It’s never too early to create an estate plan. However, it can be too late. If you unexpectedly become incapacitated or tragically lose your life in a fatal accident, your loved ones won’t be able to rely on your guidance if you haven’t put a plan in place. With this in mind, if you are thinking about creating an estate plan in 2026, we encourage you to sit down with a Trenton estate planning attorney at our firm to start the process.
Everyone’s Estate Planning Needs Are Different
Many people have questions about the documents they need to include in their estate plan. While this is a common question, there is no single “right” answer. Everyone’s estate planning needs are different. Understanding your specific needs will allow you to make informed decisions about the estate planning documents you use—as well as the contents of those documents and any flexibility you may want to preserve for the future.
7 Types of Documents You May Want to Incorporate Into Your Estate Plan
Depending on your needs, you have several options for the documents you include in your estate plan. Some of the documents you may want to incorporate into your plan include:
1. Your Will
While it is absolutely true that everyone’s estate planning needs are different, a will is a foundational component of any estate plan. What you use your will to achieve—and what you choose to achieve through other estate planning documents—will depend on your individual circumstances.
Typically, at a minimum, a will serves two important purposes: (i) it designates the individual who will be responsible for managing your final affairs (your “personal representative”); and (ii) it addresses the distribution of any assets that are not covered under your other estate planning documents. However, wills can serve various other purposes as well, and you will want to work with your estate planning attorney to ensure that your will works together with the other documents you include in your estate plan.
2. Revocable Trust (or “Living Trust”)
A revocable trust (also commonly referred to as a “living trust”) is an estate planning tool that gives you flexibility while also keeping your assets out of probate. Probate is the formal process for managing a person’s final affairs in court, and it can be time-consuming, costly, and contentious in many cases. By creating a revocable trust, you can help your loved ones avoid probate and provide clear instructions for how and when your assets will be distributed to your children and/or any other beneficiaries you designate.
3. Irrevocable Trusts
Irrevocable trusts do not offer the same level of flexibility as revocable trusts. However, they offer other benefits that can be well worth considering in many cases. There are several different types of irrevocable trusts, including (but not limited to):
- Charitable trusts
- Dynasty trusts
- Grantor-retained annuity trusts (GRATs)
- Special needs trusts
- Spousal lifetime access trusts (SLATs)
Each of these types of irrevocable trusts is designed to help you achieve a specific estate planning objective. If you have any of these objectives with your estate plan, a Trenton estate planning attorney at our firm can walk you through your options in detail.
4. Life Insurance
Life insurance is a frequently overlooked estate planning tool that can help ensure your family has the financial resources they need in the future. While it is important to choose your life insurance policy carefully, having an appropriate policy in place can help to mitigate any concerns you or your spouse or partner may have about what might happen if you are no longer able to provide for your family. Here, too, an experienced Trenton estate planning attorney at our firm can help you understand your options and make informed decisions.
5. Beneficiary Designations
Designating beneficiaries for your bank accounts, retirement accounts, investment accounts, and other financial assets is a simple and cost-effective way to ensure these assets go to the right people after your passing. With that said, it is important to ensure that your beneficiary designations are consistent with the other terms of your estate plan, as inconsistencies can lead to issues down the line.
6. Advance Directives and Medical Directives
Advance directives and medical directives provide clear instructions about your wishes in the event that you become incapacitated. This can save your loved ones from having to make difficult decisions without your guidance. These are common estate planning documents that are well worth putting in place in most cases, and you are free to make changes if your desires change over time.
7. Powers of Attorney
Powers of attorney are used to grant someone you trust the ability to make important decisions on your behalf should you be unable to do so. They can be used for both financial and medical decision-making, and you can give your chosen representative as much or as little authority as you desire. Similar to advance directives and medical directives, these estate planning tools can help your loved ones avoid uncertain situations when they don't know what you would have wanted.
Building an Estate Plan that Meets Your Needs
As you can see, when it comes to choosing the documents you want to include in your estate plan, you have lots of options available. With that said, estate planning doesn’t have to be complicated—in fact, it is pretty straightforward in most cases. Once you know your options and have a clear understanding of how these options can work together, then you can make informed and confident decisions about your personal estate planning needs.
Schedule a Consultation with an Experienced Trenton Estate Planning Attorney
Do you have questions about putting together an estate plan in New Jersey? If so, we invite you to get in touch. To schedule a consultation with an experienced Trenton estate planning attorney at Helmer, Conley & Kasselman, P.A., call 877-435-6371 or tell us how we can help online today.
