Are you without an estate plan? You’re not alone. Despite its importance, many adults haven’t started estate planning. AARP reports that only half of adults over 50 have a valid will. At Keystone Elder Law P.C., we simplify the process for individuals and families. Here, our Mechanicsburg estate planning attorney outlines the key steps to create an effective estate plan in Pennsylvania.
Step 1: Understand Your Situation, Needs, and Goals
An estate plan is your opportunity to control your legacy. Start by assessing your finances, family needs, and personal goals. Consider your assets, liabilities, and how you want your estate managed after death. Think about your dependents’ needs and any special considerations. Your estate plan should protect you, your family, and your finances.
Step 2: Draft a Comprehensive, Customized Will
A will is the cornerstone of any estate plan. In Pennsylvania, ensure your will complies with state laws to guarantee its validity. Your will should specify asset distribution and name an executor to manage your estate. You can also appoint a guardian for minor children. Our Mechanicsburg estate planning lawyer will ensure your will is properly drafted.
Step 3: Explore Other Property/Asset Options (Trusts, Beneficiary Designations, etc.)
A will is vital, but other tools like trusts and beneficiary designations may better suit your needs. Trusts can manage your assets during your lifetime and beyond, avoiding probate and offering benefits like asset protection. Regularly review and update beneficiary designations on life insurance policies, retirement accounts, and other accounts for efficient asset transfer.
Step 4: Plan for Incapacity
An estate plan should include protections for potential incapacity. Consider appointing a power of attorney (POA), healthcare proxy (healthcare POA), and setting up a living will. These documents designate someone to make decisions on your behalf if you are incapacitated and control your medical care preferences.
Contact Our Mechanicsburg Estate Planning Lawyer Today
At Keystone Elder Law P.C., we help clients achieve peace and security through comprehensive estate planning. Have questions about your options? We’re here to help. Contact us for a confidential consultation. Our office is in Mechanicsburg, serving Cumberland County and the wider region in Pennsylvania.