Unfortunately, there are many situations in which family members engage in a will contest or argument over the distribution of assets of a loved one. Sibling rivalries, marriages and divorces, religious differences and more can all be at the root of a battle over an estate. Even people with wills in place before they die cannot ensure that their heirs face no complications after they are gone.
Although many people may be aware of the importance of planning for the future including long-term care and life after death for loved ones, there is another important part of estate planning that may get overlooked. Any person in the Hudson County area who owns a pet should remember to include that pet in his or her long term plans.
When a person over the age of 18 is deemed an “incapacitated individual”, someone unable to properly manage his or her life, a legal guardianship or conservatorship can be put into place. A guardianship or conservatorship essentially transfers the responsibility for a person’s personal affairs to a legal guardian. This may be another individual, multiple individuals or even a designated entity.
Many people in the Hudson County area are already aware of the importance of planning for the future, including life after death for their loved ones. Estate planning is important and there are many aspects to be aware of. However, there is a relatively new issue arising that many people may have overlooked. What happens to your digital identity when you pass away?
Teenage celebrities are often in the news for all the wrong reasons. Reports of reckless behavior and criminal activity seem to come with the territory. When a young person in Hudson County continuously makes choices that put him or her in danger it may be a good idea for his or her parents to consider a conservatorship.
Estate planning is something that many people think of only as making a will. However, it is far more complex—and important—than that. With a large number of people in our society eventually getting dementia, Alzheimers or other such conditions that affect memory and cognitive ability, the early identification of guardianships, power of attorney and other such factors are vital to wealth protection, estate administration and proper care of an aging family member.
Planning for the future is always a good idea for anyone in Hudson County. Whether it’s an estate plan, a trust or a will, it’s always smart to prepare for the future as early as a person can. However, a good estate plan is the key. Making the right choices regarding one’s future can make all the difference in whether or not a person leaves his or her family or other loved ones in a desirable position.
Estate planning can be a very complex process, even if you do not consider yourself to have a vast estate. Simply ensuring that your assets are protected and given to the party or parties that you wish in a reasonable amount of time with limited tax implications can be enough to make some people put off the entire process of creating wills or trusts and more.
With our aging population, many families are seeking guardianship over elderly relatives to help manage their finances and personal affairs in the face of incapacitation due to illness, such as dementia, Alzheimer’s or other debilitating conditions. However, a guardianship or conservatorship can also be granted over younger people in cases of severe substance abuse, mental illness or other medical conditions that prevent the person from having the full capacity to make proper decisions for his or her own life.