Having a solid estate plan is good for everyone, regardless of age, health, or financial status. Planning an estate allows individuals and families to protect the assets they accumulated during their lifetime and distribute them as they choose at their deaths.
At Mecadon Law, we’re happy to be your go-to will and estate planning lawyer in Pittston, PA. We understand that issues of wills, trusts, inheritances, guardianships, and transferring family businesses can be confusing and overwhelming. We’re here to make these processes easy.
Schedule your no-cost consultation with us at 570-654-5030, or contact us online.
Estate planning is the preparation of a person’s complete financial portfolio for management upon death or incapacitation. Typically, individuals plan their estates with the assistance of trusted family members and an attorney who knows the estate laws of that particular state.
Estate planning is one of the most responsible moves a person can make to take care of their families after their deaths. You do not need to be sick or of a certain age to plan your estate. In fact, the sooner you do it, the better off you will be. That way, you can make these vital decisions while you are of sound mind and not have to worry about them again.
Estate planning involves working with an estate planning attorney to list and allocate your assets appropriately in the event of your death. Many individuals also seek the advice of tax advisors and financial planners while planning their estate, since financial matters can sometimes get complex.
When you initially consult with an estate planning lawyer at Mecadon Law, we’ll advise you of what to think about and list out for when you return to create a will. Some of the areas we’ll suggest you start thinking about include:
- Listing your assets and where they are
- Listing your debts
- Ensuring you’ve named proper beneficiaries of your investments and retirement accounts
- Considering creating joint bank accounts with someone you trust so the person can manage the money after your death while avoiding probate and inheritance taxes
- Planning for the care of minor children and pets
- Laying out advance directives, such as the type of medical care you want to receive
- Naming a power of attorney to manage your affairs if you become incapacitated
- Naming an executor of your will for after your death
Once you work out these details, we can help you to set your wishes down in a will. Following your death, the executor of your will typically file the will in probate court to be granted the legal power of executing it.
This is where a Pittston probate lawyer can help. Mecadon Law has been representing families of the deceased here in the Pittston area for decades. We take care of this whole process so our clients don’t have to worry about it.
Many people put off planning their estate, but you reap many benefits when you plan your estate carefully and as early as you can. The benefits of proper estate planning include:
- Minimizing tax burdens on beneficiaries – Pennsylvania imposes inheritance taxes on children, siblings, and others who received a decedent’s money. You can reduce some of these burdens by taking the proper steps now, such as by setting up joint accounts or trusts.
- Providing for your family after your death – your will dictates how your home and other assets are to be distributed after your death. You can distribute them however you choose.
- Making family decisions easy – when you’ve already made all the vital decisions around your assets, all your family has to do is abide by them.
- Caring for children and pets – you’ll have the peace of mind of knowing your minor children and pets are cared for in the event of your death.
- Managing the succession of your business – you can name who receives your business assets by planning your estate.
- Ensuring you receive only the medical care you want – you control the kind of medical care you receive in the event of your incapacitation.
- Donating to charities and causes – you can leave certain monies to your favorite charities in your will, ensuring your assets aid causes you support.
At Mecadon Law, we understand estate planning terminology can be confusing. Below are some of the most common estate planning terms and what they mean:
- Will – a legal document stating your wishes for your assets after your death
- Trust – a financial tool giving a trustee legal power to hold and distribute assets to beneficiaries
- Probate – the legal process recognizing the validity of a will and granting the named executor the power to oversee it
- Guardianship – the legal power to make decisions for an incompetent party, as in the case of a will naming a guardian of a minor child
- Inheritance tax – the tax imposed on the assets inherited by beneficiaries
- Power of attorney – the legal right of a person to make decisions on behalf of someone else
- Executor – the individual who administers the deceased’s will
- Living will – a legal document stating your wishes for medical care if you can no longer make your own decisions
Estate planning may not be the most pleasant task to undertake, but it’s a vital step in ensuring your assets pass to your loved ones in the event of your death. Once the process is finished, you can move on with peace of mind.
We’ve been helping residents of Pittston and the surrounding areas to plan their wills and estates for decades. Let us help you make the best decisions for you and your family. Call Mecadon Law at 570-654-5030, or contact us online.