Considerations when starting your estate planning

On Behalf of | Apr 20, 2022 | Estate Planning |

Deciding to begin the estate planning process is a good choice. Whether you’ve chosen to draft a will, set up a trust or create a power of attorney, you’ve taken an important step towards ensuring stability for your heirs after you pass away.

Having the advice and guidance of a Pennsylvania estate planning attorney is helpful when beginning your estate planning. If you plan to meet with someone, there are many things to consider beforehand, to make certain you ultimately have an estate plan customized to your specific situation and needs.

Information and documentation are essential

First, be prepared to provide the names, ages and contact information about family members or individuals you plan to be a part of your estate plan. Additionally, there are some important documents that can be helpful at an estate planning meeting. These include:

  • Real estate deeds
  • Retirement information
  • Bank or other financial statements

If you own or are involved in any businesses, ownership documents outlining your interest in the business should be gathered and brought to the meeting, as well. If you have had estate planning documents drafted in the past, copies of those documents should be provided, to give a general idea of where things currently stand.

Additional factors to think about

Estate planning is more than just providing documentation. It involves choosing a personal representative, which is someone who would administer your estate. Likewise, if you are having a power of attorney drafted, think about who you would appoint to make medical decisions for you if you become unable to make them on your own.

Finally, have a general idea of your overall assets, and who you would like to receive them. Remember that if any of your potential beneficiaries are minor children, they will not be able to receive any money from accounts such as trusts, until they are age 18, or whatever age you believe is suitable.

The estate planning process can be complex and unexpected challenges may arise along the way. Taking these steps will increase the chance of a simple and straightforward experience.

 

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