We all have plans for the future. Plans for the trajectory of our careers, the type of home we want to live in, and the kind of future we want our kids to have. However, one of the most overlooked plans that can have a significant impact on you and your family is your estate plan. While no one wants to dwell on the thought of becoming seriously ill or dying, or what happens to their estate if they pass away or become incapacitated, having a plan in place is the best way to protect your future and the future of those you love.
Estate planning doesn’t have to be complicated, but it does require some basic understanding of the types of documents that you should include in a comprehensive Pennsylvania estate plan.
What Documents Should You Include in a Pennsylvania Estate Plan?
One of the best aspects of a Pennsylvania estate plan is that it is entirely customizable. With the help and guidance of an experienced estate planning lawyer, you can personalize a plan that includes the documents that meet your specific needs and goals.
An estate plan is a collection of legal documents that outline your wishes not only after death, but in the event of a tragic illness or accident that leaves you incapacitated and unable to make decisions for yourself. Including a mix of specific documents ensures that you can cover all your bases and protect yourself and your loved ones. These documents also help alleviate the stress and burden on your loved ones, so there is no confusion or arguing when emotions run high and grief strikes.
Some of the most common estate planning documents you may want to consider in a comprehensive estate plan can include:
Will – A will is a legal document that explains how you want your assets distributed after your death. One of the most common and key elements of any estate plan, a will allows you to legally document your wishes, including who should receive your property and who you want to care for your minor children in the event of your passing.
Trusts – Depending on the value and nature of your assets, you may also want to consider creating a trust. Trusts are legal entities that allow you to name someone to manage the assets you place in the trust. Those assets can also be distributed or transferred to named beneficiaries without going through probate after your death. Some trusts can also help you protect assets from judgments and creditors.
Advance Health Care Directives – Advance health care directives are documents that allow you to dictate the type of medical care you do or do not wish to receive if you become seriously ill or incapacitated.
Power of Attorney – Several types of powers of attorney exist, ranging from financial power of attorney to healthcare power of attorney. These documents give you the power to name an individual to act on your behalf, making decisions for you, in the event you cannot make decisions for yourself.
Although it’s not a specific type of estate planning document, the title of some of your property can help you distribute your assets, too. If you title your property as a “joint ownership with the right of survivorship,” you can ensure that the person who jointly owns your property with you will inherit it upon your passing. The other owner or owners automatically take full ownership of the asset without the property going through probate.
A Pennsylvania Estate Planning Attorney Can Help
At Standish & Conlin, our estate planning lawyers listen to you and carefully review your unique situation. Factoring in your financial situation, family dynamics, and your goals, we can tailor an estate plan that meets your specific needs and protects what matters most to you. Contact our law firm today and request a confidential case review to get started.