Your estate refers to everything you own, and it reflects the legacy that you will leave your loved ones at the time of your passing. Estate planning refers to the tools that you employ in the process of addressing your estate, and two primary examples are wills and revocable trusts. The estate planning process involves complex legal intricacies. Our experienced estate planning lawyers at Mette Law are well prepared to help you effectively and efficiently navigate the challenging legal path forward.

The Primary Tools of Estate Planning

Your estate plans will be utterly unique to you, your specific circumstances, and your wishes. There are, however, several basic estate planning tools that are likely to apply, including:

• A will
• Trusts
• Beneficiary designations
• Powers of attorney for financial and healthcare decisions

Your Will

Your will, also called a death document or death certificate, only goes into effect upon your death. This means you can modify or revoke it at any time in your lifetime. Any assets that are not addressed by another estate planning tool, such as a trust, should be swept up by your will.

In addition to determining how all remaining assets will be distributed, your will should name an administrator of your estate who will guide the probate process when the time comes. Probate is a complex legal process supervised by the court that finalizes estates and resolves debts.

Trusts

Trusts are legal arrangements that allow you to name a trustee who will administer the distribution of assets according to your wishes upon your death. A revocable living trust offers considerable flexibility and affords significant advantages, including:

• You retain the right to revoke or modify the trust at any point during your lifetime
• Revocable living trusts avoid the lengthy and costly probate process
• A revocable living trust offers considerable privacy for your heirs
• Revocable living trusts can minimize the tax consequences for your beneficiaries

Beneficiary Designations

Specific estate planning tools include beneficiary designations, which allow assets to bypass probate and pass directly to the named beneficiaries. Prime examples include retirement accounts, life insurance policies, and payable-on-death bank accounts.

Powers of Attorney

Powers of attorney are legal documents that allow you to assign an agent, or a person whom you trust, to make decisions for you in the event you cannot do so. Your financial power of attorney will have the authority to manage your financial affairs. Your medical power of attorney, on the other hand, grants the authority to make medical decisions on your behalf that align with your wishes.

Consult with Our Experienced Estate Planning Attorneys

A compassionate Williamsport estate planning lawyer at Mette Law is committed to helping you create estate plans that make sense for you and your loved ones, which includes bolstering your confidence in your wishes being upheld. Learn more about what we can do for you by contacting us online or calling us at 717-232-5000 today.