As you progress through life, you acquire valuable assets such as jewelry, cars, or a home. Estate planning is essential to protect your high-value belongings.
If you are wondering how to begin estate planning in Pennsylvania, consider meeting with an attorney to help guide you through the process. With a trusted lawyer at your side, you can make the best decisions for your estate and your loved ones.
Benefits of Estate Planning in Pennsylvania
Why is it important to have an estate plan? It allows you to decide how your estate will be settled. Without a plan, the state can choose how your assets will be distributed, including who obtains your estate.
There are numerous benefits to estate planning in Pennsylvania. You get to specify the distribution of assets, avoid expensive and time-consuming probate, and offer financial security for your family. An organized approach also allows a smooth transition of wealth and minimizes the chance of family conflicts.
Another benefit of creating an estate plan is peace of mind, knowing your loved ones will be taken care of in the event of the unexpected.
Estate Planning Services
How your estate plan looks will depend on your unique circumstances and goals. An attorney can help you understand the necessary services to make the most of your estate plan. Here are some common legal documents you can expect to see.
Durable Financial Power of Attorney
A power of attorney (POA) document lets you 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 authority to complete only certain tasks, such as selling a home or managing finances. It can also be general, allowing the agent broad authority to make decisions on the principal’s behalf.
Living Wills
Also known as an advance directive or personal directive, a living will states your terms for medical care if you cannot communicate your preferences in the future.
This document explains your preferences for pain management, organ donation, and other medical decisions. A living will outlines your wishes regarding whether you would like to receive life-sustaining treatments, such as artificial respiration or tube feeding.
Have you discussed your future medical needs with your loved ones and healthcare providers? It may be time to do so. A few open conversations can help you identify your wishes and ensure you get the care you want.
Trusts
Trusts protect your assets and may help you avoid matters subject to probate. Another benefit of trusts is that your beneficiaries can receive assets more quickly. There are multiple types of trusts available to meet your needs now and in the future.
Business Succession Planning
If you are a business owner, arranging a business succession plan is vital to ensure your company’s success in the event of an ownership change. A local attorney can help you successfully plan for important transitions.
Role of an Estate Planning Attorney
Before you begin the process of estate planning in Pennsylvania, prioritize assembling an experienced team, such as a financial advisor, a tax professional, and an estate planning attorney to help you make decisions based on your unique circumstances.
An attorney will help you create a tailored plan to protect your assets and help ensure your wishes will be followed through. Plus, a professional legal advisor can save your beneficiaries court fees, time, and money they could experience without an estate plan in place.
Your Estate Planning Team at Auld Brothers Law
The team at Auld Brothers Law is here to help you understand your current needs and plan for the future. Your situation is unique, and we can help you find solutions that fit your life. There are options available to encourage you to make the most knowledgeable decisions for you and your loved ones.
We are glad to provide a 30-minute consultation to answer any questions you have about your current situation. Our goal is to offer clear, straightforward information to help you better understand what you need in an estate plan.
Reach out to Auld Brothers Law today to learn more about our estate planning services in Pennsylvania.