It can be an emotionally daunting task to prepare your loved ones and your estate for the future. But having your assets and end-of-life wishes in order will save your family some heartache later. Because estate planning can be complicated and overwhelming, we’ve created an estate planning FAQ guide.
The common misconception is that only those with high assets need estate planning. However, no matter your income bracket–everyone needs to plan their estate for the future.
Not only is it beneficial for your loved ones who inherit your estate and assets, but it is a useful tool in determining your end-of-life wishes should something happen and you are unable to communicate them yourself.
In addition, you can avoid probate by being prepared.
Everyone needs a will, but not everyone needs a trust.
While there are a variety of trusts to create, they’re each for different tasks. Some trusts are for avoiding taxes; other trusts take care of a loved one with special needs; you can even make a trust for a charity or organization you are passionate about. Reach out to an estate planning attorney to determine what type of trust is right for you.
In uncertain times, you may feel that having some sort of will in place is better than none. However, the reality is not so.
The documents you will find online for estate planning are often meant to be very generic and one-size-fits-all. But that’s not how estate planning works. Even if you have a simple family structure and a small estate, take time and diligence to plan for the future.
If you are asking who should be your power of attorney, consider the responsibilities that come with it. Is the person reliable? Is he or she able to make medical decisions on your behalf–and would you want them to? Can they handle the financial aspects of the estate that are more delicate?
If you have doubts, an estate planning attorney can help you. We’ll help you select a person suited to be your financial and medical power of attorney.
Many people think that they should start estate planning once they are near retirement age. However, as soon as you have a job is likely the better choice. Starting in your 20s is a great way to build the foundations of your estate plans. Then you can update it as major life events occur.
But, if your 20s have passed, there is no wrong time to start estate planning. Be sure to start soon.
If you die without a will in Pennsylvania, you have died intestate. This means that the state will take over your estate and distribute it according to intestacy laws.
This means that if you want to donate to charity or a specific individual, that may not happen.
Your will should be reviewed and updated any time a major life event occurs. This includes marriage, divorce, birth or death of a child, death of a spouse, adoption, new employment, etc. If you have come into major assets via inheritance, it is also important to consider that when drafting and updating your estate plans.
If you have questions regarding estate planning in NEPA, the Scranton estate planning attorneys of Mazzoni Valvano Szewczyk & Karam are here for you. We can guide you through the process to ensure your will is all-encompassing of your wishes and valid at the time of your passing. In addition, we will review any other estate planning documents that may be beneficial to you and your loved ones.
Contact us today for a free consultation.
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