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The Basics Of Estate Planning
Although estate planning is important for most adults, many don't realize just how important it is or where to get started.
This estate planning FAQ page provides answers to some of the most common questions we encounter in this area of law. Of course, every case is unique — if you have specific questions regarding your case, please contact our firm in Langhorne, Pennsylvania.
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Do I Need An Estate Plan?
Most adults should have a will, but an estate plan is more extensive. If you have children, own a business or have significant retirement assets, an estate plan is a good idea. An estate plan can also help you if you wish for your assets to be given to charity.
Is Just A Will Sufficient?
A will is an important part of any estate plan, but there is only so much a will can do for you. A will does not outline your decisions regarding medical care, which is why it is important to include powers of attorney in your estate plan. In unique financial situations, a will is often paired with a trust to better achieve your goals.
When Should I Create My Estate Plan?
It's never too soon to create an estate plan. Even younger people with fewer assets benefit from having a plan in place. By creating an estate plan, you ensure that your family doesn't have to go through the public process of probate for your assets.
What Should Be Included In My Estate Plan?
Every estate plan is different, depending on a person's wishes and assets. In general, your estate plan should include a will, where you identify family members or other people close to you whom you want to receive your property. You should also create a document that outlines what types of medical care you wish to have in the event you become incapacitated.
Do I Need A Lawyer To Make An Estate Plan?
It is best to consult with an attorney when making an estate plan. An experienced estate planning lawyer can help you understand the rules for creating a will that is legally valid, as well as your options for dealing with unique assets.