Estate planning is a very broad term in Catasauqua, Pennsylvania, referring to a person's decisions on issues that affect them and their family toward the end of their life. These might include instructions for end-of-life care, as well as drafting a will or other document with the intent of disposing of one's property after their death.
While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is usually the central component of any estate plan, there are several other elements which you may want to include, depending on your goals, and your financial situation.
For example, a good estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. However you should first discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Catasauqua, Pennsylvania?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some typical considerations in making this decision, however, are your health, age, and the amount of assets involved.
For instance, if you're unmarried, and in your early 20's, estate planning is probably not the most crucial thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you are unmarried, but have a life partner in Catasauqua, Pennsylvania, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a situation, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also clearly include your partner (if you wish for them to inherit any of your assets).
Other groups for whom estate planning is very crucial in Catasauqua, Pennsylvania are people who are elderly and/or have a lot of assets. This may be the point in one's life where estate planning is most crucial. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is extremely important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Catasauqua, Pennsylvania Estate Planning Attorney?
In Catasauqua, Pennsylvania, estate planning is rarely simple, even if it's not the most complicated thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.