The future is always so uncertain, but we can put ourselves in a position where no matter what happens, our families and our assets will always be protected through estate planning. If you live in Pennsylvania and have a family and any assets to your name, then you should strongly consider drafting a formidable estate plan for you and your beneficiaries. Here are four tips you could use.
1. Draw up a will
A will is the simplest yet quite powerful estate planning strategy in Pennsylvania. It outlines your wishes upon your death by allowing you to decide on who gets what and how. If you don’t create a will in Pennsylvania, you give the court (someone you don’t know) the power to decide how your family is taken care of.
2. Establish a trust
If you want to dictate how your beneficiaries will benefit from your assets throughout their lives, then you should establish a trust. This is imperative if your heirs are not well-versed in running your estate, and you don’t want them to misuse something that you worked hard for years to build. You can even stipulate that upon getting certain qualifications, your beneficiaries can now run your estate.
3. Financial power of attorney
When you are incapacitated, you still want things to go on as you would like; for example, you want your bills paid, someone to help make financial decisions and handle other important financial matters. If you don’t decide on this person early enough, then no one will step in to take charge.
4. Healthcare power of attorney and a living will
Also, when you are sick and unable, you want some to make healthcare decisions that you would have made yourself. Or you can draw up a living will stipulating how to receive medical care when incapacitated.
Estate planning is critical in Pennsylvania. Gather all your documents as soon as possible and determine how you want things to go on when you are sick or dead.
