September 27, 2016

When it comes to the process of financial or estate planning, the focus will usually be on preparing you for the future. There are certainly several different aspects of this, including deciding the best time to select Social Security, putting together a will and thinking about how taxes will influence your future.

There is one exception, however, and that is estate planning. Estate planning focuses solely on you and helps to give you greater peace of mind and security about your future.

Although the elements of financial planning will primarily benefit you, the purpose of estate planning is to benefit charities and other loved ones long into the future. This can make a critical different when thinking about the differences between estate and financial planning. In order to address uncertainty, you need to think beyond the will.

Certainly, the will is the foundational element of your estate plan but it’s not the only factor your need to consider. Your estate may be more complex than you think and you may need to have a trust as well as powers of attorney, healthcare directives or guardian designations. Speaking with an experienced New Jersey estate planning attorney is the only way to ensure that you have covered all of your bases.