Stark & Stark Shareholder Steven L. Friedman, Chair of the Trusts & Estates Group, authored the article The Top Reasons for Establishing Control Over Your Estate, which was published on NJ.com on December 11, 2015.
The article details many of the factors that are involved in forming an Estate Plan. Various legal documents can assist you in developing an Estate Plan, which can include Wills, Trusts, Durable Powers of Attorney, and Advance Directives, but the most important factor can in this planning will always be communication. This can include discussing preferred health care decisions with your Proxy Directive or your plans for how you wish your minors to be educated and raised with your selected Guardians.
Mr. Friedman recommends that those wishing to start their Estate Plan complete a Personal Record Organizer, which can enable an individual to “communicate the location of important estate, personal and financial documents and records.” Once you have completed your Personal Record Organizer, you should have a comprehensive guide for your family and fiduciaries to follow. This information can include locations to the safety box and its key, Social Security card, Last Will and Testament, contact information for attorneys, accountants, and financial providers, and itemizations of mortgages or any liabilities owed.
To read the full article, please click here.