Estate planning is a term that pops up in social media as well as the news more and more often. Once, only individuals with wealth or numerous valuable assets worried about estate planning, but now, even people with the most modest assets are using this tool to achieve their life goals. In addition to resolving financial and asset related concerns, this type of planning also helps people prepare for any contingencies that could arise over their lifetimes.
Some of the areas that fall under the estate planning umbrella include making plans for elder family members, designating guardians for minor children if parental death occurs, establishing wills or trusts, putting powers of attorney in place, handling health care wishes in the event of major illnesses or accidents and many others.
The benefits of planning out an estate are numerous and include the following:
— Asset and wealth protection– Relieving family members of probate concerns after death– Minimizing or avoiding estate and other taxes– Inheritance protection for children and other family members– Providing for special needs family members after death– Peace of mind because affairs have been put in order– Confidence that final wishes will be carried out
Some Pennsylvania residents believe that making an estate plan is a complicated and tedious affair. While this can be true in some cases, most of the time it is not as complicated as many believe. Further, an estate planning attorney familiar with all aspects of the estate planning process can make the process even easier. With sound advice and a positive approach, making a plan for an estate can even be simple.
If you think you would benefit from making a legal plan for your assets, we invite you to browse our website’s estate planning section for additional information.