Many people believe that estate planning only applies to the elderly and the very wealthy, but this is a shortsighted position to take. The truth is that estate planning allows you to guide your financial legacy per your wishes.
It also provides that critical decisions about your health and finances will be made according to your instructions in the event you become incapacitated. Consulting with an experienced estate planning attorney at Mette Attorneys at Law in Lebanon, PA, can afford you the peace of mind you’re looking for.
Having a Plan in Place
Life is unpredictable, and none of us knows what lies ahead. Estate planning, however, allows us to create a plan that aligns with our wishes and can foster confidence in the future as a result. The basics of estate planning include the following components:
- Your will
- Any trusts you create
- The designation of medical and financial power of attorney
- Any advance healthcare directives
Your Will
If you die without a legally binding will in place, it is called dying intestate. This means that your estate, or the totality of your assets, will be distributed according to Pennsylvania’s laws of intestacy. And you should keep in mind that this division may not even be close to the division you would have chosen.
Even if the vast majority of your assets are addressed in trusts, your will can determine how everything else is distributed. Additionally, the probate process will be guided by your will, and if you leave any minor children, your will can address their guardianship.
Trusts
Trusts allow you to pass assets directly to those you choose upon your passing, and they avoid the probate process as a result. This helps limit the amount of time required to finalize your estate and helps reduce related expenses.
With revocable or living trusts, you retain authority over the assets included throughout your lifetime. This means you can change a trust at any time. At the time of your death, any revocable trusts become irrevocable, and the terms included hold.
Power of Attorney
A power of attorney is a legal tool that allows you to grant decision-making authority to another person in the event you are incapacitated. Powers of attorney can relate to healthcare, legal, or financial matters. A general power of attorney that grants broad authority is also an option.
Advance Healthcare Directive
An advance healthcare directive is recommended for individuals who have specific preferences regarding the healthcare they wish to receive in the event they are unable to express their wishes in an emergency. Common areas of concern include treatments designed to sustain life, pain management, and artificial nutrition and hydration.
Talk to an Experienced Estate Planning Lawyer
The compassionate Lebanon, PA, estate planning attorneys at Mette Attorneys at Law appreciate how vital your estate plans are in terms of your legacy and your family’s future, and we are committed to helping you make the choices that are right for you. Learn more by contacting us online or calling us at 717-232-5000 today.