There is no reason to not leave a will or to not have an estate plan. In fact, leaving things undone can cause a lot of problems for families left behind, legally and emotionally. Some people think it is something for just when you are elderly but this is not the case. You can look into hiring an estate planning attorney in Brick or where you are any time you are an adult. Here we look at when to get started, what it involves and how you can ensure you make good decisions for yourself and those that are left behind.
Understanding estate planning
While it is great when you are alive to have money and assets, there is the fact that you cannot take it with you so then what happens? If you see a lawyer for estate planning purposes they can help you plan for what happens with your estate. The word estate refers to all your properties, belongings, money and such. When you plan it with a legal professional you can make sure valuables go where you want them to go. Relatives and friends can be given what you want, charities can get what you want to give.
An estate planning attorney in Ocean County or at your chosen location helps you organize what goes where, and helps come up with the instructions to those in your will. You can also arrange with the lawyer for something like this to happen should you be incapacitated, such as falling into a coma. This lowers the chance of arguments and disputes, it reduces the confusion and stress that people will experience when you die. You can also determine what happens to any businesses you have.
Getting into some of the details
There are other situations where an estate planning attorney in Brick can help further. If there are children who are still minors when their parent dies the estate can dictate what happens with them and who is to be their guardian. Having an estate plan reduces how much tax people have to pay on their earnings. Taxes eat into a lot when you die if you have not got an estate plan. It also means the family can avoid the costs and stress of going to court and having to pay legal fees.
When is it time to estate plan?
Really, you can start estate planning at any age from 18. Why you might think that is a bit early, it is actually a good thing. But certainly do not leave it later in life. A lot of people think it is something to do when they are seniors but there is a much higher chance of something happening or you being incapacitated before you can get things organized. Getting it done when you are healthy is best. This is not something you do once and then never again. As your belongings and wealth change and as the people in your life change, so you will want to make changes to your estate plan by seeing your estate planning attorney in Ocean County.