People have many misconceptions about estate planning, with the main myth being you have to be rich to benefit from an estate plan. However, this is not true. No matter your status, you may benefit from having an estate plan in place.
If you need estate planning in Pennsylvania, there are a few things you need to know. Legacy Enhancement Trust is here to help you understand your options and guide you in protecting your assets, especially when it comes to those who have disabilities and/or special needs.
What Goes in Your Estate Plan?
Estate planning allows you to create numerous legal documents. These documents include:
- A will or living will
- A trust
- A durable power of attorney
In planning your estate, you can protect your assets and your legacy. You provide details regarding who receives specific property, who makes decisions if you’re unable to, and who manages your finances in the event of incapacitation.
You can also create an estate plan for probate avoidance. In probate, the court proceedings can lengthen the amount of time it takes to distribute assets. Unfortunately, it can also be costly and confusing. Your estate plan can also name an executor who oversees asset distribution. The executor must be 18 years or older and of sound mind.
What Happens If You Don’t Have an Estate Plan?
If you don’t have a will or trust, your assets go through intestate succession. These laws distribute your assets to your closest relatives. Intestate succession only impacts assets you normally pass through a will. Intestate succession does not apply to the following assets:
- Life insurance inheritance
- Retirement accounts
- Joint-owned property
- Property transferred in a living trust
Legacy Enhancement Trust helps create special needs trusts and deal with inheritance issues in a way that works best for you and your situation. With professional assistance, you protect your assets and safeguard your loved ones in the aftermath of your passing.
Call us today at (888) 988-5503 to discuss your needs.