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I. LAST WILL & TESTAMENT

A. Affords the opportunity to appoint Guardians for the children in the event something happens to both parents.

B. Affords the opportunity to appoint Trustee(s) for the estate that will pass to your children. Often times the Guardians and Trustees are the same person(s). By appointing Trustee(s) you also avoid the necessity of the Trustee being required to pay for and post a bond.

C. Affords the opportunity to appoint an Executor of your estate. The Executor is the person who will administer your estate and insure that the bequests made in your Last Will and Testament are carried out.

D. Affords the opportunity to minimize Federal and State Estate and Inheritance Taxes. Taxes are based on the size of the estate and the persons to whom your are leaving your estate. Proper estate planning can minimize taxes while insuring your beneficiaries receive the maximum benefit of your estate.

E. Your Last Will & Testament is the only opportunity to communicate to the Surrogate Court your final intentions. Without a will your estate will pass in accordance with New Jersey Intestate Statutes and anyone wishing to be appointed Guardian of your children or Trustee of your children's' trust will be required to make application to the court for appointment. This process is more time consuming and costly than the preparation and execution of an effective Last Will and Testament.

II. DURABLE POWER OF ATTORNEY

A. A Durable Power of Attorney is a legal document whereby you give another person (called your "Agent" or "Attorney-in-Fact") the legal authority to manage and conduct your affairs on your behalf in the event you are unable or unavailable to do so.

B. A "Durable" Power of Attorney remains in effect even if you become disabled and/or mentally incompetent. By executing a Durable Power of Attorney you can avoid an application to the court to be the court appointed guardian of a legally declared mental incompetent person.

C. By executing a Durable Power of Attorney you are NOT giving up your rights to control your own affairs. You also always have the right to revoke a Power of Attorney by giving written notice to your "Agent".

D. If a person becomes disabled and mentally incompetent to manage their own affairs and has not executed a Power of Attorney, it will be necessary to petition the court to be appointed Guardian of the person and property of the incapacitated person. This process is not only time consuming but expensive.

II. HEALTH CARE DIRECTIVE a/k/a LIVING WILL

A. A Living Will provides instruction to a healthcare provider setting forth the circumstances under which an individual does not want "life sustaining" treatment, or in the alternative it can express an individual's desire to be treated aggressively no matter how hopeless his or her medical condition may be.

B. A Living Will must conform to the New Jersey's Statutory requirements in order to be valid and enforceable. The Living Will must contain clear directions as to what treatment the individual wants or wants to refuse.

C. A Living Will also affords a person the opportunity to designate a representative (Health Care Director/Proxy) to voice an individual's health care preferences and discuss treatment plans with medical practitioners in the event the person is unable to communicate and/or take part in his or her healthcare decisions.

D. The most well known example of the need for a Living Will is the Florida case involving Terri Schiavo. Terri Schiavo had existed in a vegetative state since 1990 when her heart temporarily stopped and her brain was deprived of oxygen for six minutes. Her husband argued that she did not want to be kept alive via artificial means. Her parents argued to keep her alive. Terri Schiavo had not executed a Living Will. The bitter legal and emotional dispute could have been avoided had she executed a Living Will. The execution of a simple document allows the courts and medical practitioners to know your final wishes without question or ambiguity.

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The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.