Are you wondering how estate planning services are related to end-of-life planning? If so, you aren't alone. By asking this question now, you are taking an essential step toward getting your estate in order before you pass away.
As many as sixty-eight percent of adults in America do not have a will. When you pass away without a will, your final wishes may not be known by loved ones. Your estate may also be subject to a long process governed by intestate statutes in a state like Pennsylvania.
Read on to learn how estate planning services go hand-in-hand with end-of-life planning and why this is important for you and your loved ones!
Estate planning is crucial for ensuring your affairs are in order before you die. You have worked a large part of your life to build wealth and acquire assets such as stocks, homes, or vehicles. How can you be sure that the proper person receives what you want them to have after you die?
The most effective estate planning considers how to pass along your assets to descendants cost-effectively. This means considering tax consequences at the federal and state level.
A well-rounded estate plan includes a Will that sets forth your wishes in a legally-enforceable way. It may also put certain assets in a trust or other legal instrument to shield your assets from others after you pass away.
End-of-life care and planning is an integral part of a complete estate plan. This end-of-life planning will consider how to handle unfortunate situations such as incapacity and your care.
Documents such as a Power of Attorney will allow a loved one to step in as your decisionmaker if you cannot do it independently. In Pennsylvania, advance directive documents enable you to receive the care you need as your health diminishes.
It also allows you to make these decisions while you are of sound mind. This helps you avoid undergoing a tragic incident or health decline and not having your affairs handled as you wish.
Making a Difference For Generations
Estate and end-of-life planning are essential things to consider together. That's because how loved ones handle your end of life will have overlap with documents prepared in an estate plan.
Your will or trust will refer to your end of life and how assets will pass to others after your death. If you choose to forego one form of planning for the other, your loved ones may end up in the dark. They will not know how to honor your wishes as you approach the end of life.
Why End-of-Life Planning Matters
End-of-life planning is crucial for ensuring that your legacy is honored by your loved ones after you pass away. By considering your wishes while you are healthy, you will have peace of mind that your decisions will make things easier for family and friends later.
At MG Law, we are a boutique law firm dedicated to serving our clients throughout Pennsylvania and New Jersey. We offer a wide range of legal services, including estate planning, end-of-life planning, and real estate law.
Contact us today to learn more about our legal services and how we can help you plan for your future!