You might think estate planning is just for senior citizens. However, it’s never too early to think about protecting the assets you’ve worked hard to earn. Effective estate planning can even make your life more comfortable in the coming years. In the event of an unforeseen injury or illness, you can feel confident knowing your property and family are protected. Having an estate plan in effect is the best way to retain control.
Speaking with a Somerset estate planning lawyer could be the first step toward securing your future. We could help identify your goals and address areas of current vulnerability. The attorneys at Sechler Law Firm, LLC are committed to providing skilled legal representation and compassionate education about your estate planning options.
One of the primary goals of an estate plan is to make plans for what will happen to your assets upon your death. By having a comprehensive plan in place, you can avoid the possibility of losing these assets or having them taken advantage of.
For many, this process involves creating a will that informs a probate court about who should inherit which assets. For others, an estate plan can involve creating a trust. A will only takes legal effect upon your death. By contrast, a trust can distribute your assets at any point in the future. This can occur as one lump sum or in installments.
Any solid estate plan must account for every portion of property a person owns. Failure to include all assets in a plan can lead to probate court using the state’s intestacy laws under Pennsylvania Consolidated Statute § 20-2010 et seq. to distribute property along familial lines. A Somerset attorney could help you craft an estate plan that best fits your wishes for how courts distribute your property.
Planning asset movement after death is not the only purpose of estate planning. A comprehensive plan can also have more immediate benefits. For example, someone who places their property into a trust no longer needs to pay taxes on those assets, which can save thousands of dollars every year. In addition, placing property into a trust could help you receive certain government benefits, like Medicaid.
Estate planning can also help you prepare for the unexpected. If an illness or injury prevents you from making your own medical decisions, having a living will in place can inform doctors about your wishes. It is also possible to empower others to make key decisions about your life by establishing powers of attorney. An experienced Somerset attorney could help identify your estate planning needs and create documents that help you maintain control over your future.
Having a comprehensive estate plan is vital for all adults. These plans can determine what happens to your property after your death, provide financial benefits, and empower others to make important decisions on your behalf. Our attorneys are prepared to draft documents according to your wishes to form a thorough estate plan.
When you’re ready to protect your assets and secure your family’s future, call a Somerset estate planning attorney. We can meet with you to discuss your goals and offer many workshops to help you make informed decisions. Reach out now to learn more.