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How to simplify estate planning

How to simplify estate planning

On Behalf of | Dec 3, 2021 | Estate Planning

Estate planning may seem like a daunting task, but it can be simplified. The documents you need in a well-rounded estate plan generally either address health care issues or financial issues. The following is a brief overview of what you can include in your estate plan.

Health care documents

Your estate plan should contain a medical power of attorney. This document appoints someone to make medical decisions on your behalf if you become incapacitated, for example, if you are in a coma or suffer dementia. Your estate plan should also include a health care directive. This document identifies what end-of-life care you want should you be unable to communicate these preferences yourself. For example, your health care directive may state whether you want to be on life support or whether you want CPR performed.

Financial documents

Your estate plan should contain a will and oftentimes a trust. In a will you can document which heirs you want to inherit which assets. You can also appoint the executor of your estate in your will. You can even name a guardian to your minor children in your will. A trust compliments a will and there are many types of trusts available to meet your needs. Your estate plan should also include a financial power of attorney. This document appoints someone to manage your finances if you become incapacitated and are unable to do so on your own.

Estate planning need not be complicated

As this shows, basic estate plans in New Jersey do not need to be complicated. Through estate planning you can ensure that your wishes regarding your health care and finances will be met.

 

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