Lower Burrell Estate Planning Attorney On Your Side
Estate planning is not only for the rich. On the contrary, it’s among the best strategies to protect your assets and ensure that they’ll be properly shared among your heirs in your absence. With the help of an estate planning attorney, you’ll find out about the several options available in the planning process and how to utilize them.
Here’s how an experienced estate planning attorney like Chris Harkins from Harkins Elder Law can help you achieve the best estate plan for your future heirs in Lower Burrell and the Alle-Kiski region. But first, let’s briefly discuss what estate planning implies, helping you understand what to expect when hiring estate planning services in this area.
What’s Estate Planning?
Estate planning is the process of designating the distribution of assets among your beneficiaries when you pass on or become incapacitated. When estate planning is done early enough, and per the law, taxes and penalties will be minimized. As a result, both you and your family will obtain most if not all of the benefits that come with estate planning.
Objectives of Estate Planning
Estate planning can help you achieve a lot with the help of an attorney. Some of its objectives include:
- Securing the inheritance of your beneficiaries.
- Protecting the assets of your spouse.
- Reducing family conflicts after your death.
- Preparing for your long term care services through Medicaid eligibility.
- Avoiding taxes and gift penalties.
- Protecting your home from creditors.
- Executing your wishes effectively after your death.
And so much more.
What Does An Estate Planning Attorney Do?
Estate planning attorneys make a set plan for how your assets will be managed, taxed, distributed, or valued after your death or incapacitation. Depending on the attorneys’ services, you can plan to achieve any of the objectives of estate planning mentioned earlier.
Chris Harkins is well versed with the estate planning laws of Pennsylvania, which govern the Lower Burrell city and all of the AK Valley. For this reason, you can contact Harkins Elder Law for the following services:
Preparation of Wills
You can write a will at any time during your life to prepare the inheritance for your beneficiaries. It’s an important part of estate planning to spell out your wishes and determine how your estate should be distributed among your heirs after your death.
An estate planning attorney can help you create different types of wills depending on your specific situation. For example, Harkins Elder Law in Lower Burrell can help you with the following:
Trusts and Wills
Your will is a document that states what happens to your assets after your death and can also appoint an executor who will be responsible for carrying out your wishes according to state probate laws.
A trust is an arrangement that works along with an existing will to entrust your estate to a third party representing a named beneficiary. In this type of plan, the beneficiary will access the assets at a specified time according to the will and trust agreement.
Until then, the estate will be held and managed by a third party, generally a named trustee. This type of will is normally used to protect the inheritance from estate taxes, avoid long probate processes, and protect the inheritance of minors who are not yet old enough to handle inherited assets.
There are several other objectives that a trust will can achieve. For best results, talk to Chris Harkins about the simple trust options you may need for your estate planning in Lower Burrell.
Living Will
A living will is purposely written to give advanced directives on how you would wish your medical care to be conducted should you be unable to make the decisions yourself. It may include directives such as the choice of doctors, a power of attorney for your healthcare, organ donation, and orders against resuscitation.
These advance directives will be carried out when you’re terminally ill, badly injured, or in a coma, and are among the most difficult decisions to make in life. That’s why you need a professional estate planning attorney early enough to take you through the process with ease.
Powers of Attorney (POA)
Powers of Attorney is a legal document that gives powers to a person or organization referred to as attorney-in-fact to act on your behalf. For example, POA gives powers such as management of property, finances, or medical decisions if you’re no longer able to do so.
POAs are drafted differently depending on your situation. The powers can also be limited to a certain extent.
Importance of Early Estate Planning
Many people assume that estate planning is for the elderly or is best done at an older age. The truth is, seeing tomorrow is never a guarantee, and when you die or become incapacitated, your estate and family will be greatly affected.
Besides, early estate planning comes with many benefits that you may never access later in life.
Here are some of the benefits of early estate planning:
- Reduces on taxes and penalties of transfers and gifts.
- Allows you to plan for your long-term care services.
- Reduces or avoids the long probate processes.
- Reduces chances of family conflicts after your death.
- Secures your children’s inheritance earlier.
If you need an estate planning attorney in Lower Burrell city and the AK Valley, you should consider finding someone familiar with the laws of the state of Pennsylvania regarding these services. Chris Harkins has helped many families in the region plan for the future of their children early enough. You don’t have to wait until your health deteriorates or when there are family feuds over properties to make an estate plan.
To talk to attorney Harkins, call the Harkins Elder Law firm at (724) 472-8717 or book your appointment online to begin your estate planning process.
How to Find a Good Estate Planning Attorney
Not all attorneys focus on estate planning; some may not have comprehensive solutions to handle your specific situation. For this reason, you’ll want to look for an attorney who specifically practices estate planning.
A good estate planning attorney must be familiar with all the legal requirements of their state and have credible experience in handling estate plans.
Questions to Ask an Estate Planning Attorney
When you meet an estate planning attorney, be sure to ask the following questions:
- Is estate planning a primary focus of your services?
- What is your experience in estate planning?
- What services do you offer under estate planning?
- How do you charge for your services?
Contact Chris Harkins of Harkins Elder Law today to find the answers to these and many more questions. He offers great estate planning services in Lower Burrell city and the AK Valley.
