Handling estate planning matters can be hard for different reasons, but some people have an especially difficult time when it comes to setting up an estate plan. For example, some people have a lot of uncertainty over how to distribute their assets, and some may worry about how their decisions will affect those they love. In some families, there is a lot of drama and disagreement, such as sibling rivalries and estranged family members, and it can be particularly hard to approach an estate plan in this environment. However, it is especially vital to make sure that your estate is set up properly if you are facing these difficulties in your own family.
If you have appointed somebody to be the guardian of your children in the event you and your spouse die, you recognize that life can throw you a lot of curveballs and that you should be prepared for the worst. But what if your guardian candidate dies before you do or is otherwise unable to take on the task of guardianship? To address these eventualities, you should consider appointing someone to be a successor guardian in New Jersey in addition to your primary guardian.
If you are a New Jersey resident over the age of 18 and you do not already have a power of attorney, you should think about working to get one in place before it is too late. A power of attorney is a legal document that gives someone that you designate the authority to make decisions for you in the event that you become incapacitated. According to U.S. News and World Report, these decisions can pertain to both financial matters and health care treatments.
If your child is one of New Jersey’s numerous special needs children, you may have heard about special needs trusts, but do not really know what they are or what they do. Basically, a special needs trust is one you establish for the benefit of your child so that money will always be there to pay for the care (s)he needs throughout his or her lifetime, even if (s)he outlives you.
You may have numerous challenges in front of you if you are creating or revising an estate plan. For example, you might have a plethora of options to choose from and you could be unsure of what is best for you and those you love. Or, perhaps you are not familiar with how some aspect of the process works and you are worried about taking on additional responsibilities. For example, you may believe that someone you have decided to name as the executor of your estate is no longer capable of carrying out these responsibilities, or you may choose to change the executor for some other reason.