Estate Planning Basics
The term “estate planning” may have sounded very stodgy and old school at one time but in today’s society, it has become as basic as auto insurance for many people. When considering your estate planning, there are some basic things to keep in mind and a good estate attorney in Harrisburg area will guide you through all of them.
The first rule of thumb is that estate planning is not simply for the “rich” (whatever that actually means anymore). Everyone can benefit from a plan to help protect and provide for their loved ones upon their death. When you remember that estate planning is not simply about money but about belongings as well, it becomes much clearer. Nobody likes to think of their children as fighting over who gets the dishes or special item after they are gone. A will can prevent most of these difficult situations and more.
Your Estate attorney in Harrisburg will help you understand the multiple elements of any estate planning. These include a will, a power of attorney, a living will or a healthcare proxy (also known as a medical power of attorney). For select people, a trust may also be in order, depending on individual situations. Your lawyer will start by getting a good inventory of your assets and identifying who shall be responsible for anything from your assets to your medical and physical conditions and decisions.
As you move through your estate planning process, your estate attorney in Harrisburg may suggest that you discuss the plans with any of your heirs to help prevent future disputes or even confusion. This can be a difficult task but likely will pay off later on when the plan must be executed as that will be a time of grief for most of the heirs and so you will have alleviated a lot of worry from them by outlining things ahead of time.
Because the federal tax laws change regularly, you will need to check with your estate attorney in Harrisburg regularly even after the development of your estate plan to see if any changes are in order. You will want to work to make sure that as much of your estate is left tax free or in as simple of a manner as possible. This goes for anything left to heirs as well as any planned giving components to your estate plan. Because there are multiple—and moving—components to an estate plan, you will want to find an experienced estate attorney in Harrisburg to help you at all steps.
Get a good referral for an estate attorney in Harrisburg so that your heirs are protected after your death. Help prevent family disputes and legal problems with a good plan from an Serratelli, Schiffman & Brown P.C. area.