Are you ready to create an estate plan? Pennsylvania residents can start by organizing essential documents and meeting with an attorney.
Estate planning in PA takes careful planning and a comprehensive strategy for managing your assets, wealth, and more. A trusted attorney can ensure you make the right decisions for your estate and loved ones.
Let’s discuss estate planning tools to consider and what you can expect as you begin to plan.
PA Estate Planning Tools
An attorney can help you create a plan that meets your needs and goals. You can discuss your unique circumstances and what you want to accomplish with your estate plan.
Here are a few documents to consider for your estate plan.
Living Wills
A living will is a legal document that states your wishes for medical care if you become incapacitated and unable to communicate your preferences. It is also known as an advance directive or personal directive.
A living will typically includes instructions on whether you want to receive life-sustaining treatments, such as artificial respiration or tube feeding. It can also specify your preferences for pain management, organ donation, and other medical decisions.
A living will is an important part of advance care planning, which involves thinking about and discussing your future medical needs with your loved ones and healthcare providers. It can help ensure that you get the care you want, even if you are unable to communicate for yourself.
Trusts
Trusts can help you manage, protect, and distribute assets. Your specific needs determine which type of trust is right for you, including the following:
- Revocable living trusts
- Irrevocable trusts
- Special needs trusts
Trusts can also help you avoid probate, offer support for minor or incapacitated beneficiaries, and gain certain tax advantages.
Power of Attorney
A power of attorney (POA) document allows you to name someone to make financial and legal decisions on your behalf if you cannot do so because of illness or incapacity. A POA can be specific, giving the agent the authority to perform only certain tasks, such as selling a house or managing finances. It can also be general, giving the agent broad authority to make decisions on the principal’s behalf.
Asset Protection
Estate planning typically focuses on the distribution of assets after death.
Asset protection allows you to legally safeguard your wealth and property from potential risks, such as lawsuits, creditors, and taxation. These strategies can preserve and protect assets throughout your lifetime.
Reach out to an attorney to learn more about PA estate planning tools.
When to Begin Estate Planning
Your age and income do not determine your eligibility for estate planning in PA. You can start taking steps to protect and manage your estate as soon as you are ready.
Estate planning is more than a one-time event. It is an ongoing process that can change as you progress through life. Once you have a plan, you can revisit and update it as necessary.
An attorney can help you create an estate plan that fits your exact needs.
Estate Planning at Auld Brothers Law
Are you ready to start estate planning in PA? Auld Brothers Law is here to help.
We know your estate plan is unique to you. At Auld Brothers Law, we take the time to listen to your concerns and understand your circumstances so we can create a personalized plan to fit your needs.
The ABL team can guide you through the estate planning process. We help you determine what is important to you, including a living will, trusts, a power of attorney, and other essential documents.
Let’s start the estate planning process together, one step at a time.
Contact Auld Brothers Law today to schedule your consultation.