Although death may be a subject that most people would rather avoid, preparing for one’s passing is a good idea. Getting one’s affairs in order can help bring peace of mind to that person as well as to his or her loved ones. Therefore, proper estate planning, including drafting wills and trusts, is something that probably everyone in New Jersey should consider.
Many people graduate from high school, and head off to college. While their parents might not go off to college with them, many young adults heavily rely on their parents for advice and money. They also may ask their parents to weigh in on health care decisions as they could be on a parents insurance and might need guidance on certain issues.
A new survey released last month found that many people are interested in planning for the end of their life, through a living will or advanced directive. However, less than a quarter of the people who think that this planning is important actually have done their planning. According to the study, 80 percent of people don't think that end-of-life planning is important.
When people think of estate planning, they automatically think of wills, and maybe trusts. They think of the inheritance they hope to pass to their loved ones and their wishes on how assets are distributed. Rarely do people associate estate planning with end of life care.
A living will is a crucial estate planning document. This document can help people of any adult age let their wishes be know if they were to become incapacitated or unable to make decisions for themselves. This is different from a will or trust in the fact that it acts while the person is still living. It would instruct family and doctors on what to do during certain medical situations. Would a person like to have life-sustaining or saving measures performed on them if their heart stops or they stop breathing.
People across the country might use powers of attorney for many different reasons. These can be valuable ways for people to have their wishes honored if they are unable to make decisions for themselves. A power of attorney can be important to help people make medical decisions for their loved ones if they are incapacitated.
People who just graduated from high school or college often aren't thinking about the end of their life. For them, they are young and ready to start their careers or head off to further their education. Although most people will live a long and health life, sometimes accidents do occur. When a person is hospitalized and unable to make decisions for themselves, it is important that they can trust a family member to make those decisions for them. While many young people don't think they will ever end up in the hospital, a car accident or other event could change their lives.
More than two-thirds of all Americans don't have a will. This is something that must change. People often take the approach that what they have will just go to their spouse or their children if they were to die, so a will isn't needed. This might work out alright for some people, but those who are in a same-sex partnership might not have the legal right to marry and although many states are starting to sponsor same-sex marriages and civil unions, these unions aren't recognized on the federal level.
Many people fail to properly make an estate plan. Those who do make estate plans usually think their assets are sufficiently covered, and might fail to make adjustments as time goes on. With the advent of online banking, online investing, and the digital age, many people don't think about how their online lives affect their estate plans. Although a family member might have a power of attorney to pay bills, they might have to go through a hassle to do so. It might require them to submit documents to the companies before paying bills on your behalf.
Most people don't die in their homes. That's according to federal statistics that show only 25 percent of people die at home. Because so few people die at home, it is important that health care facilities and family members understand how a person would like the end-of-life care handled. While it is often a topic that few people want to discuss, the statistics show that it is necessary.