Many people do not think of estate planning until they are older, and if you are in the right state of mind it is important to set the time aside to plan your estate and what you want to happen to your assets when you are incapacitated or pass away. There is no better time than now to begin establishing an estate plan, and with the help of estate planning attorneys, they can ensure you have all the pieces you need in place as you create your will or living trust. It can be confusing deciding which kind of document you want to create and what you want to place in it, but with your attorney’s help, they can give you the peace of mind you want so you can freely live the rest of your life. To schedule an appointment with an attorney, please call a law office at your earliest convenience.
Creating Your Will
One of the most common end-of-life legal documents you can create is a will. A will offers you the ability to make decisions about your estate after you die, which can be extremely helpful to your family when determining who gets which assets and who you want your beneficiaries to be. A will is particularly helpful if you have children under the age of 18. If you pass away with children under 18, you can use your will to name legal guardians for them. Once you pass away (and their other parent passes away or does not choose to be their caretaker), the guardians have the option of raising your children. It is important to remember that even if you have talked with the guardians and they have agreed to this, they are under no obligation to accept guardianship if the time comes.
Can you help me create durable powers of attorney?
Yes, we have helped many clients with this and it is extremely important to have it in place. There is always the possibility that you may become unable to handle your own financial matters because of incapacitation. If this is the case, you need someone in place who you trust to write checks, make deposits or withdrawals, in addition to other financial matters. If you do not appoint someone to make these decisions on your behalf, a judge will appoint someone for you. This can quickly complicate things.
Should I have a living trust?
One of the biggest benefits of creating a living trust is that it can help the survivors in your living trust avoid probate court. This can quicken the transfer of property, lessen expenses, and streamline the process. Unlike a will, you cannot name guardians for your minor children in a living trust.
If you are considering creating end-of-life documents and are unsure of the best place to start, please contact an estate lawyer in Allentown, PA. They want to give you and your family what you need to ensure you have peace of mind about where your estate is going.
Thanks to Klenk Law for their insight into estate planning and how to get started.