All around the country, people turn to estate lawyers and attorneys to help them with their estate planning. That is why this industry is worth more than $16 billion every year in the United States alone! On top of that, there are more than 211,000 separate businesses offering estate planning services around the country.
Of course, Pennsylvania estate planning has a few of its own idiosyncrasies to account for. But the most important thing is to get started on your estate planning journey. The more time you have to carefully consider how you want to approach your planning, the better the end product is likely to end up.
So what exactly should you be focusing on when it comes to Pennsylvania State planning? Read on to learn all about the most important things to keep in mind when you are thinking about the legacy you will leave behind!
The Importance of Pennsylvania Wills
The more important it is to you that your property goes exactly where you want it to, the more important it is that you have a quality will. Many people underestimate how flexibly the court system can interpret language that might seem clear to you.
If you are not careful, you will leave open loopholes that people can exploit to change how your will is executed. That is why it is so important to account for the system for probate in Pennsylvania when you are designing your will.
Keep Pennsylvania Probate Laws in Mind
The laws for probate in Pennsylvania are too complicated for anyone to understand after only a brief review. However, lawyers are trained to help people manage this complicated legal system.
The main thing to keep in mind is that you are going to need legal counsel to help you write your will in such a way that it does what you really want it to do.
Of course, making sure that your will is respected is about more than simply being clear in it. At the end of the day, your will is simply a piece of paper. Nothing happens because of it unless somebody picks up that piece of paper and does something with it.
That is why it is so important to make sure to name an executor that you can trust to make sure that your wishes are respected.
What the Right Estate Planning Lawyer Can Do
There are many things that estate planning lawyers can do to help you with your legacy. However, one of the most important things for you to do is find a qualified attorney to act as your executor. This means finding a lawyer that you can trust.
A trustworthy estate planning lawyer can also help you figure out exactly what content to put in your will. And they can also help you make it as clear as possible.
Beyond that, they can help you to take care of other considerations. Those might include the establishment of trusts, the designation of guardianship, and the creation of powers of attorney.
More Complicated Estate Planning Tools
The more property that you have to manage, the more likely you are to end up needing more complicated legal and financial tools. For example, you might want to set up trusts to hold onto some portion of your property.
However, trusts are even more likely to be taken advantage of than many other parts of your will. That is why it is important to find a quality attorney to help you design your trusts as well.
You may also need your help if you want to give some of your property to charity.
Consider Guardianship if Appropriate
Depending on your situation, you may or may not have to designate guardianship. Few things are as important as making sure that your children end up in the care of the right person.
If you do not specify this, then your children will likely go to one of your nearest relatives. It will be up to the court to decide which one.
If you want someone specific to end up with your children, then you need to specify that. And of course, you need to make sure that you specify it in binding legal language so that your wishes will be respected.
Not only can your children end up with a different relative, they can even end up as wards of the state if you are not clear about guardianship in your will.
Decide Who Will Receive a Power of Attorney
There are a few powers of attorney that you will probably want to set up. The first is a power of attorney for finances. The other is a power of attorney for your health.
At some point in your life, you may lack the health to manage your finances the way that you are used to. At that point, someone else will have to take care of them. You need to set up a power of attorney to make sure that the person that you want to gets control of your finances.
The same basic principle applies to a healthcare power of attorney. You need someone who you trust and who understands you to act on your behalf when it comes to decisions about your health.
Understand Everything You Need to Know About Pennsylvania Estate Planning
We hope that some of the ideas in this brief article about the most important things you need to know about Pennsylvania estate planning have been helpful for you. Many people don't like to think about estate planning. However, it is important to give this important topic its due attention.
The better you understand Pennsylvania estate planning, the more likely you are to leave the legacy behind that you want. To learn more about estate planning or where you can find experts in Pennsylvania to help you plan your own estate, feel free to reach out and get in touch with us here at any time!