Estate Planning in New Jersey

Secure Your Future with Comprehensive Estate Planning in NJ

At Access Wealth, we understand the importance of safeguarding your legacy and ensuring your loved ones are taken care of. Our expert team in New Jersey offers tailored estate planning services designed to meet your unique needs and provide peace of mind. Whether you’re just starting to think about your estate or need to update an existing plan, we’re here to help you every step of the way.

Why Estate Planning is Essential

Estate planning is more than just drafting a will. It involves a comprehensive approach to manage and preserve your assets, minimize taxes, and ensure your wishes are carried out. Here are some key reasons why estate planning is crucial:

Protect Your Loved Ones
Ensure that your family is taken care of and avoid potential disputes.

Minimize Taxes
Reduce the tax burden on your heirs with effective planning.

Control Over Your Assets
Decide how your assets will be distributed and who will manage them.

Health Care Decisions
Establish advance directives for your medical care.

Our Estate Planning Services in New Jersey

At Access Wealth, we offer a full range of estate planning services in New Jersey to help you achieve your goals:

Wills and Trusts:
Create clear instructions on how your assets should be distributed.
Power of Attorney:
Appoint someone you trust to manage your financial and legal affairs if you become incapacitated.
Health Care Directives:
Outline your preferences for medical treatment in case you are unable to make decisions.
Tax Planning:
Develop strategies to minimize estate and inheritance taxes.
Probate and Estate Administration:
Ensure a smooth process for your heirs and executors during probate.

No two estates are the same, which is why we provide personalized estate planning services. Our experienced financial planners will work closely with you to understand your specific situation and craft a plan that meets your objectives. We take into account your financial status, family dynamics, and long-term goals to create a comprehensive estate plan.

How Our Estate Planning Process Works

Initial Consultation: We’ll discuss your current situation, goals, and concerns.
Plan Development: Our team will develop a customized estate plan tailored to your needs.
Review and Revise: We’ll review the plan with you and make any necessary adjustments.
Implementation: We’ll guide you through the process of implementing your estate plan.
Ongoing Support: Estate planning is not a one-time event. We’ll provide ongoing support and updates as your situation evolves.

Learn About Our Process

Why Choose Access Wealth for Estate Planning in NJ?

Expertise: Our team has extensive experience in estate planning and financial management.
Personalized Service: We take the time to understand your unique needs and provide customized solutions.
Trust and Integrity: We prioritize your best interests and maintain the highest standards of professionalism.
Comprehensive Approach: We integrate estate planning with your overall financial plan to ensure all aspects of your wealth are managed effectively.

Don’t leave your future to chance. Contact Access Wealth today to schedule a consultation and learn more about our estate planning services in New Jersey. Let us help you secure your legacy and provide peace of mind for you and your loved ones.

6 Questions to Answer Inside Your Will

Who will manage your estate (the Executor)?
Who will manage any Trusts that are needed (the Trustee)?
Who will be assigned guardianship of your minor children (the Guardian)?
Who will receive your assets, when, and how much (the Beneficiaries)?
If previously married, does your ex-spouse receive anything?
Blended families can become complicated.
How will your assets be divided between children from current and previous marriages? What about stepchildren, if any?

What Happens if You Die Without a Will

The short answer to the question, “What happens if I die without a Will” is you died intestate.

States have laws that govern what happens to property left by an individual who does not have a valid Will at the time of their death. Typically, state laws favor leaving property to a surviving spouse and dependent children first. If those relationships do not exist, the state will look for other relatives.

Splitting cash or liquid investments may seem straightforward. But what about other assets, such as a house, car, boat, or special collections (e.g., art, wine, watches, and collectibles).

Should they be passed down in their entirety, split between individuals, or sold and the proceeds shared evenly? Do you feel confident that your heirs would divide everything amicably, or would a legal battle possibly ensue? If your heirs had no direction from you, would they know what to do?

Unfortunately, without a Will to dictate the distribution of assets, families are frequently torn apart as they fight for what they believe should be theirs. Formerly amicable relationships can quickly become bitter when money and property are involved. These battles often lead to an estate’s value becoming diluted as legal fees add up and attorneys and courts are forced to intervene.

Why A Power of Attorney is Important

A Power of Attorney (POA) gives a designated individual the power to act on your behalf. You can assign your Power of Attorney the authority to make all or limited legal decisions about your property and finances. Do not assume your spouse will automatically be allowed to make decisions on your behalf if they are not named as your Power of Attorney. Without a POA, gaining access to your loved one’s finances and property, and making financial decisions that would otherwise be joint, can become problematic. For example, something as straightforward as selling your home can be complicated if your spouse is a co-owner and cannot sign. Having a POA in place ensures that you and your spouse can manage each other’s assets should the need arise.

Why A Living Will and Health Care Proxy Are Important

A Living Will informs others what your personal choices are about end-of-life medical treatments. It spells out medical treatments you would and would not want to be used to keep you alive, as well as other preferences such as pain management or organ donation. Without a living will, should you become incapacitated, your physicians will ask your closest family members (i.e., your spouse, then children) for decisions. In some cases, the hospital may attempt all means necessary to keep you alive. This can place a heavy burden on family members who may not know what you would have wanted. It can also cause problems within your family if there is disagreement about treatment.

In a Health Care Proxy, you name the person who is authorized to make these difficult decisions if you are incapacitated and unable to communicate. It is critical that whoever you grant these rights completely understands what you want (and don’t want).

These two documents are often created together.

Why It's Important to Review and Update Your Estate Plan

Estate planning – like financial planning – is not a “set it and forget it” process. When life changes, your plans may need to change too. Assess your situation every few years. Has a new child or grandchild been born, has there been a new marriage or divorce or a change in a trusted relationship, or do you have any new charitable causes you may wish to donate to posthumously? Have laws changed which may necessitate updating your documents? Communicate these changes to your estate planning attorney or financial planner, and have your estate plan updated as often as needed.

The estate planning process may seem daunting, but it's too important to put off.

Estate plans and estate planning documents are legal records that will stand up in a court of law if contested, so consult with an estate attorney and financial planner to ensure everything is drafted correctly.

If you are wondering, “Who can help me with my estate planning near me?” you’ve come to the right place. Access Wealth incorporates estate planning into every financial plan to ensure the long-term financial success of you and your heirs. Speak with an Access Wealth advisor to learn more.

Plan for a Life Well Lived. Contact us to learn how we can help.

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