Let’s go through a scenario. Kevin stands at the door of Winnie’s nursing home room,…
The majority of working people like you spend the majority of their lives working hard in order to provide the necessities of life for themselves and their families. A healthy percentage of these hard-working individuals will succeed in saving significant amounts of cash and other assets during their working years.
That being said, even the most wealthy individuals will not be able to take their wealth with them when the time comes for them to pass on from this physical plane. In order to protect these assets and pass them on to the beneficiaries of choice, it is usually necessary for people approaching the end of life to make sound estate planning decisions. Such situations naturally give rise to the question of which items should be included in any effective estate plan.
What is an Estate Plan?
While they may sound complicated at first glance, estate plans are simply a number of tasks that must be performed to ensure that your assets are properly distributed when you pass away.
What are Some Benefits of Sound Estate Planning?
Estate planning can provide you and your family with many important benefits.
- It allows you to distribute your wealth as you see fit.
- It allows you to maximize tax advantages.
- It allows you to minimize tax related fees.
- It allows you to have your business interests taken care of.
- It helps you to provide for your family after death.
…and much more.
What are Some Common Estate Planning Tasks to Take Into Account?
Estate planning is something that should be undertaken by people regardless of how much-or how little-they have in personal assets. That being said, sound estate planning can often require a deep understanding of complex legal issues, issues that are well understood by an experienced estate planning attorney.
Some tasks that go into estate planning include:
- Creating a power of attorney document to give the person of your choice the ability to handle your financial affairs.
- Identifying an estate executor.
- Taking care of funeral arrangements.
- Setting up trust accounts.
- Creating a durable will that reflects your final wishes.
- Naming beneficiaries for 401(k)s, life insurance policies, and the like.
- Naming a guardian for any dependents.
As can be seen, there can be much more to setting up an effective estate plan than meets the eye. Retaining an experienced King of Prussia PA estate planning attorney can be invaluable when the time comes to set up a watertight estate plan that is capable of withstanding future legal challenges. To set up your very own estate plan, contact the experts at the Faloni Law Group LLC today for a no-obligation consultation.