For many, the thought of planning their estate is morbid and upsetting, as they are essentially determining what will happen when they die. Though it is unpleasant, this process is incredibly important and valuable for a number of reasons. The following blog explores the benefits of estate planning and how Pennsylvania estate planning attorneys can help make this process less overwhelming for those unfamiliar with the legal complexities of this matter. Continue reading to discover why you shouldn’t procrastinate this process any longer.
Why is it essential to have an estate plan?
One of the primary benefits of estate planning is that it allows you control over your assets and how they will be handled upon your passing. In Pennsylvania, if you die without a will or trust, your assets are relinquished to the state, who will distribute them according to its line of succession laws. As such, your assets may not go to the intended beneficiaries. However, if you create a will, you can dictate which assets go to which inheritors.
If you’re unfamiliar with estate planning, you may not know that this process allows you to name guardians for your minor children. Though no parent wants to think about this possibility, planning for these instances that your children are in the care of someone you trust in a worst-case scenario circumstance. This is crucial for peace of mind and for the well-being of your child should the unthinkable occur.
Additionally, planning an estate allows you to protect yourself. Though you may be more worried about your assets and beneficiaries, one of the main benefits of establishing an estate plan is that it allows you to protect yourself. You can set up a financial or medical power of attorney to act on your behalf should you become incapacitated or unable to communicate your wishes. This person can make financial decisions or advocate for the medical care you wish to receive.
If I’m ready for the benefits of estate planning, what can I do?
If you’ve decided to plan your estate, there are steps you can take to prepare for your initial meeting with an attorney. You should begin by inventorying your estate. This helps your attorney understand the scope of your assets to determine the best options for your needs. For example, you’ll want to include any real estate, bank accounts, life insurance policies, collections, debts, and other valuable assets.
At Friedman Schuman, we understand the complexities of planning an estate. As such, our team is dedicated to making this process as simple as possible, to help you achieve peace of mind that your wishes will be met after your passing. Contact our dedicated team today to discuss the details of your case.