According to a 2021 Wills and Estate Planning Study by Caring.com, only 32.9% of American adults have a will or estate plan in place. Furthermore, a 2018 study by Merrill Lynch Wealth Management in partnership with Age Wave found that only 55% of American adults aged 55 and older have a will. When trying to settle a deceased person's final affairs and distribute assets to inheritors, having a detailed estate plan is important to avoid potential disputes and conflicts. Whether you own a small or large estate or have a basic end-of-life plan, creating a comprehensive estate plan remains a helpful way to protect your family members, assets, investments, and prepare for life's uncertainties.
If you're thinking of creating a will or trust, or if you want to understand how the estate planning process works in New Jersey, you need to speak with a knowledgeable estate planning attorney for guidance. I am committed to offering sound legal services and leading clients through the complex and emotionally challenging aspects of estate planning. As your legal counsel, I can help you explore your legal options and offer you the experienced counsel and support you need to draft different estate planning documents, including wills, trusts, powers of attorney, and more.
At Hudson Law Firm, I proudly serve individuals and families throughout Union City, New Jersey, and the surrounding areas of Jersey City, Bayonne, Hoboken, and North Bergen.
Estate planning can be defined as the process of making plans in advance about how a person's estate and affairs will be managed or allocated upon their death. Through legal estate planning documents, the surviving loved ones can receive proper guidance on how to settle the deceased person's final affairs and transfer assets to heirs, based on the decedent's wishes. A comprehensive estate plan can:
Prepare for your financial future and life's uncertainties
Protect your assets, investment, real property, and interests
Protect your assets and investments from creditors and lawsuits
Allow you to choose a trusted person as your personal representative
Give you absolute control of who inherits your assets
Protect your minor children and ensure that they are properly cared for
Provide for your surviving loved ones and close relatives
Help you avoid disputes and conflicts between family members over asset distribution
Help inheritors avoid or reduce estate, gift, and inheritance taxes
Help your estate prepare for the probate process
Ensure that you don't die intestate (without a will)
If you're thinking about drawing up an estate plan, here are some vital estate planning tools to consider:
A will can be described as a legal document that contains detailed instructions about how to transfer a person's assets to inheritors upon their death. You can choose a representative in your will who will handle your final affairs, work on your minor children's behalf, and help manage any assets left to them.
A trust can be described as a fiduciary relationship allowing an individual (trustor or guarantor) to appoint another party (trustee) to help manage their affairs and distribute assets to heirs and beneficiaries upon their death or sudden incapacitation. Assets such as real estate property, savings, investments, bank accounts, and business interests can be included in your trust.
A power of attorney gives a dependable person (of your choosing) the legal duty and power to act on your behalf regarding legal and financial matters, should you become unable to make such decisions by yourself. You may designate such responsibilities to a trusted family member, your attorney, personal advisor, or friend.
An advance directive can be described as a legal document that gives specific instructions regarding an individual's desired healthcare choices should they become incapacitated and unable to make such decisions on their own. Advance healthcare directives may be useful in situations involving sudden incapacitation, disability, or terminal illness.
It can never be too early to start planning for your future and getting your affairs in order. Should you become unable or unavailable to voice your opinion, your surviving loved ones can benefit from knowing your real wishes. An experienced estate planning attorney can help you understand your options and determine how to best protect your assets, loved ones, and best interests.
I am dedicated to providing comprehensive guidance and representing clients in a wide spectrum of estate planning matters. As your attorney, I can help review your situation and determine the ideal estate plan that best fits your unique needs. I can also help you draft a detailed will, trust, or power of attorney document that protects the future of your estate.
At Hudson Law Firm, I can help manage your estate diligently with patience, attentiveness, and affordability. Using my extensive experience and knowledge, I can guide you throughout the entire estate planning process from start to finish and help you make important decisions.
You can protect your assets and create a more peaceful and secure future through proper estate planning. If you need assistance drawing up a will, trust, or any other estate planning documents, contact my firm — Hudson Law Firm — to schedule a one-on-one consultation. I represent clients throughout Union City, Jersey City, Bayonne, Hoboken, and North Bergen, NJ.