Estate planning has become essential when one wants to secure their assets. The main objective of an estate plan is to enlist assets or properties and designated beneficiaries. You can draft an estate plan by adding your loved ones like family members with different assets and contact a New Jersey estate planning lawyer for legal support.
Before you start estate planning, there are some essential documents that you should not forget. These documents play a crucial role in any estate plan. There is no particular order for maintaining or drafting these documents. You can start estate planning with either of them.
- Revocable living trust
Trusts are one of the essential documents in an estate plan. If you are worried about your properties and assets and want to find an effective way to manage them, a revocable living trust should be your choice. For instance, you can add your estate and decide the people or charities to whom you want to distribute your estate.
You will be transferring your personal property into a trust by creating a trust. You must state your wishes and demands in the trust agreement. Once done, you must list a successor trustee who will distribute the assets in case of your death.
- Last will or testament
A will can be vital if you want to plan a safe future for your family. You can name one or more guardians to look after your children in your will or testament. You can also name guardians for your pets. Apart from guardians, you can also list out all assets and properties. Once you have listed your estate, you would be required to list the people or charities you want to inherit the estate. You will be mandated to name an executor for the will. The executor is responsible for distributing the estate.
- Financial power of attorney
The financial power of attorney will allow you to name someone’s rose for making decisions related to finances for you. You can choose a financial agent or ask an estate planning lawyer in New Jersey to help you with it. You should state your wishes to make it clear for the financial agent to donate the estate to a charity or distribute assets among beneficiaries.
- Proof of identity
Proof of identity documents, such as an estate plan, would be necessary for each legal procedure. You should include documents like your Social Security Card, birth certificate, marriage certificates, death certificates, agreements, etc. These documents will play an essential role while drafting your estate plan.