Taking care of your loved ones after you’re gone is possible with a plan for your New Jersey estate. You can leave behind money, property and other assets to your spouse, children or other family members through estate planning. But you’ll need to fill out a few essential documents during the estate planning process.
A will
Perhaps the most important estate planning document is the will. Your will is a legally binding document detailing your assets, beneficiaries and who receives what. You’ll also need to name an executor of your estate who carries out any requests in your will. You can also use a will to name your children’s or pet’s new guardians if you pass away.
A revocable living trust
If you have your will set up, having a revocable living trust is also beneficial. Revocable living trusts are entities that serve two main purposes. These trusts own your assets, but you can still access them. Also, revocable trusts make it easier for beneficiaries to receive designated assets without this information becoming public knowledge.
An advanced healthcare directive
Commonly referred to as a living will, an advanced healthcare directive (AHCD) entails how you wish to receive medical treatment upon incapacitation. While every person’s medical needs differ, AHCD documents typically cover your end-of-life care instructions and preferred medical treatment. You’ll also need a medical power of attorney to fulfill your wishes.
Access to your various accounts
After you pass away, your estate’s executor must close your accounts, settle debts, and collect payments owed to you. Leaving the usernames and passwords for your accounts in a safe place makes these tasks easy on an executor.
The topic of estate planning can be unpleasant. But getting your estate in order now saves your loved ones a lot of future hassle.