone, regardless of age, family situation, or economic circumstances. These estate planning tools include:
One of the most important aspects of estate planning, a will enables you to clearly communicate your wishes and outline the distribution of your assets after death. It also enables parents to name guardians for minor children and designate assets or money for trusts. Our estate planning lawyers take a comprehensive look at your specific circumstances and help you draft a will that covers all your legal bases.
A medical power of attorney enables you to name an agent to make health care decisions on your behalf in the event of your incapacitation. You can also specify which treatments you do and do not want to receive. This important legal document protects your interests and well-being when you're at your most vulnerable, and can help to ensure your wishes for medical care are carried out.
Sometimes called a health care proxy, a durable power of attorney for health care is often utilized in concert with an advance directive. An advance directive allows you to specify your wants for lifesaving measures and end-of-life care like medications, resuscitation, assisted breathing with a ventilator, feeding tube, and other treatment.
When you're struck with an illness or accident you may not be able to manage your finances, which can wreak serious havoc on your life. Creating a durable power of attorney for finances allows you to name someone to take care of your financial affairs when you're unable to do so.
Your agent can perform tasks like paying bills and managing assets such as bank accounts, investments, and real estate. They can also file and pay taxes on your behalf. Your financial power of attorney can be as broad or as specific as you wish. Your agent could be a friend or family member or a professional such as an accountant, trust company or attorney.
If you're unsure of who to choose as an agent for power of attorney, our New Jersey estate planning lawyers provide objective perspectives that can help you make informed decisions.
From simple to complex, there are many different types of trusts that serve different purposes. A trust is a legal entity that is created by a trustor, who puts assets into to be managed by a trustee. The trustor names a beneficiary of the trust, usually a loved one or charitable organization.
For estate planning and assets protection purposes, trusts offer many advantages. Certain types of trusts allow assets to bypass probate, benefit those with special needs, protect assets from creditors, provide tax advantages, and more.
Some people choose to use a living trust instead of a will to simplify the estate administration and settlement process or save on estate taxes. Our wills and trusts lawyers can advise you of which type of trust may best meet your needs and ensure it is properly set up to provide maximum benefit to you and your beneficiaries.
Probate is the legal process in which a will is validated and an estate is administered. Probate can often be an emotional and financial burden to grieving loved ones and takes months or even years to complete if problems arise. Our River Edge probate attorneys understand how difficult losing a loved one can be. We are well-versed in probate litigation and approach these issues with compassion. We strive to provide exceptional legal representation and make the process as smooth and stress-free as possible.
At Giro & Associates, LLC, we also specialize in elder care law, which focuses on the needs of seniors. Unfortunately, long-term care can be very costly, which is just one reason why planning ahead is so vital. Combining estate planning with asset protection and long-term care planning can help seniors or those with disabilities develop effective strategies that meet their unique needs and safeguard their health, financial interests, and well-being. Some other legal matters that are often involved in long-term care planning include:
Our New Jersey elder care lawyers know that estate planning is multifaceted and can often involve complicated family dynamics and issues. At Giro & Associates, LLC, we are committed to keeping your personal values, preferences, needs, and loved ones in mind throughout the entire process. We're happy to answer any questions or address any concerns you may have – our responsive team is here for you every step of the way.
Whether you need assistance with drafting a will or you're dealing with issues related to family law, our team of experienced professionals at Giro & Associates, LLC provides straightforward advice and legal services you can trust. Our estate planning attorneys serve clients in River Edge, NJ and the surrounding areas. To schedule a consultation, please contact us today.
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