Documents people should have as part of basic estate plan

On Behalf of | Sep 27, 2021 | Estate Planning |

People in Pennsylvania plan for many different aspects of their lives. This includes trying to plan for unexpected events that may or may not occur. People have insurance for their vehicles, their homes, for potential disabilities, for their lives and other aspects. People should also plan for their potential incapacity and also one of the few guarantees in life, which is unfortunately their death.

These types of aspects of life are not something that people usually want to think about, but it is important that they do so. People do not know when they will pass or when they may become incapacitated. Once it occurs it is too late to do anything about it though. That is why it is important to plan for these events. This is known as estate planning. There are many different parts of an estate plan and different options that people have as they plan for these future events. However, there are some basic documents that everyone should consider.

Start with the will

One document is a will. This document dictates who will receive people’s property after they pass away. People can choose to distribute their property in any manner they choose in a will and it allows people to avoid having their property distributed according to the intestate laws.

People also should have a living will or healthcare directive. This document allows people to state their wishes for their healthcare if they become incapacitated and are unable to make those decisions for themselves.

Finally, people should have a power of attorney. This document allows others to manage their finances while they are incapacitated.

While everyone in Pennsylvania knows that they will pass away at some point in time, it is not something that they like to think about and therefore may not plan for it in the right way. That is why it is important that people have good estate plan. At a minimum it is important that people have a properly drafted will, healthcare directive and power of attorney. Experienced attorneys understand the various aspects of estate plans and may be able to guide one through the process.

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