Any Pennsylvania residents who have begun to investigate the process of estate planning have probably heard that it is usually best to have a “comprehensive” estate plan in place. So, what exactly should our readers consider when they are trying to have a comprehensive estate plan drafted?
Well, for starters, wills are still the bedrock documents of most estate plans. Many different details can be included in a will, but the most important function of this document is to provide the details of your wishes for how your assets will be distributed to heirs and beneficiaries upon your death. However, trusts are also becoming a more commonplace estate planning device. Many people may think that trusts are only for “rich” people, but that certainly is not the case. The wide variety of trusts that can be created can help almost anyone protect assets so that those assets are available for the benefit of others.
Power of attorney documents and healthcare directives are the other documents that can make up the other parts of a comprehensive estate plan. Power of attorney documents allow people to designate another individual to make important decisions if they are incapacitated and unable to do so, including decisions about finances and healthcare options. A healthcare directive is an even more specific document, which details the treatments that you either want, or want to avoid, if you need medical care and are unable to express those wishes.
At Beroes Law Center, we help our clients consider all of their options in a comprehensive estate plan. For more information, please visit the estate planning overview section of our law firm’s website.