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Learn more about estate planning and the five key components by watching this video!

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Whether you’re just starting to think about estate planning or want to understand the implications of not having a will, this video provides valuable insights to help you make informed decisions about your legacy. Don’t leave your loved ones in a legal and financial bind; watch now to learn more!

One important element of estate planning is preparing for situations where you might not be able to manage your own finances, either due to incapacity or because you are otherwise unavailable. In these scenarios, it’s crucial to ensure that things like mortgage payments and insurance bills continue to get paid and that your financial life doesn’t come to a standstill.

A power of attorney for your finances is the best way to prepare for this situation. This document will authorize an agent that you choose to step into your shoes and handle your finances according to your instructions.

The authority granted in a power of attorney can be as narrow or broad as its creator desires. A narrowly drafted power of attorney can be useful if you want to authorize someone to do something very specific in your absence, such as maintain a home. If you’re looking for someone to completely manage your finances in your absence, it’s best to grant them as much power as possible. 

When you speak with an estate planning attorney, they will review your financial situation and discuss your wishes to determine the best way to draft this legal document.

A power of attorney can be written to be “durable,” meaning that it will continue to be in effect even if it’s creator becomes incapacitated. This document can also be written to be either “springing” or “immediate.”

A springing power of attorney only comes into effect when its creator becomes incapacitated. While this is useful in controlling who has access to your finances and when, it should be noted that when a power of attorney is drafted to be springing, it will require signoffs by medical professionals who will need to confirm that you are in fact incapacitated. 

This extra step can sometimes cause delays in putting the document to work, which can in turn result in delays in attending to your finances. If you would prefer to avoid those delays, it would be best to have the document go into effect immediately.

The last important thing to consider when creating a power of attorney is who will be authorized as your agent. Depending on how your power of attorney is drafted, your agent may have full control over your finances, and thus should be someone that you completely trust and know to be capable of handling financial matters.

A power of attorney is a necessary part of any good estate plan and will ensure that your finances remain intact even in a situation where you are not there to manage them. An experienced attorney can create this document for you and make sure it legally reflects your wishes. At Rosenblum Law we’re here to guide you through this process step-by-step. Call us now for a free consultation.

Read More: https://rosenblumlaw.com/estate-planning/nj/poa-stealing-inheritance/

Estate planning is about more than just choosing where your property will go when you pass away. Another major part of this process involves preparing for the possibility that you will one day become incapacitated and need others to make medical decisions on your behalf.

This is accomplished through the use of two legal documents: the healthcare proxy, where you will designate someone to make medical decisions on your behalf; and the living will, where you will lay out your preferences regarding various conditions and medical treatments.

When creating these documents it’s important to consider a few things. First, the person you choose as your healthcare representative will need to be someone who will be available when called upon to act. They should be capable of speaking intelligently with medical professionals and willing to follow your instructions regarding treatment, even if they might disagree with them.

You’ll also need to think very carefully about the different medical conditions and treatment options that you would find acceptable or not. The goal of a good living will is to provide your healthcare representative and family members with guidelines to use should they ever need to make these medical decisions for you. This is also the time to go over any religious requirements you might have with regard to your healthcare or post-mortem care.

Creating an estate plan that includes a living will for situations where you have become incapacitated can be a difficult process. At Rosenblum Law we work hand-in-hand with our clients to make sure that your estate plan provides both you and your family with the peace of mind that comes from knowing that your affairs will be handled according to your wishes, regardless of what comes next. Call us today for a free consultation.

Read More: https://rosenblumlaw.com/estate-planning/

When someone passes away, the state where they resided or held property oversees the wrapping up of their affairs through a process known as probate. 

Generally speaking, probating an estate involves three elements: Submitting a last will and testament to the state if there is one in place, paying off outstanding debts including the filing of a final tax return, and distributing the assets in the estate, either according to a will or if there is no will, then according to state law.

If there is no dispute amongst potential heirs and the estate consists of assets that are not too complicated or diverse, this process can be very straightforward. However, things can get complicated quickly in a variety of situations.

If there is a dispute over the validity of the will, whoever submitted the will to the court will be required to defend its validity. If there is no will, the beneficiaries will need to be determined by reviewing the state’s intestacy laws, which will explain how to distribute the assets based upon the heirs relationship to the person who has passed away.

Other common probate issues include situations where an executor or administrator of the estate either refuses to act or does so improperly. Another problem may arise where the estate assets are structured in a way that makes it difficult to distribute them as required by either the last will or state law.

Lastly, it’s often the case that family members will argue over items in the estate or its proposed distribution. When this situation arises, it may be best to bring in a third party who can assist in distributing the estate assets without any appearance of preference toward one heir or another.

The process of probating someone’s estate can be very straightforward or extremely complicated. If you’ve been tasked with this responsibility and are unsure of where to start, Rosenblum Law can assist you with guidance and a free consultation.

Read More: https://rosenblumlaw.com/estate-planning/nj/probate/