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 provided outstanding advice and preparation of a will and trusts.
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.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
Great friendly staff
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Answered my question quickly and referred me to a colleague that could handle my problem
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!
Peter provided outstanding advice and preparation of a will and trusts.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
You & your staff are the best thank you for everything.
Peter and his staff handled all of our needs in a very professional and timely matter.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.
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.
Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
Peter and his associates made things easy for us.