Readers who are familiar with previous posts know that there are a lot of factors to consider when it comes to estate planning in Pennsylvania. They know that it is crucial for everyone to have an estate plan in place, regardless of the perceived size or value of their estate. But, what are the most important parts of estate planning? A recent article pointed to three specific parts of the process.
First, it is important for your estate plan to clearly and decisively lay out a plan for the distribution of your assets. This means that a Will is, at the very least, necessary. By providing for the distribution of your assets in a Will, your heirs and beneficiaries will know what your wishes are and the executor of the Will has a step-by-step guide to the distribution process.
Second, the recent article noted that it is important for people who have minor children to name a guardian for those children in the event that the parents die before the children reach the age of 18. All parents want what is best for their children, which is why it is so important that parents make plans for what would happen and who would raise the children if tragedy strikes.
Third, it is important to structure your estate plan in such a way that there will be the least tax impact. By taking this step, estate planners help to ensure that there is the maximum amount of assets to be passed on to designated heirs and beneficiaries. When Pennsylvania residents start the estate planning process with these three steps in mind, they will be on a good path toward crafting a comprehensive estate plan that will meet their goals.
Source: The Chronicle Herald, "Three keys to estate planning," Catherine Metzger-Silver, Sept. 18, 2017