It is never too early to plan for your estate. In fact, the sooner you plan, the better prepared you and your family will be for future life events when they occur. Also, it is important to realize that regardless of whether you have a small or significant estate, estate planning is for everyone. It is a popular misconception that estate planning is only meant for those individuals who have substantial means, but estate planning is not just reserved for the rich or well off.
Estates come in all shapes and sizes. Some have moderate assets, while others have a considerable amount. It is essential to consult with a will and estate attorney in Newtown Square, PA to assess the right estate options for you and your family. Also, estate planning is for people of all ages and not just for the ones who are retired or about to retire. Though the majority of people who come in for estate planning are in the retired age group, it is highly advised to seek the counsel of an experienced estate attorney in Newtown Square, PA when certain life-altering changes occur in your life. If you become married, divorced, had children, purchased a home, purchased a property, or are simply wanting to plan for your future, it is never too early to start organizing an efficient and impressive estate plan.
Estates and Planning
An estate is made up of everything a person owns, also known as assets. It is their car, home, other real estate property, bank accounts, investments, furniture, life insurance, retirement plans, and any other personal property and possessions. Since we cannot take our possessions or assets with us when we pass away, all of our property, possessions, and assets will need a new home. The majority of people usually plan to pass down their assets to family and/or friends. In order to effectively and efficiently pass down assets to designated people, a will and estate attorney in Newtown, PA should be enlisted for legal assistance.
If you want to make sure that your assets are given to the people you care about the most, it is essential to create an estate plan that includes your instructions and wishes. Creating an estate plan will ensure that your wishes and the people you care about are taken care of the way you want after you pass away. You will want to cover all of your bases in order to avoid leaving a financial burden behind, and you will want to make it happen with the least amount of costs to you and your family. In order to do so, it is imperative to consult with an estate attorney in Newtown, PA to assess your best estate planning options.
The process of creating an estate can be complicated. Depending on your assets and desired plans, your estate plan can incorporate various types of documents such as trusts, wills, powers of attorney, durable powers of attorney, guardianships, healthcare directives, and much more. It is best to discuss estate planning with a knowledgeable will attorney in Newtown, PA.
Estate planning not only involves making a plan to name the people you want to receive or acquire your assets after you pass away, but it also involves much more in-depth planning of other life-altering circumstances and situations. Estate planning can include the following:
- Wills and trusts.
- Healthcare derivatives
- Naming powers of attorney and durable powers of attorney.
- Instructions for your care if you become disabled before you die.
- Naming a guardian for minor children.
- Providing for family members with special needs.
- Life insurance to provide for your family at your death.
- Disability income insurance if you can no longer work because of an illness or injury.
- Long-term care plan.
- Providing for those who might be financially irresponsible through trusts.
- Protecting family members from creditors.
- Transferring a business at retirement, disability, or death.
- Minimizing taxes, court costs, and legal fees.
- And more.
Estate planning is tailored to your specific needs and situation. Every family is unique, and so are their estates. It is also an ongoing process. Many people believe that once an estate is created, they no longer need to worry about it, and at times, they tend to forget that it even exists. However, it is crucial to contact your will and estate attorney in Newtown, PA soon after a life event occurs. Changes to your estate plan will most likely need to be updated or altered to reflect the new changes. Also, the laws are always changing, and it is expedient that your estate plan meets all the laws to be effective. It is recommended to seek an estate attorney in Newtown, PA that can schedule regular visits to go over your estate plan to ensure that it is current.
The majority of people are familiar with the term will. However, many people do not know what wills are or how they work. First and foremost, a will is a legal document that expresses an individual’s wishes after they pass away. A will usually gives instructions on how a person wants their assets to be distributed after death. It will name the people who are to receive the assets and property. An executor is also named by the person creating the will to be in charge of distributing the assets and property to the people named under the will. In other words, the executor manages the estate until all of the assets are distributed and taken care of. To gain a better understanding of how wills work, it is recommended to talk to a will attorney in Newtown, PA.
A will is an important element in estate planning, and it should be included. Not having a will can present many problems. After you pass, loved ones are left to figure out your estate without clear instructions, and the matter will have to be taken to probate court. To avoid legal and family issues, it is advised to consult with a will attorney in Newtown Square, PA. At DeFino Law Associates, we have years of experience handling wills and estate planning matters.