Developing An Estate Plan You Can Count On
Many people mistakenly believe that estate plans are only for the ultra-wealthy. In truth everyone can benefit from basic estate planning. A proper plan can keep your loved ones from guessing about your last wishes, prevent family infighting, and provide your friends and family with the security net they need after your passing.
The Pennsylvania estate planning lawyers at FrancePaskey, P.C., can work with you to explain the details of these plans, determine what your unique needs are and create something together that you can depend on for years to come. Whether you have significant family assets to protect, or simply want to put your wishes in writing and prepare for the future, we can provide customized documents that address the critical details.
The Elements Of A Good Estate Plan
While every estate plan is different, most will contain the following four critical documents:
A Last Will And Testament
Wills are probably the most popular part of an estate plan. These documents dictate who your beneficiaries are, what each they will inherit upon your passing, appoints an executor of your estate and assign someone as the guardian of your dependents, children or pets. A will may also address funeral arrangements, charitable bequests and other aspects of your legacy.
A Living Will
These documents, also known as an advance directive, specify your medical preferences when you cannot communicate due to illness or injuries. They can outline your what procedures you would reject, under what circumstances you would want to remain on life support and other major decisions regarding end-of-life care.
General And Medical Powers Of Attorney
While an executor of an estate manages your last wishes after your passing, powers of attorney appoints an agent to act on your behalf while you are alive but physically or mentally incapacitated. By appointing someone you trust to this role, they advocate for you when you can no longer act on your own and manage financial and medical decisions, file taxes on your behalf, maintain insurance policies, and even act in your place through legal decisions.
Advanced Protection Through Trusts
A trust sets assets aside from your estate. Those assets pass directly to the beneficiaries of the trust without going through probate. Trusts can also grant you more control on how they disburse assets. For example, you can elect to distribute your inheritance not at your passing but as the beneficiaries reach specific ages or milestones. Different types of trusts can also minimize estate taxes or control how and when a beneficiary can spend their inheritance.
Start Planning Today
There is no telling what tomorrow may bring. While you cannot predict the future, you can prepare for it. Call our York office at 717-931-5994 or email us here to schedule your initial consultation today with an attorney you can trust your future with.