Estate planning ensures that you control how your assets are managed after your passing. In Pennsylvania, a clear understanding of wills, trusts, and the probate process equips you to design an estate plan that aligns with your wishes.
There are many elements of estate planning, including wills, trusts, and probate. It is best to get support from skilled attorneys, like those at Rubin, Glickman, Steinberg & Gifford, P.C., to secure a well-structured estate plan.
What Are Wills?
A will, or last will and testament, serves as a legal document that specifies how you wish to distribute your assets after your death. It names an executor who manages your estate and ensures that your instructions are followed. In Pennsylvania, establishing a will prevents the state from distributing your estate through intestate laws, which may not reflect your personal preferences.
A well-crafted will can also designate specific beneficiaries for particular assets, safeguarding your intentions for loved ones. It enables you to assign personal property, real estate, and even life insurance proceeds to beneficiaries of your choice. You can also include instructions for the care of minor children, appointing guardians who will raise them. With a clear will, family disputes decrease, and the probate process becomes smoother, securing a more peaceful resolution for your estate.
What Are Trusts?
Trusts provide another valuable tool for estate planning, allowing you to manage assets during your lifetime and direct their distribution after death. A trust is set up by a grantor, who places assets into it to benefit designated beneficiaries. Unlike wills, most trusts bypass probate in Pennsylvania, saving time and reducing estate taxes. With a trust, your assets transfer to beneficiaries with fewer obstacles.
Types of Trusts in Pennsylvania
Pennsylvania provides different types of trusts, each serving specific needs. Common examples include revocable living trusts, irrevocable trusts, and special needs trusts. A revocable living trust adapts to changing circumstances by allowing modification, while an irrevocable trust offers asset protection and potential tax savings.
Special needs trusts assist beneficiaries with disabilities, preserving their inheritance without jeopardizing government benefits. Life insurance trusts manage life insurance proceeds and help limit federal estate tax implications.
What Is Probate?
Probate legally validates a deceased person’s will and manages the estate’s distribution. In Pennsylvania, the probate process requires filing the will with the register of wills, appointing an executor, and settling any debts or taxes owed. Without a will, the estate follows Pennsylvania’s intestacy laws, which govern how assets pass to heirs.
During probate, the executor inventories the estate, addresses debts, and distributes the remaining assets according to the will. This process can sometimes extend for a significant time, leading individuals to consult estate planning attorneys familiar with Pennsylvania’s laws.
Other Components of Estate Planning in Pennsylvania
Estate planning includes powers of attorney and health care directives. A power of attorney allows you to name someone to make financial decisions on your behalf if you become incapacitated. This authorization ensures that your financial matters reflect your intentions, even if you cannot manage them personally.
Health care directives, also called advance directives, outline your medical treatment preferences and appoint a health care agent to make decisions if you cannot communicate. These documents serve as a guide for medical providers and family members, helping them follow your treatment preferences in emergencies.
What Health Care Documents Are Necessary Under Pennsylvania Law?
In Pennsylvania, certain health care planning documents complete a thorough estate plan. An advance health care directive expresses your medical treatment preferences and appoints a decision-maker to act if you cannot communicate your wishes. This directive ensures that medical professionals honor your choices regarding end-of-life care, life support, and other interventions.
A durable power of attorney for health care designates an agent to make medical decisions that align with your values. With these documents in place, you provide guidance for loved ones, easing the burden of tough decisions during emergencies.
Contact Rubin, Glickman, Steinberg & Gifford, P.C. for a Consultation
Rubin, Glickman, Steinberg & Gifford, P.C. provides guidance for anyone facing the complexities of estate planning in Pennsylvania. Our talented attorneys have in-depth knowledge of Pennsylvania law, and they assist clients in drafting wills, establishing trusts, and navigating probate efficiently.
When you work with Rubin, Glickman, Steinberg & Gifford, P.C., you create an estate plan that aligns with your personal and financial goals, giving clarity to both you and your beneficiaries. Whether you seek advice on inheritance taxes, trust types, or health care directives, Rubin, Glickman, Steinberg & Gifford, P.C. stands ready to help you design an estate plan that protects your assets and fulfills your final wishes. Call us at (215) 822-7575 or use our contact form.
Rubin, Glickman, Steinberg & Gifford P.C.
Pennsylvania Attorney's
January 3, 2025
