At the bare minimum, you would want to have a Will. A trust, among other things, can be a will-addition, not substitute. Consider that a Will names a personal representative (also known as an executor) to administer your estate when you’re gone. It designates guardians for minor children. In fact, in New Jersey, a will is the only place where you can legally designate your preferred guardians for minor children. It designates how your assets will be distributed after you’re gone, understanding that ownership and beneficiary designations override the provisions of a will.
Importance of Financial Power of Attorney
A Will is only a death document. It doesn’t do you any good unless you’re gone. If you’re mentally incapacitated, your will means nothing because you’re still alive. You need to have a comprehensive financial Power of Attorney in place. It’s also called a property power of attorney or durable power of attorney. It’s a document that gives someone the authority to manager all of your financial matters if you can’t do that for yourself.
What if you are on heavy medication for pain, or you’ve got some issue with your mouth and it’s uncomfortable to talk? You’re not incompetent, but you could use some help. When you’re going into surgery, you’re going to make an end of life decisions, naming your healthcare agents, right before you’re going into a dangerous procedure. It’s always better to make decisions with your estate planning attorney when there’s not that emergency.
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