Pennsylvania residents who are getting ready to start working to put together a comprehensive estate plan often think, where do I begin? Every person’s financial and family situations are different, which, in turn, makes every estate plan unique. However, as a recent news article noted, there are some basic components of estate plans that are fairly common across the board.
For example, for most people, a “will” is both the starting point and the bedrock of a comprehensive estate plan. As the recent news article noted, a will is primarily intended to provide directions for the distribution of property and assets upon death. However, there are other important areas to address in a will as well, such as naming an executor and, if applicable, a guardian for minor children. A will may also provide directions for funeral arrangements, for instance.
Power-of-attorney documents are also a key part of having a comprehensive estate plan in place. These documents can appoint someone else to make important decisions on your behalf, like medical or financial decisions, if you are unable to do so due to any kind of incapacitation.
Consider your options
The recent news article also pointed out that options such as trusts and asset transfers prior to death may also be considered for some people. In short, your goals and the documents you need in your estate plan will really come down to your own unique preferences. Spend the time that is necessary to consider all of your options when you set out to draft your estate plan.