Estate Planning Lawyer Bergen County NJ
If you haven’t yet created a virtual estate plan, please connect with an experienced estate planning lawyer Bergen County, NJ residents trust. In today’s world, having a virtual estate plan in place is critically important. The only New Jersey residents who don’t need a virtual estate plan in place are most of those who are younger than 18 years of age and those who for whatever reason have chosen to remain electronically disconnected from the remainder of the world. If you are an adult and have so much as an email account and/or a social media login, you’ll want to speak with a knowledgeable Bergen County, NJ estate planning lawyer about creating a legally enforceable virtual estate plan.
Virtual Estate Planning An Introduction
A virtual estate plan can be drafted as a modern addition to any existing estate plan or one can be created as part of a new estate plan, if you don’t already have one in place. Essentially, a virtual estate plan will direct your estate administrator to treat your virtual assets, intellectual property, logins, and accounts in specific ways in the event that you either pass away or become incapacitated.
Imagine for a moment that something unexpected happens to you and you’re no longer in a position to access any of your online presence as a result of accident, injury, illness, or death. Ask yourself who would you want to have access to any/all of your online accounts? Who would you NOT want to have access to any/all of your online accounts? Would you want to grant anyone the power to modify your online presence in any way or to benefit from any of your intellectual property stored online? How would you want your social media accounts to be treated? Your email? Creating a virtual estate plan with the assistance of the experienced team at Kaplan Law Practice, LLC will allow you to address these issues and any other issues raised by your online presence that could affect your loved ones, your assets, and your privacy in the event of your death or incapacitation.
Another important reason to ensure that an enforceable virtual estate plan is in place involves the administration of your broader estate. If any of your assets and accounts are primarily accessed online, your estate may have a difficult (and possibly impossible) time accessing those assets and accounts unless you put a virtual estate plan in place empowering your estate to be granted the access it needs to your online presence. As you can see, a failure to act now to ensure that someone has authority to act on behalf of your estate in this way and ideally has easy access to logins and passwords for critical accounts could significantly impact your loved ones down the road.
5 Reasons an Estate Plan Is Important
An estate plan goes further than a will. Your will is an important element of your estate plan as it outlines your wishes regarding your assets after your death. But an estate plan also dictates your wishes about your health and finances while you’re living. An estate plan can include a living will, a healthcare power of attorney and a financial power of attorney, which are valid only until your death. If you’ve been putting off your estate plan, here are five good reasons to make an appointment with an estate planning attorney to get started.
Avoid Probate
Probate is the legal process of distributing your estate to your beneficiaries. If you want to avoid probate, you’ll need to work with an estate planning attorney to deal with your assets before your death. A will doesn’t negate probate. A trust can. Your estate planning lawyer can help you navigate this process.
Reduce and Even Eliminate Estate Taxes
Depending on the size of your estate, your beneficiaries may have inheritance taxes. There are some techniques that can be used to reduce the burden on your heirs, but again, you must set these things in place before your death.
Avoid a Mess
Modern families are often complex, with multiple layers. One parent may have adult children from one spouse and minor children from another. You may own a business with an unrelated partner. Estate planning avoids family fights and costly court battles over who gets what and how. You choose who is in charge of your assets if you are incapacitated, not just when you die.
Protect Your Assets
Estate planning protects your assets during your lifetime. If you are in a professional career where you could be sued, your estate plan can keep your assets from being seized. Asset protection planning is a legal and upfront way to protect your assets, but it must be done before any lawsuit is filed.
Protect Your Beneficiaries
With estate planning, you can name the trustee for your estate plan, keeping it out of the hands of someone who is bad at managing money. If you have minor children, you can be assured of who is handling their needs and finances until they become adults. Your estate plan can also protect you in the event of a divorce, depending on how it’s set up.
An estate plan can also deal with your electronic assets and accounts. Talk to an estate planning attorney about your needs and goals.
Legal Assistance Is Available
If you don’t yet have a virtual estate plan in place, as part of your existing estate plan or because you don’t yet have an estate plan, please connect with Law offices of Joshua Kaplan today. Scheduling a consultation with a knowledgeable Bergen County, NJ estate planning lawyer will help to ensure that your wishes are clearly articulated, enforceable, and ultimately honored.