Your estate planning needs and related concerns are unique to you. Having a better understanding of the basics, however, can better prepare you to navigate the legal intricacies involved. Ultimately, estate planning involves determining how you would like your assets distributed to your loved ones when the time comes. In addition, you can address how you’d like final decisions that relate to your healthcare and financial matters to be made if you can’t make them. The best path forward is with our estate planning lawyers at McMorrow Law, who will support you.
Your Financial Legacy
Your estate is the financial legacy you leave to your loved ones, and your financial plans help ensure your wishes regarding this important matter are carried out. Your will should address the distribution of all those assets that aren’t included in beneficiary-based tools. This includes all the following:
- Money
- Property
- Real estate
- Valuable belongings
- Family heirlooms and other items that have emotional significance
In your will, you’ll also name an executor of your estate who will guide your will through the probate process, which is called the administration of your estate. In Butler County, the probate process is conducted through the Register of Wills and Clerk of Orphans’ Court at the Butler County Government Center in Butler, PA.
Important Decision-Making Authority
Another key element of estate planning is assigning decision-making authority regarding financial and healthcare matters if you become incapacitated.
Healthcare Decisions
Your advance healthcare directive will include the tools used to ensure that any end-of-life or emergency healthcare decisions made on your behalf reflect your wishes. These tools may include your healthcare power of attorney (POA) and your living will.
Your healthcare POA is a legal document that designates a trusted person to make critical medical decisions for you if you can’t. Your living will, on the other hand, is your opportunity to delineate those medical procedures, treatments, and care that you do or do not want. Together, these tools help to ensure that your preferences regarding end-of-life healthcare will guide the care you receive.
Financial Decisions
For financial decisions, you can create a financial POA, which is a legal document that names the person who will make financial decisions for you when you can’t. This should be someone who understands your financial priorities and who is both willing and able to champion them. Your financial POA has a binding fiduciary responsibility to you, which means they are required to put your financial best interests above their own.
Consult with Estate Planning Attorneys
Our capable Butler County estate planning lawyers at McMorrow Law have reserves of experience helping clients create estate plans that afford them the peace of mind they’re looking for, and we’re here for you, too. Learn more by contacting us online or by calling our firm at 412-407-2816 today.