Estate Planning serves several purposes but most importantly you’ll know that your wishes are carried out by individuals you trust. Your estate plan states who receives your property after your death and provide direction for your executor in handling your estate. Your estate plan provides clear and legally binding instructions to your Power of Attorney in making financial, legal and health care decisions for you if you are unable to make those decisions for yourself.
A basic Estate Plan includes 4 documents:
- Last Will and Testament
- Durable General Financial Power of Attorney
- Health Care Power of Attorney
- Living Will
The best time to plan is now.
Although it may seem unpleasant, planning your estate now has many benefits:
- You have time to take stock of your financial well-being.
- You decide who gets your assets and who will carry out your instructions.
- You’ll learn the difference between probate and non-probate assets and how that affects your estate and your beneficiaries.
- You can minimize estate taxes.
- Your family will be grateful that you provided clear direction to assist them during any stressful situations that may arise.
Next steps
- Download the Estate Planning Questionnaire. Or call our office at 610-639-1666 and we will email the form to you.
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Fill out the Estate Planning Questionnaire.
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Return the Questionnaire to Rentschler Law LLC by regular mail at the address below or by email to info@rentschlerlawllc.com as a PDF.
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Rentschler Law LLC will contact you to review your Questionnaire and discuss your specific needs.
Last Will and Testament
Your Will is a key part of your Estate Plan. A Will can protect your spouse, children and assets. If you don’t have a Will, state laws will dictate who inherits your property and even who takes care of your minor children.
Trusts
In the right circumstances, Trusts are a useful estate planning technique but often the cost to establish a Trust and its on-going costs outweigh the benefits. Under the 2018 tax law, the federal estate tax exemption is $11.2 million, so 99.7% of people don’t need a trust to avoid federal estate tax. However, if you own real estate in outside Pennsylvania, have step children, have concerns about your beneficiary’s ability to handle his/her inheritance, a Trust may be the right thing for you. We can help you weigh the pros and cons of including a Trust in your Estate Plan.
Powers of Attorney
There are two types of Powers of Attorney that you should consider as part of your estate plan: a Durable General Financial Power of Attorney (FPOA) and a Health Care Power of Attorney (HPOA).
Living Will
A Living Will provides the person with your Health Care Power of Attorney (HPOA) with directions if you are in the most critical and severe medical circumstances. This document is sometimes commonly referred to as a Declaration, an Advanced Directive or “end of life” document. The Living Will provides your instructions and guidance regarding what medical procedures you would or would not like to receive if you are in an irreversible coma or irreversible vegetative state with no realistic hope of recovery.
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For a free and confidential 30 minute consultation, contact us at 610-639-1666.
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