Why You Need a Lawyer for Your Will

Why You Need a Lawyer

You like to do things yourself and feel that you can save some money by preparing your own Will. However, before you head for the computer to download an online form or two, consider why using an experienced attorney to prepare your Will saves you money and heartache.

Here are some important reasons to seek knowledgeable legal guidance:

  • Your life is unique: Your primary asset may be your home and some retirement savings. Maybe you have a diverse investment portfolio or children. The small details of life make a very big difference when preparing your Will. Two people with similar backgrounds may have quite different wishes with regard to their property and how it is transferred. Relying on information gleaned from the Internet or from boilerplate documents puts your unique needs and wishes at risk.
  • Know your options: Without experienced legal advice, the spectrum of legal and financial options open to you may not be known. Understanding the impact of tax and inheritance laws could alter how you gift your property and how your Will is written.
  • Complications could arise: A well-crafted Will eliminates questions among heirs and business associates about your intent. It is easy to create a lifetime of ill-will among siblings if a Will is poorly prepared.
  • Business and wealth: If you are a business owner, you know the importance of sound legal help. Substantial wealth calls for careful estate planning, beginning with your Will. An estate planning professional can guide you through the process of preserving and distributing your business and personal resources as you wish.
  • Getting it right: To be effective, your Will should be free of mistakes or problem language. Individuals and couples who prepare their own Wills can make egregious financial missteps. Many times these Wills, and successive personally-prepared amendments, are found invalid. While an online form may provide words, it is not language specific to your circumstances.

The U.S. Government notes that a Will is a practical first step to ensure your property is handled appropriately after your death. Using legal counsel to prepare your Will is a small investment in securing peace of mind for you and your family. When you have questions about preparing a Will in New Jersey, speak with an experienced estate planning attorney.

If you have any questions, please call us at 908-236-6457, or email Alec Borenstein, Esq., at Alec@bmcestateplanning.com.

Why You Need an Estate Plan

Why You Need an Estate Plan

It’s easy to put off preparing your estate plan until tomorrow. Let’s talk about five good reasons to speak with an attorney and prepare your estate plan today.

Estate plans do more than direct the distribution of assets after you pass away. In fact, basic estate plans are essential for all adults over 18. Consider these key goals if you do not already have an estate plan:

  1. Taking care of yourself: Estate planning enables you to direct your own healthcare should you become incapacitated or terminally ill. In New Jersey and throughout the United States, all adults need an advance medical directive. Advance directives allow you to name a healthcare representative or proxy to carry out your wishes at end-of life. You can also prepare a Living Will that provides direction to your healthcare proxy, family members and medical team about life-sustaining measures that you may—or may not—desire.
  2. Taking care of others: After your death, an estate plan helps your family to regain their personal and financial stability. Preparing careful answers to important questions reduces the tension and stress on family members—and helps them move forward.
  3. Protecting your wealth and privacy: Your estate holds all of your assets and property. A well-prepared estate plan enables you to transfer the ownership of property and wealth outside of the public probate process. Your privacy is protected, legal costs are lowered and, importantly, assets are protected for those you love.
  4. Designating a guardian for minor children: No one expects to leave their child in the care of others. Naming a guardian for minor children is an act of love and responsibility that protects children if both parents pass away before those children reach adulthood.
  5. Avoiding intestacy: Individuals who pass away without a Will are termed intestate. Without a Will, the assets of your estate pass to heirs according to the law of New Jersey—not according to your wishes.

Your estate plan should be reviewed about every five years, or in the event of the following:

  • A change in marital status: A divorce, marriage or the death of a spouse should trigger  the review and revision of your estate plan. In the case of a later-life remarriage, an estate plan addresses the need to protect inheritance plans for adult children.
  • A windfall or significant loss: If you reap a financial windfall or suffer a business loss, a review of your estate plan can address the change.
  • Changes in law that apply to you: Changes to inheritance, trust and tax laws could affect distribution of your assets. Be sure your estate plan reflects current laws and limits.

There is no time like the present for preparing an estate plan. Protect yourself, your wealth and your beneficiaries by speaking with an estate planning attorney in New Jersey today.

If you have any questions, please call us at 908-236-6457, or email Alec Borenstein, Esq., at Alec@bmcestateplanning.com.

Why Choose BMC

Why Choose BMC

The truth is, there are many attorneys in New Jersey who can write wills and trusts and help you create an estate plan. They have the same experience we have, and they have great knowledge of the law just like we do. Let’s face it, on the surface, all lawyers seem like they are the same.

But at Borenstein, McConnell & Calpin, P.C., we are different.  We don’t just strive to do great work for our clients. We don’t simply pride ourselves on having outstanding client relationships. That is a given. We believe that, at the very minimum, all attorneys should do great work and have outstanding client relationships.

Our goal at BMC is to exceed your expectations. Our goal is to become your trusted adviser for life. We want to be there with you every step of the way, as you grow, as your business grows, as your family grows.  We want to establish a long term relationship with you not just as clients but as friends. Because our firm grows with our clients. Our collective success ensures that you and your family are protected for many years to come.

For that reason, we have developed relationships with other great lawyers, accountants, financial planners, charitable organizations, and other professionals to give you the support you need in all aspects of your life. If you need guidance we can help you, and if there is specific assistance that you need we will direct you to the right professional who will be able to assist you.

That’s what we mean when we say we are “The Law Firm to Trust.” It’s not simply a motto, it’s a way of doing business. We will do whatever we can to become your trusted adviser, and it is for that reason you should choose BMC.

If you have any questions, please call us at 908-236-6457, or email Alec Borenstein, Esq., at Alec@bmcestateplanning.com.

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