What is an estate plan?

An estate plan is a set of documents that allow an individual to determine how their property and assets are handled upon their death. Estate plans can vary greatly depending on the individual’s financial and family situation. Generally speaking, an estate plan in Pennsylvania will include a will, a power of attorney, a living trust, and possibly a health care directive. A will is a legally binding document that details an individual’s wishes regarding the distribution of their assets and possessions upon their death. This document should clearly specify who should receive what type of inheritance. Additionally, wills in Pennsylvania may include instructions related to funeral arrangements and the appointment of guardians for minor children. A power of attorney is a document that a person may use to grant another individual the authority to make decisions on their behalf, such as financial and medical decisions. This document should include a specific list of activities and tasks for which a person has given power of attorney. A living trust is a legal document that allows an individual to avoid probate court when their assets are transferred after death. It allows an individual to specify who will receive their property and assets without having to go through the long and expensive process of probate. Lastly, a healthcare directive allows an individual to specify what medical treatments they would like to receive if they become incapacitated. It gives family and medical providers instructions regarding life-sustaining treatments and other medical decisions. In conclusion, an estate plan in Pennsylvania is a set of legally binding documents that outline an individual’s wishes regarding their assets, medical decisions, and guardianship of minor children after their death.

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