Estate Planning
Estate Planning Attorney in Hackensack, NJ
Estate planning is a critical process that ensures your assets are managed and transferred according to your wishes after your passing. This legal strategy involves preparing essential documents like wills, trusts, and powers of attorney. In addition to addressing asset distribution, estate planning also covers personal and healthcare decisions, often integrating tax planning to maximize asset preservation. At the Law Firm of Benjamin Eckman in Hackensack, we aim to help you craft a plan that reflects your unique needs and ensures your wishes are honored, while minimizing the risks of intestacy (where state law dictates the distribution of your estate).
What is Estate Planning?
Estate planning is about creating a legal roadmap to protect and distribute your assets according to your preferences. A well-drafted will is one of the most important components, specifying how your assets should be divided. Without a will, New Jersey laws will determine how your estate is managed, potentially leading to undesired outcomes. Other essential documents include trusts, which can help avoid probate, and powers of attorney, which designate decision-makers if you become incapacitated. At our Hackensack office, we provide personalized guidance to ensure you understand each step and document involved in your plan.
Estate Planning Services in Hackensack
Your Last Will and Testament
A will is fundamental to any estate plan, but it only becomes effective upon death, making it crucial to establish additional measures for incapacitation. Here are some key points about wills:
- A will doesn’t manage affairs during incapacitation; it only applies after death.
- It does not help avoid probate; rather, it’s submitted to the probate court for processing.
- A will allows you to nominate guardians for minor children, preventing potential disputes and ensuring your children are placed in the right hands.
Our Hackensack team can help you create a will that aligns with your wishes, ensuring your assets and loved ones are protected.
Trusts: Revocable Trusts, Irrevocable Trusts, Testamentary Trusts, Special Needs Trusts, etc.
Trusts are versatile tools that can serve various legal, personal, investment, or tax-related purposes. At the core, a trust is a legal entity involving the trust-maker, trustee (or trust manager), and beneficiary. A revocable living trust, for example, allows the trust-maker to manage their assets during their lifetime and transfer them seamlessly to beneficiaries upon death—without going through probate.
Setting up a trust can provide multiple benefits, including avoiding probate, offering potential tax advantages, protecting assets from creditors, and ensuring continued management if the trust-maker becomes incapacitated. Our Hackensack-based attorneys can help you determine which trust options, such as revocable, irrevocable, or special needs trusts, are best suited for you and your family.
Powers of Attorney
A power of attorney grants someone else (the attorney-in-fact) the authority to make decisions on your behalf, ranging from financial management to healthcare choices. Depending on your needs, this document can be broad or narrowly focused. To ensure decision-making continuity if you become incapacitated, a durable power of attorney should be established. Regular updates are recommended, as banks and financial institutions may not accept older documents. Our Hackensack office can help draft and update your powers of attorney, ensuring they remain effective and relevant.
Advance Healthcare Directives (Advance Directives)
An advance directive outlines the type of medical and personal care you desire if you are unable to make decisions. In New Jersey, this document is legally binding and should be considered by anyone over the age of 18. It designates a healthcare decision-maker and may specify conditions where you’d prefer not to prolong life. It’s often paired with a medical information release authorization, allowing your chosen representative to communicate directly with your doctors.
