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Important Documents for a Complete Estate Plan

Did you know that a thorough and reliable estate includes much more than your last will and testament? No matter what your net worth, you should have a complete and up-to-date estate plan. To make this possible, you’ll need a team of private financial advisors in Saddle Brook, NJ.

Documents You’ll Need for a Complete Estate Plan

A Will

Your last will and testament is the legal declaration by which you name one or more individuals to manage your estate and provide for the distribution of your assets at death. Your will should also indicate those who are supposed to inherit your property, make medical decisions on your behalf, and handle your financial affairs if you become incapacitated.

Guardianship Designations

If you’re a parent to minors, you’ll have to name a guardian and a contingent guardian who can raise your children when you’re gone. This also includes guardianship for your pets.

Living Trust

A trust is when your property is handed over to a trustee for the benefit of one or more persons. Someone who sets up the Trust is the Trustor or Grantor who also maintains the trust or the Trustee during your lifetime. Trusts are usually used to steer clear of taxes and probate.

Financial Power of Attorney

The designation of a Financial Power of Attorney makes designated financial decisions on your behalf if you’re unable to make them yourself even while you’re still alive. Should you lose your cognitive or physical functions your agent can manage your property and assets, file your income tax returns, or apply for benefits in your stead.

Medical Power of Attorney

This allows you to designate someone to act on your behalf when you’re unable to make health care decisions for yourself. This authorizes the designated person to coordinate with your health care provider to provide you with the care you want and need.

Beneficiary Designations

These are the people you’ve specified as your beneficiaries on your life insurance policies, 401ks, and other accounts. It’s best to keep your designations up to date because they can supersede what you’ve indicated in your trust or will.

Looking for Private Financial Advisors in Saddle Brook, NJ?

When it comes to estate planning, our team of financial experts 1879 Advisors can help you simplify the process and aid in implementation. Contact us now to schedule your appointment.

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