No one is able to predict the future, which is why it is important to have a plan in place not only for yourself, but your assets and loved ones. With the spread of the Coronavirus impacting lives in unimaginable ways, it is now more critical than ever. This can be accomplished with the creation of an estate plan. In doing so, it can be beneficial to retain the services of an experienced New Jersey estate planning attorney to ensure you are leaving no stone left unturned.
Why Should I Have a Will?
Throughout a lifetime, people either inherit or collect many cherished belongings. These are things that should be protected and t passed down through generations after the one’s life is over. This is possible through the creation of a will. This is a document that allows a person to designate what they want to happen to their assets when their life is over. If a person dies without a will, it is known as dying “intestate.” In these situations, their assets are distributed to surviving family members based on a succession schedule. This can include children, parents, siblings, and grandparents. With a will, a person can be sure their assets do not fall into the wrong, unintended hands.
What is a Power of Attorney?
A power of attorney can be appointed to allow another person the right to make life decisions on their behalf if they are physically or mentally unable to do so themselves. For example, in the event of the Coronavirus, a person who is under quarantine or in the hospital may need another person to handle certain estate matters for them. This can include paying bills, making bank deposits and withdrawals, obtaining medical records, filing tax returns, buying and selling property, hiring caretakers, transferring assets, and more.
What is an Advanced Health Care Directive?
An advanced healthcare directive allows a person to establish guidelines for the medical care they would want to receive in the event that they are physically or mentally unable to communicate their own desires. This is also known as a living will, health care proxy, or power of attorney for healthcare. The individual who is appointed has the right to handle any of the following tasks:
- Authorize loved ones to obtain medical records in emergency situations
- Indicate whether the document is effective immediately or upon a finding of incapacity
- Set the standard for determining your incapacity
- Communicate your wishes to receive or not receive life-saving care
- Ensure decisions are made in accordance with your beliefs, principles or religious practices
- Any additional health care wishes or concerns
Contact our Firm
If you need an experienced legal team to guide you through your family law matter, contact Townsend, Tomaio & Newmark L.L.C today.
