Why Should I Prepare an Estate Plan?
In our golden years, we hope to have planned well to leave our loved ones something of value. Given that building your wealth did not happen by chance, neither does distributing your assets in accordance with your wishes. No matter the size of your estate, it is important that you plan accordingly to ensure that your estate is handled appropriately.
At Cunningham, Chernicoff & Warshawsky, P.C., we understand that every person’s finances and family dynamics are unique. Our Harrisburg estate planning attorneys approach every client’s estate plan with fresh eyes, making necessary adjustments along the way.
To Plan for the Unexpected
Although most people think of estate planning as the distribution of their assets once they die, it is much more than that. A complete estate plan also includes preparing in the event that you are incapacitated and unable to take care of your own affairs. Sometimes referred to as “living documents,” pre-mortem planning typically includes a financial durable power of attorney, a healthcare power of attorney, and a living will.
A financial power of attorney will grant another person the power to make financial decisions on your behalf. A healthcare power of attorney will allow persons to make medical and life-sustaining decisions on your behalf. A living will informs doctors and other health care providers what treatments and procedures they want to be performed if they are in a terminal condition and permanently unconscious or suffer from severe and irreversible brain disease (aka “brain dead”) and do not wish to have heroic measures taken to keep a person alive when he or she is unable to speak for themselves in a medical crisis.
A durable power of attorney will stay in effect until the person dies, and it may have a springing clause that causes it to take effect only when certain conditions are met (i.e., you are declared disabled by a physician). Working with the Harrisburg estate planning attorneys at Cunningham, Chernicoff & Warshawsky, P.C. will ensure that your documents contain the required verbiage required by state law.
To Plan for When You Are Gone
For most of our clients, legacy planning will involve creating a will and/or a trust. Different trusts will serve different benefits. For example, even if your estate is relatively small, our estate planning attorneys may advise you that there may be an advantage in creating a living trust (also known as a revocable living trust) to avoid probate. In creating a living trust, you will need to fund for those assets to circumvent the court-supervised probate process.
According to 20 Pa.C.S. §2501-2502, in order to be valid in Pennsylvania, a will must meet the following requirements:
- The testator must be at least 18 years of age and of sound mind
- The will must be in writing.
Additional considerations include:
- The testator must sign the will in the presence of two witnesses, who are also required to sign their names in the testator’s presence
- If the testator is unable to sign his or her name, then the individual may affix a mark or “X” in place of a signature
- If the testator is unable to sign his or her name or make a mark, then another person may sign on the testator’s behalf
Pennsylvania law is strict when it comes to properly executing estate planning documents. To ensure that your assets are being managed as you desire, you will want to consult with our experienced estate planning attorneys. We have helped clients in a range of situations and are eager to assist you in managing your affairs.
Reach out to Our Harrisburg Estate Planning Attorneys at Your Earliest Convenience
Although estate planning is often seen as a taboo topic, handling your affairs can save your family from a great deal of stress. Whether you are seeking to update your estate plan or start from scratch, do not hesitate to contact the legal team at Cunningham, Chernicoff & Warshawsky, P.C. To arrange your consultation with one of our Harrisburg estate planning attorneys, contact us online or by phone.