Estate Planning Lawyer Bloomsburg, PA
Talking about end-of-life plans can be uncomfortable. No one wants to think about what happens after they pass on, and no one wants to talk about this sensitive subject with family and friends. However, communicating your wishes to the ones you love and putting pen to paper to outline your final plans is one of the most crucial things you can do to protect yourself and your family.
At Kreisher Marshall & Associates, LLC, we don’t want estate planning to be confusing or intimidating. We want to create an environment where you feel comfortable openly and honestly discussing your plans and what you want for the future. Estate planning isn’t just a tool for the wealthy. It is a customizable strategy that everyone can benefit from, and it ensures you retain power over the things that matter most to you and your family. Call an estate planning lawyer today at (570)-784-5211 to learn more.
What Is Estate Planning?
Estate planning sounds intimidating. It shouldn’t be. Estate planning is simply the process of arranging and managing the distribution of a person’s estate and assets after they pass or in the event of incapacitation. However, it is not enough to share your wishes with others or make passing comments about what you want to have happen after death. You need a comprehensive, personalized plan that legally and explicitly outlines your wishes.
An experienced Pennsylvania estate planning attorney can help you iron out the details and set your plans into motion. An attorney can also evaluate your goals and concerns and customize a strategy using estate planning tools that meet your unique needs.
Common Estate Planning Tools
The common misconception about estate planning is that a will is all you need. A will is crucial but may only be one component of an all-encompassing estate plan. Other tools can help craft a specialized plan that addresses an individual’s needs and worries, such as end-of-life care and tax concerns. Some of the most common estate planning tools that people may want to consider when creating an estate plan include:
- Will
- Trusts
- Powers of attorney
- Living will
- Health care directives
- Guardianship designations
What makes sense for you in your situation? The answer should be based on the specifics of your circumstances, so you must work with an experienced PA estate planning attorney who can direct you to the legal tools required to deliver your desired results.
Understanding Wills
A will is one of the most common estate planning tools. It is a legal document that outlines an individual’s final wishes, including the distribution of assets and property. A will can also be used to name beneficiaries to your estate, guardians for your children, and the person who will be in charge of carrying out your final wishes. Without a legal will, you lose the power to dictate your legacy. Instead, the Pennsylvania legislature determines the distribution of your assets according to intestate succession laws. Who would you rather have determining who receives your assets, you or the Pennsylvania legislature?
Trusts Do More Than Protect Your Assets
Trusts are another essential component of many estate plans. They are legal entities that can own and manage assets. Upon the grantor’s death, the assets in the trust may be distributed or be used for the benefit of named beneficiaries. Trusts are powerful estate planning tools because they allow individuals to help family members avoid probate and reduce estate administrative expenses.
Trusts can be revocable or irrevocable. Revocable trusts give people incredible flexibility and may be altered or dissolved during an individual’s lifetime. However, they do not protect assets held in the trust from creditors, and assets are still available for the cost of long-term care.
Irrevocable trusts can protect an estate’s assets from creditors, long term care costs and legal judgments. Once an individual places assets into a trust, an individual cannot change or alter the terms of the trust. Generally, only legal intervention by the court with the approval of all named beneficiaries can amend the terms of an irrevocable trust.
Seniors may also find that establishing a trust early on can help them with Medicaid planning by protecting their assets and leaving something for their family, while putting them in a position to receive Medicaid benefits and find long-term or nursing home care when needed.
Power of Attorney Puts Decision-Making in the Right Hands
No one wants to think about what happens after they die, or what happens if they are involved in a traumatic accident. However, thinking about the possibility now means if the unthinkable happens, your life will be in good hands: the hands of someone you trust.
A power of attorney is a document that grants another individual the legal authority to make crucial decisions on your behalf while you are alive. Depending on your wishes, you can grant power of attorney to one individual or multiple people. A comprehensive plan should include both a financial power of attorney and a healthcare power of attorney.
Some people use “healthcare power of attorney” interchangeably with a ”living will” or “advance directives.” However, these are separate estate planning tools that outline your healthcare preferences if you are too ill to make your own care decisions. This is a document that lets healthcare providers know your preferences, who you have appointed to make medical decisions, and allows your chosen decision-making to make healthcare decisions in situations where you can’t voice or communicate your wishes.
A living will is a legal document that covers the types of life-sustaining treatments and procedures you do and do not approve of. While in an end-stage medical condition, this document can also include instructions on end-stage conditions and your preferences in the event of permanent unconsciousness. An advance directive is a general term used for Healthcare Power of Attorneys, Living Wills or Physician Orders for Life Sustaining Treatment.
