Estate planning is an essential part of securing your future and one of the best gifts you can give to your family. With a document, you legally establish your late-in-life and after-life wishes, providing peace of mind and certainty should the worst occur. Many people avoid doing it because they believe it’s too complicated or exclusive to the wealthy. However, the process is simple when you work with a family law attorney, and it’s never too early to start.
3 Steps to Creating an Estate Plan
1. Organize Your Assets
The primary purpose of estate planning is to ensure inheritances go where you intend, and that financial accounts are used how you prefer. Any assets you want to be distributed according to a plan should be conglomerated and assessed. Determining their value is important, as they’re vulnerable to heavy taxation. An attorney can employ tactics to avoid this, and having everything in one place will make it easier to move forward.
2. Create a Will
A will makes your wishes legally binding. By appointing beneficiaries, detailing asset distribution plans, as well as after-life care, you create a definitive document that can’t be circumvented. If you don’t create a will, all your possessions will be up for grabs when you pass. This can create tension within families, as the items will be distributed by courts in probate.
3. Establish a Durable Power of Attorney
While a beneficiary and guardian can be put in charge of handling your estate when you pass, they’re not obligated to so by your standards. A durable power of attorney will ensure you’re treated without bias. By giving power to them, you can establish your financial health care wishes in advance, should you become incapacitated.
The legal team at Achille, Ellermeyer, Wallisch & Sobol Attorneys At Law offer extensive estate planning services and are dedicated to helping clients establish a sound after-life plan. They proudly serve the Brookville, PA community and provide additional personal injury and bankruptcy services. Call (814) 849-6701 today to schedule a consultation and visit their website and Facebook to learn more about their practice.