Estate Planning in Pennsylvania
While the prospect of planning your estate may feel uncomfortable, it’s an important process to undertake. Estate planning isn’t just for the rich and famous—anyone with personal property can plan what happens to it after he or she dies. It’s especially important to consider estate planning when you have minor children or other dependents that rely on your care and provision.
What is estate planning?
Estate planning is the process of determining where your assets will go after you’ve passed. It can also include provisions for the care you’d like to receive should you become incapacitated. It answers questions like “Who will receive the inheritance?” “What will be included in that inheritance?” and “How will the inheritance be received?” You can appoint an executor or executrix, a legal guardian for any children under the age of 18, and a medical Power of Attorney (POA) to operate on your behalf. While estate planning is not required, it’s a good idea to make plans so that your loved ones are cared for and your estate isn’t eaten up by court fees or inheritance taxes.