Estate planning may seem like something that only applies to those with significant assets, but the truth is that almost everybody can benefit from considering their estate planning options. With the right guidance, estate planning gives people the opportunity to determine how their assets will be managed, distributed, and even taxed after they pass away.
Effective estate planning also helps to ensure that your wishes are respected, reduces tax liabilities, and makes the process less stressful for those you leave behind. Without a valid estate plan, Pennsylvania law will dictate how your assets are divided, even if this goes against what you may have wanted. If you need to talk to a Fort Washington estate planning lawyer, our team at Friedman Schuman Layser is here to help. Our guidance can empower you to take proactive actions to safeguard your loved ones and your legacy. Contact us today to get started.
Estate planning is a term describing a method of legally organizing and preparing assets. It involves the creation of legal documents, choosing an administrator for the estate, overseeing (or avoiding) the probate process, and settling disputes between heirs and beneficiaries.
When beginning the estate planning process, our Fort Washington attorneys can discuss your future goals and hopes for what you want to happen during your lifetime and afterward. An effective plan creates stability, minimizes tax liability, and prevents disputes to provide you and your family with peace of mind.
A good estate plan typically involves the creation of several important legal documents. For most people, the cornerstone of the estate plan is the will. To be valid in Pennsylvania, the law requires the individual drafting the will to be at least 18 and of sound mind, for the will to be in writing, and to be signed. While not required, it is wise to have two adults witness the signing of a will, or to use a notarized affidavit that provides proof of the will’s authenticity. This can be especially important if the will is challenged at a future date.
Trusts are another type of legal tool that can be used to control and distribute assets. Pennsylvania law permits trusts serving many different purposes, such as protecting assets, reducing tax liability, providing for children or people with special needs, and making charitable donations. One of the main reasons to put assets in trust is to allow them to pass without having to go through the probate process, as the beneficiaries are already named in the trust documents.
Other legal documents that may be involved in estate planning include a power of attorney and advance directives. A power of attorney, or POA, allows a person to make financial or healthcare decisions on behalf of someone else on a limited or permanent basis. Similarly, advance directives like living wills and healthcare POAs allow a person to specify their medical wishes in the event that they become incapacitated. A Fort Washington estate planning attorney can provide more information about these and other estate planning documents during your initial consultation.
Estate planning may seem overwhelming, but you do not have to handle it alone. By seeking advice about estate planning issues such as wills, trusts, probate, and inheritance tax, you can make wise choices that can help to protect your assets and provide for the ones you care about most.
At Friedman Schuman Layser, our legal team handles estate planning questions throughout the state of Pennsylvania. We are here for you when you are ready to get started, whether you have questions about your own estate planning or the estate of a friend or family member. Contact us today to schedule your consultation with a Fort Washington estate planning lawyer.
