Estate planning is a very broad term in Quakertown, Pennsylvania, referring to a person's arrangements 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 typically 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.
Besides a will, a quality estate plan will include a living will, which gives your doctors and relatives instructions concerning your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
For anyone who has children who are still minors, it is very crucial 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 truly do it.
What Type of Estate Plan Do I Need in Quakertown, Pennsylvania?
The answer to this question depends largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
Unmarried young adults usually don't think much about estate planning. In most cases, this is fine. Unless you are extremely sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
There is one group of unmarried people for whom estate planning in Quakertown, Pennsylvania is absolutely necessary: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take various steps to secure these rights, such as granting power of attorney, and writing them into your will.
Other groups for whom estate planning is very essential in Quakertown, 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 essential. 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 Quakertown, Pennsylvania Estate Planning Attorney?
Because estate planning in Quakertown, Pennsylvania can involve some difficult legal and financial issues, it is necessary to undertake this task with the guidance of an experienced attorney who specializes in estate planning.