Why Do I Need Estate Planning?
The plans you make for your family can come unraveled if you do not have an estate plan in place. Issues such as divorce or incapacity can happen to anyone, and without an estate plan that spells out your wishes, your beneficiaries may not receive the assets you want them to have.
At Rowe Law Offices, P.C., our attorneys offer a free initial phone consultation to answer your questions about estate planning and administration and probate matters. From our offices in Wyomissing, Lancaster and Allentown, we serve clients throughout Southeastern Pennsylvania.
What Is An Estate Plan?
An estate plan consists of legal documents that work together to accomplish your goals. Those documents typically include:
- Last will and testament: A Will is a document that determines who will receive your assets after you die. Your Will also names a trusted person who is responsible for carrying out your wishes. If you have minor children, your Will can also name a guardian who will care for them if you and your spouse should both die. If you die without a Will, the state will determine who will receive your assets.
- Power of attorney: Most people go through a period of incapacity before they die. A Power of Attorney allows you to name a trusted person to speak for you if you are unable to speak for yourself. Without designating a Power of Attorney, your family members may have to go through guardianship proceedings in the event of your incapacitation, which can be a timely and costly process.
- Living will: A Living Will (also known as an advance directive for health care) is a written set of instructions for family members and doctors about what care you would or would not like to receive if you are in a terminal condition with no hope of recovery. Without a Living Will, the courts may end up deciding issues such as whether you should have a feeding tube installed.
The more complex our lives become, the more important it is to have a well-crafted estate plan.
If you were divorced and have remarried or you have a blended family, your estate plan can prevent your biological children from being disinherited if you should die before your spouse. It can also determine who is responsible for your health care and paying your bills if you are incapacitated.
Why Should You Have A Proper Estate Plan In Pennsylvania?
An estate plan is a complicated legal document that outlines how you want your estate distributed and legacy preserved. Having a proper estate plan in place can prevent issues for your family members after you pass away that could cause inheritances to be delayed. A good estate plan can also minimize the potential for legal challenges, reduce estate taxes and even help an estate bypass probate entirely.
A proper estate plan can also protect your future while you are still alive by putting in place safeguards that will protect you and your finances if you should become incapacitated prior to your death due to illness or injury. Powers of attorney, trusts and living wills are all part of a comprehensive estate plan.
What Are The Dangers Of Using A DIY Estate Plan In Pennsylvania?
Many people use simple, cheap and fast do-it-yourself (DIY) estate planning templates found online to manage their assets after they pass away. However, these estate planning tools can create serious legal issues for people and their families. DIY estate planning templates often do not consider all of the legal complexities of estate planning in Pennsylvania. They may ultimately be invalidated, leading to a great deal of heartache and expense for the deceased’s survivors during their time of grief.
It is crucial to talk to an attorney instead of using a DIY estate planning template. An attorney can help draft an estate plan that considers your unique needs and goals for your assets, such as avoiding estate taxes and working around family dynamics.
When Should You Update Your Estate Plan?
People should consider updating their estate plan regularly, typically every three to five years, to include new assets. People can change their estate plans at any time. However, an estate plan should generally be revised after any major life change, such as a marriage, divorce or the development of a medical condition. You should talk to an attorney anytime you suspect that an update to your estate plan is necessary.
Contact Our Pennsylvania Estate Planning Lawyers
To schedule a free phone consultation about Wills, Powers of Attorney or any other aspect of estate planning, call Rowe Law Offices, P.C., at 610-816-0935 or 866-232-1913, or send us an email.