You may know that you and your loved ones benefit in many ways when you have an estate plan in place. However, you may not have gotten around to creating one yet due to concerns about the potential time commitment or costs involved. Creating an effective Pennsylvania estate plan that prioritizes your interests and those of your loved ones does not have to take a lot of time or money. Instead, you may find that you are able to create one that includes just three main components.
According to Bankrate, a solid estate plan contains the following.
1. A will
A will gives you a say in who inherits your assets, rather than leaving these important decisions up to the state. You may also use your will to express other wishes, such as naming someone a guardian over a minor child.
2. Power of attorney
When you give someone power of attorney, you are allowing this individual access to your property and giving him or her the right to sell or otherwise manage it on your behalf. You must be of sound mind when you give someone power of attorney.
3. An advance directive
Pennsylvania recognizes several different types of advance directives. They allow you to accomplish different objectives, but they all give you an opportunity to say what you want to happen to you in certain medical circumstances if you are unable to vocalize your wishes.
Estate planning offers financial as well as emotional benefits. The process involved in creating an estate plan may also prove easier and less costly than you expect.