By Gail Abrams, Attorney at Law
This year, make a resolution to prioritize estate planning. Estate planning is something that always seems to go on the tomorrow list. It can be difficult to plan for the future when we are constantly just trying to keep up with our daily work and home lives. But no one knows when illness or a catastrophic event will happen in our lives. If you do not have an estate plan, will your loved ones be left scrambling to figure out what to do? Estate planning is one of the most important things you can do for your family and your future self. There is no time like the present to evaluate the estate planning that you have (or have not) undertaken.
There is a high likelihood that many of us will become incapacitated at some point in our lives. People tend to think you need to be a certain age for this to occur. Incapacity can happen at any time and at any age. Anyone over the age of 18 needs to start thinking about estate planning. Powers of Attorney are some of the most critical documents to create while you are alive. Powers of Attorney ensure that the person you love and trust will be the one managing your bank accounts, property, and investments and determining your health care should you become incapacitated. Creating Powers of Attorney will ensure you get to select the person you want to represent you. If you do not create these important documents with an experienced attorney, there may be catastrophic consequences for your family. Additionally, many people do not understand that once you create the documents, they must be recorded with the financial institutions to be effective. Moreover, the wrong family member may take advantage of your precarious situation, if you do not designate the person, you love and trust. These documents are more complex than people think. Using an experienced attorney can help to understand the negative and positive implications of setting up a Power of Attorney properly.
Some other relevant estate planning considerations for you and your family include:
- Is my current estate plan structured to promote ease of administration and minimize family effort and expense, or even controversy, at my death?
- Is your estate plan up-to-date with the current federal economic and tax policy changes that have affected estate planning documents since 2018?
- All estate plans since 2018 may need to be reviewed to ensure they are up to date with changes in the law.
Depending on your situation, there are many different options regarding estate planning. Estate planning should be done by a qualified and experienced attorney that specializes in this arena. You have spent your whole life accumulating your wealth. Why not ensure that it is maintained if you become incapacitated and additionally, secure your legacy to your heirs when you pass away?
Enlist an experienced attorney who can help guide your estate planning experience from start to finish and tailor your documents to strategically meet your needs and wishes for the future. For more help in assessing your estate and financial planning needs, please contact, The Law Office of Gail Abrams at 908-753-4155. She is located at 7 Johnston Drive, Watchung, NJ 07069. Her email is gabrams@siafinancial.com.