As we age, we may have various health issues that may pop up. While your primary focus may be caring for your physical and mental health, many people fail to do so. While an unpleasant topic, ensuring that your affairs are in order is essential in easing the burden on your family members. Whether planning for a medical emergency or ensuring that your loved ones receive their fair share when you are gone, the estate planning lawyers at Mette Law are available to assist you.

Living Documents

Documents stipulating which individuals should make their medical or financial decisions if they cannot do so are referred to as living documents. In estate planning, living documents may include:

Health Care Power of Attorney

If you become incapacitated, the healthcare power of attorney appoints someone to make medical decisions. While many people choose their spouse, others may choose their children or siblings to act as their healthcare proxy. In making your selection, name someone who can keep calm and make quick decisions during a medical emergency.

Living Will

If you are completing a health care power of attorney, your attorney will likely recommend executing a living will. While a health care power of attorney appoints who you name to act on your behalf in a medical crisis, a living will can specify your wishes. A living will must be witnessed by two individuals at least 18 years of age, one of whom cannot be your representative.

In a living will, you can indicate if you want heroic measures to be taken if you go into cardiac arrest or experience respiratory failure. If you do not want CPR or other resuscitation measures to be taken, then you will need to sign a separate do-not-resuscitate (DNR) order with your physician. If you are confused about any part of the process, our experienced attorneys can answer any of your questions or concerns.

Power of Attorney

The power of attorney appoints another person to handle your financial transactions. While some powers of attorney are specific (only staying in effect for a limited amount of time), others may come into effect upon your incapacitation or if you are deemed incompetent. As of 1992, all powers of attorney in Pennsylvania are durable, meaning they remain in effect despite a person’s incapacitation. 

When naming the power of attorney, you want to name someone you trust. This person will pay your bills, access bank accounts, or buy or sell property. According to Pennsylvania law, if an individual cannot sign their power of attorney or someone must sign on their behalf, then it must be witnessed by two individuals at least 18 years of age.

Legacy Planning

When most people think about estate planning, they associate it with planning for the distribution of property and assets upon their demise. These documents often include:

Last Will & Testament

Legacy planning dictates how your property and assets will be allocated to your beneficiaries when you pass. Given your financial picture, succession planning can require any number of documents. You may only need a will if your financial situation is relatively simple. A will indicates how specific assets will be distributed to named individuals, with many parents choosing to appoint a guardian for young children.

Living Trust

However, if you are interested in avoiding probate and want to manage your assets during your lifetime, then we may suggest that you create a living trust in addition to a will. The creator of a living trust is known as the grantor. Individuals typically name themselves trustees and their spouse or other family members successor trustees.

A living trust will allow you to set the terms on when and how beneficiaries receive their inheritance. You must fund the living trust to take effect, with most people placing their homes and other significant property into the trust. Most living trusts are revocable (can be revoked or modified) during the grantor’s lifetime, becoming irrevocable upon death.

Planning for the Unknown

Estate planning is essential to protect yourself and your hard-earned assets. Planning for the future forces you to discuss uncomfortable matters with family members, ensuring everyone agrees and understands their roles if the unexpected occurs. Those who put off the matter only create more distress for their loved ones.

At Mette Law, we understand the complexities of drafting a comprehensive estate plan and how anxiety can make it cumbersome. If you want to discuss your estate planning concerns with a legal team member, do not hesitate to contact us online or by phone at (717) 232-5000 today.