Why Is an Estate Plan Important?
Everyone should consider drafting a legally binding estate plan. A comprehensive estate strategy allows you to control your assets and clarify your wishes to your family members. It also helps your family avoid confusing and potentially detrimental arguments and lengthy legal battles.
Some of the benefits of contacting an estate planning lawyer to help you work on a personalized estate plan can include:
- Ensuring your wishes get carried out
- Protecting your named beneficiaries or family members
- Minimizing estate administration expenses
- Preparing for a healthcare emergency
- Distributing assets to people or causes important to you
- Ensuring minor children are cared for by people of your choosing
When you involve a skilled and compassionate PA estate planning attorney, customizing an estate plan doesn’t have to be expensive or complicated. At Kreisher Marshall & Associates, LLC, our committed legal team wants to help you plan for the future and protect the things important to you.
Frequently Asked Questions about Estate Planning
Making an estate plan can seem like a big step that is often overwhelming. Fortunately, when you work with our compassionate estate planning attorneys at Kreisher Marshall & Associates, LLC, in Bloomsburg, you will have the guidance you need. We understand that you probably have many questions about the estate planning process. You can find our answers to several frequently asked questions below.
What Documents Does My Estate Plan Need?
Every estate plan should have a few key tools. They include:
- A last will and testament: Identifies your beneficiaries and states which assets to pass to whom.
- A power of attorney: Grants someone the right to make legal and financial decisions if you lose your capacity.
- A health care directive: Leaves instructions to your family and medical team about the care you receive.
- A health care proxy: Names someone to make medical decisions for you if you no longer can.
You may also wish to name a guardian for your minor children or use trusts to pass assets to your loved ones.
What Is The Difference Between A Will And A Trust?
A will determines who benefits from your estate after you pass away. Your will can include an executor of the estate, beneficiaries, and an itemization of your assets. You can also use a will to name a guardian for a minor child. A will is usually a major component of an estate plan and must go through probate.
A trust is a legal entity that can manage your assets during and after your lifetime. You select a trustee (and possibly successor trustees) to oversee the care and distribution of a trust’s funds to its beneficiaries. Many people use trusts to protect assets from disputes, estate taxes and probate. Trusts do not go through probate.
Do I Need An Irrevocable Trust?
Assets in an irrevocable trust are not liable for estate taxes and can limit vulnerability to creditors. A kind of irrevocable trust called a Medicaid Asset Protection Trust (MAPT) can also limit what assets are counted for people eligible for Medicaid coverage. Because it is difficult or impossible to change an irrevocable trust after its creation, it is wise to seek legal guidance before deciding if one is right for you.
How Do I Choose An Executor For My Estate?
The executor of your estate will be in charge of managing and distributing your assets after you pass away. This is not an easy job. If an executor fails to do their job, then they may breach their fiduciary duty. A breach of fiduciary duty could create problems for your loved ones (and the executor). When choosing your executor, you will want someone trustworthy, responsible, organized and capable of the job.
How Much Will My Heirs Inherit?
While you can choose how much your beneficiaries can inherit, that does not always mean they will inherit the full amount. An inheritance may be taxed depending on the value of an estate. There are certain measures that you can take to protect your assets and limit estate taxes. Talk to an experienced estate planning lawyer at Kreisher Marshall & Associates, LLC, to discuss your goals.
When Should I Update My Estate Plan?
If you have an existing estate plan, you should update it every few years of after a significant life event such as a marriage, divorce or death in the family.
What If Someone Dies Without A Will In Pennsylvania?
The state has a set of rules that it follows if someone dies without a will. These are called the laws of intestacy. The court has a set of procedures by which to distribute your assets, but they might not go to the beneficiaries you would have chosen.
Can I Make My Own Will?
There are many online options for making your own last will and testament. However, most courts will not honor these documents. It is much wiser to invest in a legally sound will composed by a knowledgeable estate planning lawyer.
Plan for the Future with the Help of an Estate Planning Lawyer
Let the legal team at Kreisher Marshall & Associates, LLC, help you put the power back where it belongs: in your hands. We know you’ve worked hard for what you have. Protect it and your family’s future with a personalized estate plan. We can help you find estate planning solutions that meet your unique needs and situation. Contact our office today at (570) 784-5211 to request a confidential legal consultation to get started with the estate planning process.
