Estate Planning in Montgomery County, PA

From our “Ask a Question” Mailbag: I am thinking about doing some estate planning. I live in Montgomery County. What do you suggest for Estate Planning in Montgomery County?

Most Recently Updated July 1, 2018. 

Estate Planning in Montgomery County.

Estate planning is very important. For everyone.

What type of estate planning should I do for my lifetime?

Rich or poor, everyone needs to designate a person to manage assets or make medical decisions in case of incapacity. No matter what your age, you could become ill or have an accident. If you were unable to pay your bills or decide which medical treatment to receive, who would have that power? Working through that decision and then signing a General Durable Power of Attorney and a Medical Power of Attorney is the bare minimum estate planning everyone should accomplish.

What type of estate planning should I do to prepare for my death?

Beyond the Durable General Power of Attorney and Medical Power of Attorney to address matters during your lifetime, an estate plan should also address what should happen to your assets if you die. If your estate is small and you have no children, this could be a simple will. But, if you have minor children, a simple will does not answer the question of who will manage the assets for your minor children. If your estate is larger, there is also the possibility of using techniques that reduce the Pennsylvania Inheritance Tax and provide asset protection shelter to your heirs. All of this is possible in a well-drafted Will.

Does it matter if I die without an estate planning in place?

Without a plan, all these decisions are left to the courts. Though the Montgomery County Orphans’ Court judges are excellent, they may not decide matters the way you would have. Further, the judges are limited by the Pennsylvania Rules of Intestacy, and even if it is clear that you wished for assets to pass at your death to charities, friends or even children, the judge’s hands might be tied and these people might receive nothing. The only way for your true wishes to be carried out is for you to complete a Will, Power of Attorney and Medical Power of Attorney where you name your Agent, Surrogate, and Executor and spell out exactly your intentions.

More Planning Questions?

By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: 

I hope that this article was helpful in explaining why it is important to have an estate plan. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

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