Many are under the impression estate planning is for the rich and elderly when, in fact, it is essential for everyone to protect their assets and loved ones and leave a legacy. There is no one-size-fits-all when it comes to preparing a thorough plan, and determining which tools are right for you depends on your unique goals and desires.
Therefore, understanding each document and the benefits it provides is crucial. When you want to learn more, schedule a meeting with a diligent lawyer seasoned in the estate planning process in Cranberry Township.
A basic estate plan will ensure your loved ones understand your final wishes after death, taking some stress off their shoulders and giving you peace of mind. The plan establishes who will handle the execution of the instructions of the will and other estate planning documents, called the executor of the estate. You will also select and name heirs who will eventually receive the assets and property.
Other estate planning tools allow you to make crucial decisions about end-of-life medical care and name a trusted party to step in and make decisions on your behalf if necessary. An attorney skilled with estate planning procedures in Cranberry Township could guide you and ensure you cover all bases.
Some of the essential estate planning tools include the following:
A Last Will and Testament, or will, is a legal estate planning tool for laying your final wishes, including selecting heirs and the division of property. You can also choose an executor and a guardian to handle the instructions if you have minor children.
A Durable Power of Attorney allows the maker to authorize a trusted party to make essential decisions on your behalf. They can step in if a disability or incapacity makes you unable to decide on your own.
Another important estate planning tool is the Medical Power of Attorney. The legal document allows a person or people to make medical decisions on your behalf. That includes decisions about life-preserving care, such as ventilation machines.
Beneficiary designations are the people you choose to receive assets and property upon death. Primary beneficiaries are the first to obtain the property, and contingent beneficiaries receive the assets if the primary person passes away.
A revocable trust, also called a living trust, allows you to transfer money and property and is active once the transfer is complete. Unlike the irrevocable trust, the maker, called a settler, can make changes.
Under the Pennsylvania Consolidated Statutes § 7752, the settlor has the power to amend or revoke the legal document as they choose. A lawyer knowledgeable about the Cranberry Township estate planning process could go through the complete list and help determine which are fitting for you.
Estate planning takes some time and careful preparation to ensure it meets your needs and that your loved ones understand how to carry out your final wishes. A thorough plan can protect those you love the most and help you leave a legacy.
You can use all the practical tools available to strategize and tailor a plan fitting for you. Schedule a meeting with a lawyer experienced with the estate planning process in Cranberry Township.
