Whether you’re single, married with a family or anything in between, estate planning should be on your list of New Year’s resolutions for 2015. While many people feel like this step is only for wealthy people or people with dependents, the fact is it’s for everyone’s benefit. Here’s some insight from New Jersey estate planning attorneys:

• It helps provide for your immediate family – Although this is especially true for people with a spouse and children, it also benefits other dependents you may not have considered. You may want to help elderly family members, parents or close friends by making them beneficiaries of your estate. This also helps to reduce estate taxes on inheritances, ensuring your assets go where they are needed most.
• Show support for a charity or cause – If you do not want to name family or friends as beneficiaries, there are other options. For example, you can name a particular charity, cause, religious institution or educational institution you are passionate about as a beneficiary.
• Plan for incapacity – Life is unpredictable and, in the event of a medical or physical condition leaving you incapacitated, your estate plan will determine the extent of your medical treatment through a power of attorney. This includes whether or not you want to be on life support and whether or not you want to receive extreme life-saving measures. In addition, a financial power of attorney can also be included so that someone you trust is given the authority to manage your finances if you are no longer able.
• Give your business a future – If you are an entrepreneur or run a small business, a comprehensive estate plan will ensure the business will continue to run smoothly in the event of your passing. You will be able to include important documents on succession, how the business should continue to run and what will happen with regards to your interest in the business.
• Funeral arrangements –While many people don’t like to think about their passing, most of us have a fairly clear idea of what we would like to happen with regards to funeral arrangements. Your estate plan can contain details on whether you are an organ donor or not, if you prefer burial or cremation, where you would like to be interred and so forth. This is something which not only means your final wishes are adhered to, but that your loved ones are given a sense of closure.

Above all else, estate planning gives you peace of mind. With a current estate plan in the hands of Sedita, Campisano & Campisano, LLC, you can rest assured your health, assets and loved ones will be taken care of the way you would like. For more information on setting up or changing an estate plan, please contact us today.