Estate planning is a very broad term in Collegeville, 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 many 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 Collegeville, Pennsylvania?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. However, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
Individuals who are, for various possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Collegeville, Pennsylvania estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
There is another large group of people who would benefit from having a good Collegeville, Pennsylvania estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily involves facing some uncomfortable realities, it is critical and unavoidable.
Do I Need a Collegeville, Pennsylvania Estate Planning Attorney?
Estate planning in Collegeville, Pennsylvania is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a significant number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.