No matter what your net worth is, we recommend having a basic plan in place. This is called estate planning. No mansion required. An estate plan ensures that your family and financial goals are met after you die.
An estate plan has several parts such as a will; assignment of power of attorney; and a living will or health-care proxy also known as medical power of attorney.
When putting together a plan, you must be mindful of both federal and state laws governing your estate which is why hiring an elder care attorney makes sense.
First, start by taking inventory of your assets such as your investments, retirement savings, insurance policies, and real estate or business interests.
First things first: Everybody needs a will. A will lets all concerned know that you have given advance thought about how to distribute your assets upon your death. In a will you may also designate guardians for your children should you die before they turn 21.
If you die without a will (intestate) there is no say as to who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die.
For some people, a trust may also make sense. Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay, and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits.
A lawyer can guide you through the maze of estate planning by making recommendations and analyzing and avoiding the pitfalls ahead.
Contact the PA Lawyers at Pre-Paid Legal Services - Welch Gold & Siegel.
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