Estate planning is a very broad term in Edinboro, Pennsylvania, referring to a person's choices on issues that affect them and their family toward the end of their life. These might contain 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 normally the central component of any estate plan, there are numerous other elements which you may want to include, depending on your goals, and your financial situation.

For instance, a seasoned 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.

For anyone who has children who are still minors, it is very essential to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's critical to discuss this matter with that person before you really do it.

What Type of Estate Plan Do I Need in Edinboro, Pennsylvania?

This normally depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.

If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.

If you are unmarried, but have a life partner in Edinboro, 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 case, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also precisely include your partner (if you wish for them to inherit any of your assets).

There is another massive group of people who would benefit from having a good Edinboro, 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 contains facing some uncomfortable realities, it is critical and unavoidable.

Do I Need a Edinboro, Pennsylvania Estate Planning Attorney?

Estate planning in Edinboro, Pennsylvania is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a considerable number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.