As you know, creating an estate plan is a critical part of ensuring that your assets are distributed according to your wishes upon your passing. That being said, there are various other facets that individuals should cover in their estate plan, and while many people make working out, dieting, and the like, there are several reasons why you should make it your New Year’s resolution to draft a comprehensive estate plan. Please continue reading and speak with our knowledgeable Pennsylvania estate planning attorneys to learn more about why you should create an estate plan this New Year.
Drafting a Will
Wills are essentially the cornerstone of any well-rounded estate plan. Essentially, in your will, you can determine who will get what assets upon your passing. You can do so by listing your assets, selecting beneficiaries, and appointing an executor you trust who will carry out your will as you would have intended. Doing so helps ensure that there are no discrepancies at the time of your passing and helps your family and loved ones focus on what matters most.
Creating Healthcare Powers of Attorney
This is something that is especially relevant in the age of the coronavirus. The unfortunate reality is, many people have contracted the virus, and the number is still growing. By creating a power of attorney, a healthcare power of attorney, as well as an advance healthcare directive and living will, you can help ensure that both your assets and your well-being are taken care of, should you ever become incapacitated or unable to make these decisions on your own. Essentially, when you create a power of attorney, you can appoint a trusted individual to manage your finances, should you ever become incapacitated. By drafting the other medical-related documents, you help ensure that a loved one can make critical medical decisions on your behalf, should you become unable to do so on your own.
While this is always important, especially if you have minor children, establishing guardianships takes on a new significance in the age of the coronavirus. When you establish a guardianship, you essentially appoint a trusted individual to raise or care for your children, should you and your spouse (if applicable) become incapacitated or are unable to care for your child for a certain period of time. If you pass away without establishing a guardianship, there is a very good chance that the courts will appoint a guardian on their own, and while they will try to look out for your child’s best interests, no one understands what’s best for your child as you do. For any additional questions, speak with our PA estate planning attorneys today.
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