We’ve all heard the expression, “Nothing is certain but death and taxes.” While we have little or no control over certain things in life, we can have a great deal of control over our final days and the distribution of our assets upon our death. That’s what estate planning is all about.
A comprehensive estate plan has several components. A last will and testament specifies how your assets should be distributed and to whom they should go. Through a power of attorney, you select the person who will act on your behalf regarding financial, personal, and legal matters if your are totally incapacitated. And, a living will (also known as a health care directive) provides advance directives to your agent or physician regarding what measures should or should not be taken to sustain life if you are near death and totally incapacitated.
It’s easy for other things to take precedence over putting together an estate plan. We all assume that we’ll live to a ripe old age and have plenty of time to get prepared. Unfortunately tragedy can strike at any time. That’s why it’s best to do your estate planning early on. With it comes the comfort of knowing you’ve made the necessary provisions to take care of yourself and your loved ones. Peace of mind is a good thing!
Estate planning can be complicated. Experienced Estate Planning Attorney, Elga Goodman, can help you understand your options and can prepare a comprehensive estate plan that reflects your needs and wishes. Contact us today at 973-841-5111.
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