What if a safe falls on my head?
While you may never actually be hit on the head by a safe, your family may feel they were if you have not planned for such an eventuality. Estate Planning is planning for your own death. It requires very serious thought about some very basic questions.
- Who do I love?
- How can I be certain that the people who are important to me are provided for when I die?
- How can I provide for my children's continued education if I am not here?
- How can I be certain that my church or favorite charity receives what I want to give to them?
- Once you have answers to these questions, you are ready to plan.
Estate planning makes you the decision-maker. Through instruments such as a Will, a Trust or a Power of Attorney you can exercise a great deal of control over your assets even after you're gone. Also, a Living Will, often referred to as an "Advanced Health Care Directive", is an important part of any estate plan.
Through your Will you direct how and to whom your assets will be distributed following your death. You can name a guardian for your minor children, and make provisions for their maintenance and education.. If you die without a Will in Pennsylvania, the state will make these decisions for you and the results probably will not be what you would have wanted. Without a Will, your church or favorite charity will receive nothing. If you have an unmarried life-partner, that person will be left with nothing.
You can design creative Trusts to achieve some of your goals. Through an instrument called a revocable living trust, you can transfer ownership of most of your assets to the Trust while you are alive. Because such a Trust is revocable, you can change it, or even end it, at any time. Assets in a Trust at the time of your death avoid probate. Even after you die, the instructions you leave in a Trust live on. Through a Power of Attorney, you name another person as your agent who can act for you in handling daily affairs such as paying bills or contracting for professional services such as medical or nursing care. A Durable Power of Attorney contains language to the effect that the Power of Attorney you establish will not be affected by any disability or incapacity. With a Living Will you have control of end-of life medical decisions when you are no longer able to do so for yourself.
Our extensive experience in all aspects of estate planning will ensure that your wishes will be realized.
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