A solid estate plan is necessary to ensure that no matter what fate befalls you, you will have a plan in place to solve the problem and carry out your wishes. A good estate plan will provide for your disability during life. It will provide for end of life decisions. It will provide for an orderly transition of assets at your death.
Incapacity – Power of Attorney
There is a reasonable chance that at some time in your life you will be unable to handle your legal affairs. This can be due to physical or legal incapacity. At those moments you need a power of attorney that will allow your loved ones to carry on your legal affairs just as fully and effectively as you can do yourself.
End of Life Decision – Advanced Healthcare Directives
Advanced health directives are necessary to tell your family and the medical community your decisions regarding end of life treatment, when you are unable to speak for yourself. Directives will provide for organ donation. Directives will appoint a person to ensure the physicians and facilities involved in your care will honor the directive in every way. It is very important to choose a person that is willing and able to carry out your wishes.
Wills and Living Trusts
These documents provide for transfer of assets to your loved ones upon your death. They can appoint guardians for your children and can create trusts for your children in the event of your untimely death. They can transfer businesses and property from one generation to the next.
While wills become public during the probate process, living trusts remain private and are not subject to the probate process.
Wills and Living Trusts in conjunction with Power of Attorney and Advanced Directives will provide a very effective estate plan
Timothy K. McHugh
1120 South Main St. Williamstown, NJ 08094 US
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