Estate planning is a very broad term in Jenkintown, 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.
The drafting of a will, which simply states what you wish to be done with your property after death, is usually one of the most essential parts of an estate plan. Of course, it's rarely the only one. There are many other things you might want to include, depending on your objectives.
In addition to a well-drafted will, a comprehensive estate plan should include things like a living will (healthcare directives made in advance, in case you become incapacitated and unable to make or express such decisions), funeral instructions, and instructions relating to organ donations.
For anyone who has children who are still minors, it is very important to make arrangements for their custody and care, just in case the unthinkable happens. You should think of a family member or very 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 essential to discuss this matter with that person before you actually do it.
What Type of Estate Plan Do I Need in Jenkintown, Pennsylvania?
This usually 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 probably not a high priority. And at this point in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very dangerous jobs, or who are very wealthy.
If you are unmarried, but have a life partner in Jenkintown, 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).
Individuals who are elderly and/or have a large amount of money in Jenkintown, Pennsylvania are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always involves, but it's necessary.
Do I Need a Jenkintown, Pennsylvania Estate Planning Attorney?
In Jenkintown, 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.