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.
We recently used Peter's firm to update our wills and trusts. We found he and his staff to be well-informed, professional and highly efficient. And equally valuable, Peter explains the law in terms that a layperson can readily understand.
Answered my question quickly and referred me to a colleague that could handle my problem
Peter and his staff handled all of our needs in a very professional and timely matter.
Peter Klenk & Associates is my go-to firm for estate planning and advice in probate and estate administration. Peter and his attorneys are top-notch and exceptionally responsive. Peter has the knack of being able to explain extremely complex tax and estate planning issues in a manner that clients are easily able to understand and comprehend allowing them to confidently make important decisions.
Peter provided outstanding advice and preparation of a will and trusts.