People create estate plans for a number of reasons and often want to make sure that their loved ones receive a portion of their estate after they pass. Unfortunately, there are times when this may be difficult or impossible altogether, such as someone who wants to pass down assets to a loved one, but they are addicted to drugs or gambling, for example. If you have a beneficiary who is an addict, there are a number of considerations that you should be aware of. You may want to set up a trust and take steps to ensure that your assets will not be used to acquire drugs or wasted at the casino.
Younger people often think that things like creating a will or setting up a trust are solely for the wealthy or elderly. It is true that estate planning becomes more critical later in life, and that wealthy individuals often make use of estate planning resources, but the reality is that there are elements of estate planning that everyone should familiarize themselves with.
There are many different reasons why people need to have someone else care for their affairs. For example, someone may become incapacitated unexpectedly and no longer have the ability to take care of their finances or a small business they run. By designating a power of attorney, people are able to hand over this authority to an agent who is capable of managing their affairs. There are many different advantages when it comes to naming a power of attorney and in this post, we will review some of them.
Establishing guardianship can be an excellent way for people to receive the care they need when they are unable to take care of themselves due to an age-related issue, a disability or some other challenge. However, there are also times when it makes sense to reverse a guardianship appointment. For example, a guardian may no longer be able to provide the ward with the care that they are counting on, or a guardian may neglect to take care of his or her responsibilities. In Ocean County, and all across the state of New Jersey, it is pivotal for people who believe that reversing a guardianship is necessary to approach the process properly.