There are few things more important in life than creating a comprehensive estate plan. Times like these show us just how important it truly is to prepare for the unexpected. Please continue reading and reach out to our experienced Pennsylvania estate planning attorneys to learn more.
What are some of the most important estate planning documents?
- Wills: Wills are drafted by testators, generally with the assistance of an experienced attorney. The testator will then name an executor of his or her estate in their will. Once you appoint an executor, upon your passing, the executor will administer your estate. The executor must follow the guidelines you created regarding how your estate will be distributed and which beneficiaries will receive your assets. If you die without creating a will, otherwise known as dying intestate, your assets may not be distributed as you would have intended. Preparing a will can prevent this from happening and decrease the amount of time it takes for a court to finish the probate process, which, ultimately, will save your family time, money, and the headache of potential legal issues.
- Powers of Attorney: There are several different types of powers of attorney, all with different functions, which is why it is so important that you consult an attorney before creating them. Essentially, if you request a power of attorney, you are known as the principal, and the person designated to carry out the power of attorney is known as the agent. Typically, powers of attorney are created so a trusted individual can manage your affairs if you are unable to do so on your own or you become incapacitated.
- Advance Healthcare Directives: Advance healthcare directives give someone you trust the authority to make certain life-preserving medical decisions on your behalf if you are no longer capable of making those decisions on your own. Some of these decisions can include whether you would want a feeding tube, a ventilator, and any other treatment of the sort. An advance healthcare directive can include a living will and a healthcare power of attorney.
Though these are unprecedented times, we can work around stay-at-home orders while abiding by the law to create and validate your estate plan. If you have any additional questions regarding the estate planning process, please do not hesitate to speak with our experienced team of Montgomery County estate planning attorneys today.
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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.