What are the Options for Splitting Assets in Blended Families?
The blending of families to create a yours, mine, and ours scenario is very common. In the ideal, the union of two individuals with offspring from prior relationships remains harmonious and uncomplicated even after the passing of each parent. In the best instances, each spouse treats the other’s children as their own, and family bonds strengthen.
Tips for Choosing the Right Power of Attorney
While a will is always an essential part of your estate planning, designating a power of attorney in case you are incapacitated is also extremely important.
Your power-of-attorney designee is someone whom you trust to manage your financial affairs or essential health decisions on your behalf if you are unable or unwilling to act on your own. The situation can result from disease, injury, or advanced age that leaves you temporarily or permanently unable to make decisions on your own. You may also simply want someone to act for you when you are out of the country, physically or mentally weak, but not disabled. This type of document is know as a Durable Power of Attorney.
What happens if you die without a will in New Jersey?
If you should die without a will in NJ, also known as intestate, the State of New Jersey has precise guidelines for dividing your estate. While these rules might result in a fair distribution of your assets, the outcome may not be what you would have preferred.
The Importance of a Living Will
It is difficult to imagine ourselves becoming so incapacitated that we can no longer make our own medical decisions. Yet that situation will arise for many of us at some point. In these instances, someone else, whether a designated relative, close friend, or the attending medical professionals may need to make the decisions that will alleviate a terminal and irreversible condition.
When is a Guardianship Attorney Necessary?
When an individual suffers a mental or physical disability that limits their ability to care for themselves, communicate, earn a living, or perform functions necessary to live independently, often their survival becomes dependent upon assistance from others.