At a minimum, each adult person should have the following documents in place, collectively known as the “estate pyramid”:
Will — Defines how you want your assets and money distributed after your death, as well as who will be in charge of your estate’s administration and distribution (Executor). It can also name a guardian for your minor children, and a trustee to hold and manage the money and property distributed in your will.
Living will and medical directive — Designates a person responsible for implementing your wishes regarding medical treatment, if you are ever unable to make such choices for yourself. This is particularly important with respect to which extraordinary measures you do or do not want to be taken to prolong your life.
Power of attorney — Names someone who can make financial decisions for you and otherwise manage your affairs, if you should ever be unable to do so. This is a vital document which avoids the need and expense for your loved ones to seek court approval to manage your affairs and finances.
Attorney Joseph W. Coiro can discuss your personal financial situation, your family and your goals with you. For a reasonable and affordable fee, Mr. Coiro can create the estate planning documents which can communicate your wishes and achieve your goals. Even if you already have some or all of these documents in place, it is wise to review and alter them in changing circumstances. A marriage, the arrival of a new child or a divorce should cause you to revisit these documents and make appropriate changes. As your life changes, Mr. Coiro can insure your important documents are updated accordingly.
Mariano & Coiro, P.C., can also address other estate planning needs, such as the creation of a trust for minor children or grandchildren, charitable giving plans, a guardianship for an incompetent relative or other estate law matters.
Speak with an attorney to discuss your own situation
Every situation is unique. We can help you create a plan that reflects your needs today, and regular review ensures that your plan evolves according to your life changes. Remember, the best gift you can leave your family and loved ones is to make sure your affairs and finances are properly in order. To discuss your situation with a seasoned estate planning attorney, contact Mariano & Coiro, P.C. today by email or phone at 732-860-7620.