Don’t ignore your estate plan

| Apr 30, 2020 | Blog, Estate Planning

Like many Pennsylvania residents, you may be afraid of putting together your own estate plan. People do not like to do anything that relates to their own mortality or infirmity. Additionally, they may be intimidated by the estate planning process. The advice is to not let any of this get in your way.

Planning will help your family in the future

Not only do you need an estate plan, but it needs to be current and reflect your present situation. In order to do this, you must objectively look at your goals and then build a plan to match them. You will want to keep your family out of probate and prevent them from having to pay any kind of a tax bill when they take control of the assets. While estate planning may cost some money today, it will keep you from having to spend much more in the future.

Communicate about your estate plan

In addition, communication about an estate plan is vital. Since the plan may include advance care directive or powers of attorney, your beneficiaries need to be aware of the contents of the estate plan. They should also know the general contours now because it can prevent conflict in the future. Do not fall into the same trap as others who stay away from this issue because they simply do not want to deal with the headaches. The costs of doing nothing are much more.

One thing you can do is hire a professional to help you put your estate plan into place. The process can be scary for those who know nothing about it. An estate planning attorney may help you understand the different options that are available to you. They might then help you draft the documents that can formalize your estate plan. These documents must be done correctly, so it may be vital to get professional help.

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