Philadelphia estate planning: Things you need to know
It is often assumed that estate planning is for the rich and ultra-wealthy. No matter how little you own, it is important to take steps to ensure your assets end up in the right hands. Protecting your money and investments for your family and loved ones is the crux of estate planning. Below are some quick pointers to consider.
- Get a team. You have to hire a Philadelphia estate planning attorney. Online legal services can help you draft a will, but the whole process of creating an estate plan requires bespoke advice, which only comes from an experienced lawyer. Your friends and family members may have your best interests in mind, but when it comes to legal aspects, an attorney is your best bet.
- Make your list of assets. Your lawyer would want to know your net worth, and it is necessary to have a comprehensive list. Right from your real estate investments to expensive personal possessions and stocks, you have to enlist everything. Your attorney can advise on the estate planning tools accordingly.
- Create a will. At the least, you need to draft a will. A Will only comes into effect after your death and allows you to decide who gets your assets. You can also name a guardian for your minor kids. Wills have to go through the probate process, while a trust doesn’t need to. Talk to your lawyer to know what may work best for you.
- Create advanced medical directives. What happens when you are unable to make decisions because of your poor health or illness? An advanced medical directive, also called a living will, can be used to express what you want or don’t want in terms of treatments and medical care. You can also sign a durable power of attorney for healthcare, which allows you to choose a person who can make these decisions on your behalf.
- Consider gifting. You have to consider gifting to your loved ones now because you can help them save on tax liabilities. Every situation is unique, and your attorney can help you understand potential tax savings.
There is no one way of creating an estate plan. You need to consider every possible contingency and plan accordingly. You can find local lawyers in Philadelphia through an online search. With an attorney on your side, you don’t have to worry about unusual mistakes and drafting errors. Get started with your estate planning documents now.