Latrobe Estate Planning Attorneys
Estate planning is something everyone should consider. It empowers you to create a comprehensive plan to manage your assets while you’re alive and allocate them after you pass away. Whether you’re a young professional, a parent or a retiree, estate planning will ensure that your wishes are honored and your family is cared for.
At Latrobe Law Associates, LLC, we offer comprehensive estate planning services for clients from all walks of life. Our award-winning estate planning lawyers in Latrobe have almost 40 years of combined experience. When you work with us, you will work directly with an attorney, not a paralegal or junior staff. We offer individualized attention and carefully tailored services.
Estate Planning Basics For Pennsylvania Residents
Estate planning in Pennsylvania requires understanding specific state laws and tax implications. Pennsylvania imposes an inheritance tax, with rates varying based on the relationship to the deceased. Spouses and charitable organizations are exempt.
Intestate succession laws govern asset distribution if you die without a will. This means a court will divide assets to relatives in accordance with state law. By creating a will, you can avoid that scenario. In Pennsylvania, a will must be written, signed and witnessed by two individuals to be considered valid. You must also be at least 18 years old and of sound mind to create a valid will.
4 Components Of A Comprehensive Estate Plan
There are four basic estate planning documents that every adult should have:
1. Last will and testament. This is the basic instrument of estate planning. A will appoints who should handle the affairs of your estate following your death and provides for who shall receive your property following your decease. It should be noted that certain items of your property will not be part of your estate and will not pass under your will. Such nonprobate items of property that will not pass under your will includes real estate held by you as joint tenants with another person, proceeds of life insurance policies naming individual beneficiaries and property held in a trust, among other types of property.
Many people believe certain things about dying without a will that are not necessarily true. For instance, many married people with children incorrectly believe that if they die without a will, everything they own will go to their spouse. While this may be true, it is not necessarily the case. A will is a cost-effective means to be certain that your probate property is disposed of in accordance with your wishes when you decease.
2. Power of attorney. A power of attorney appoints another person whom you trust to handle your affairs. The intention of this document is that the person whom you name in your power of attorney will be empowered to handle your affairs if you ever become incapacitated and are unable to manage your affairs yourself.
3. Living will with a health care directive. A living will set forth your desires regarding specific forms of treatment in the event that you are ever in a terminal condition, with no hope of recovery and you are unable to indicate your desires on your own. A living will should also include a health care directive, naming a third party to make decisions on your behalf, in accordance with your desires.
4. Trust. In addition to those documents set forth above, it may also be prudent to establish a trust. Depending on the worth of your estate and the manner in which your affairs are structured, a trust may be appropriate to avoid the costs and delays associated with the probate process. Additionally, a trust may provide greater privacy than a simple will alone.
Having these documents prior to your decease or an incapacitating illness is a cost-effective means to limit the stress on your loved ones at the difficult time of your illness and death, as well as ensure that your loved ones are provided for as you desire.
In addition to estate planning, we also assist our clients in interpreting and executing the documents listed above during the probate process.
Digital Estate Planning
In today’s digital age, estate planning extends to online accounts and digital assets. Considerations include managing cryptocurrency, social media accounts and online banking. We can help you establish a plan for password management and appoint someone to handle your digital legacy according to your wishes.
Estate Planning For Different Life Stages
Estate planning needs change with different life stages. Young families should focus on guardianship and education funds. Business owners must consider succession planning. Blended families face unique challenges in ensuring fair asset distribution. Single individuals benefit from clear instructions on health care and finances. Retirees should review plans for long-term care and legacy goals.
No matter which stage of life you are in, you can turn to us for individualized guidance to address your unique needs and concerns. We have many long-term clients who return to us for estate planning revisions as their lives change and their needs evolve.
Common Estate Planning Mistakes To Avoid
Avoid common pitfalls in estate planning by following these tips:
- Update beneficiary designations regularly to reflect life changes.
- Plan for potential incapacity with health care directives and powers of attorney.
- Do not overlook digital assets; include them in your plan.
- Consider tax implications to minimize the burden on your beneficiaries.
Our lawyers can identify any pitfalls in your estate situation and help you avoid them.
Contact Us For Your Estate Planning Needs
We invite you to contact us at 724-539-1111 for all your estate planning needs. Our team is ready to provide the personalized attention and legal guidance you deserve. Secure your future and protect your loved ones by reaching out for a consultation today.