Thinking about what will happen to your loved ones, assets, and belongings after you pass is likely the last thing you want to do. If you’re young or have no known health problems, writing your will probably seems like a task that you can put off for quite a while. Many of us haven’t taken the time to create our estate plans yet, and while this can be easy to forget about, it only creates unnecessary risks for the future. Everyone needs to have a will, and many can also benefit from additional aspects of estate planning, such as establishing a power of attorney.
At Lermitte & Lubin, we understand that planning for the future can feel overwhelming, but you can’t underestimate the importance of leaving your loved ones with a solid plan to follow. If you need to create your will or a power of attorney, we can help ensure you have everything you need.
Regardless of how many assets you own, you need to have a will. Having a will allows you to determine who gets specific assets after you pass away. This can include real estate, stocks, bonds, bank accounts, business assets, valuable and sentimental personal items like art and jewelry, and more. If you have minor children, you can also use your will to name a guardian.
If you don’t create a will, it’s up to the state to determine how your assets get passed on. Pennsylvania state intestacy laws dictate which relatives will inherit your assets. This can mean leaving important belongings to the wrong people and leaving some loved ones out entirely. Not only can your assets end up in the wrong hands, but this makes the process of asset distribution much more complicated for your loved ones. Not having any estate plans to rely on can cause confusion and a lengthier process for your family.
There are many resources available today that can make it seem easy to make your will entirely on your own. Of course, how complicated a person’s estate plans need to be can vary significantly. Even if your plans to distribute your assets are simple, it’s advisable to have an attorney assist in creating and reviewing them.
You don’t want to take any chances when it comes to creating your will. These documents can be complicated even for the smallest estates, but an attorney can help ensure everything is taken care of properly. If you try to do this on your own, you may think you did everything right, only for your loved ones to be left with an invalid will.
A power of attorney (POA) may be something you don’t think you need to worry about just yet. However, you don’t want to be left without one if the time comes. Establishing a power of attorney allows you to select someone you trust to act on your behalf and make decisions regarding your medical and financial affairs.
Additionally, you may choose one person to have financial power of attorney and someone else to have medical power of attorney. You should feel confident knowing that your POA will be there to make the decisions you would have made for yourself if you were able.
You can create several types of powers of attorney that work in different ways. If you’re unsure what the best type of POA is for your situation, Lermitte & Lubin can help determine which would be the most fitting.
A few common types of powers of attorney include the following:
A durable power of attorney goes into effect when you become incapacitated. This means that you’ll have someone you trust making your decisions when you can’t do so yourself. If a POA is not durable, the powers you granted a person end when you become incapacitated.
A springing power of attorney goes into effect as soon as a specific event or date occurs. When these conditions are met, the person you selected can start acting on your behalf.
If you only want your POA to act on your behalf in certain capacities, you may utilize a limited or special power of attorney. This allows you to state which specific powers you give to the individual.
No one knows what will happen tomorrow, so there’s no reason you shouldn’t prepare for it today. You want to ensure that your assets are distributed correctly and that you’ll have someone looking out for your best interests if you’re ever incapacitated. At Lermitte & Lubin, we can help you create a will or establish a POA so that your loved ones know exactly what you want. We will work with you to create estate plans for the future that provide everything you need.
Don’t put off creating these important documents any longer. Contact Lermitte & Lubin today for assistance.
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