Estate planning is no longer just for the wealthy elite. Nowadays, it’s wise for nearly everyone to establish a sound estate plan. Doing so will protect your family after you’re gone and ensure respect for your final wishes. Estate planning is complicated, but estate planning is not inherently an ordeal. Start sooner than later with the assistance of an estate planning lawyer Bucks County, PA residents turn to when in need.
Here are the critical steps to estate planning.
The first thing you have to do is decide if creating a will or trust is better for your situation. Both have their advantages and disadvantages and serve different purposes. A will takes effect after you die while a trust takes effect as soon as you establish it. A Will states who will receive your assets after you die. Further, the will appoints an executor to ensure respect for your wishes. A trust, on the other hand, can distribute your assets before your death or after your death. If you’re not sure about which option is best, consult your estate planning lawyer in Bucks County, PA.
An estate planning lawyer in Bucks County, PA, will require you to calculate your net worth. To do this, you will first have to create a list of your assets and debts. Then, add your assets, including your bank accounts and personal property, and subtract your liabilities, such as a mortgage, personal loans, and student loans.
To ensure that your assets get passed on to the right people after you die, appoint your beneficiaries in your estate plan. Take the time to ensure beneficiary names are correct so that they can go through the probate process with ease.
An advance health care directive is a legal document that authorizes a person to make important decisions about your medical care. The directive applies should you become incapacitated. It’s a good idea to talk to your estate planning lawyer in Bucks County, PA, about who you wish to appoint as your advance health directive. Ideally, this person should be honest, communicative, and trustworthy. This person is carrying out your wishes. Picking a person who is uncomfortable in hospitals is not a good idea.
Think About a Financial Power of Attorney
A financial power of attorney is a legal document that authorizes a person to take care of your financial matters if you should become incapacitated. The person you select for this role should be honest, detail-oriented, and financially savvy.
If you’re ready to draft an estate plan, you should speak to an estate planning lawyer in Bucks, County PA. Call us as soon as possible. Estate planning can be quite complicated. You want someone knowledgeable and experienced on your side. An estate planning lawyer will help you create a plan that reflects your best interests. Let us answer all of your questions. Contact Klenk Law today.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!
Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.
Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.
Professional, cheerful, thorough and fast. Peter responded to my request for a consultation right away, and within just a few days my last will and living will were done. Rates are standard.