We often associate estate planning with the process of preparing for our golden years. However, estate is simply the legal term used to describe your property and personal assets. Estate planning doesn’t just mean planning for retirement. It means working with dedicated Franklin County and South Central Pennsylvania estate planning lawyer Alexandra M. Sipe to reduce your taxes, protect your assets through trusts, and save for your children’s future. Discuss the benefits of estate planning at any age with her today by calling (717) 413-7746 or connecting with her online. Alexandra M. Sipe proudly serves counties throughout South Central PA including but not limited to: Cumberland, Adams, Perry, Franklin, Fulton, Bedford, Lancaster, Somerset, Juniata, and Huntingdon Counties.
Understanding the Estate Planning Process in Franklin County, PA
No two families are the same. Every individual has different assets, heirs, and long-term goals, which is why a reputable estate lawyer will tailor each estate plan to your unique needs. The estate planning process begins with an initial consultation during which your attorney will discuss your goals and review your assets. From there, she will draft a strong estate plan for your family that might include all or some of the following:
Wills
Most estate plans start with a will (last will and testament). This legally binding document, which must be drafted and executed according to Pennsylvania’s specific wills laws (20 Pa. ch20 Code § 2051, et seq.), protects your estate when you pass. An estate lawyer in Franklin County might help spouses draft reciprocal wills and provide for your preferred heirs, overriding the Commonwealth’s default estate distribution laws. Inheritance laws are very state-specific, and it’s important to work with a qualified Pennsylvania trust and estates lawyer to ensure you’re executing a valid document.
Trusts
Trusts are a complicated legal tool that can protect your assets, prevent family disputes, and may even save you money on taxes. Putting your assets in trust takes them out of your name, but you might still retain full control of the money or property as the sole trustee. Pennsylvania recognizes many types of trusts, but the most common are the following:
- Charitable trusts
- Living revocable trusts
- Testamentary trusts
- Animal and pet care trusts
- Irrevocable trusts
By placing your assets in a trust it bypasses the estate distribution process and can immediately provide for the care of family members, farms and animals in Franklin County and throughout South Central PA.
Powers of Attorney
There are two key types of power of attorneys: financial and healthcare. Every individual over the age of 18 should have both types. When working with an experienced estate planner such as Alexandra M. Sipe, the healthcare powers are distinguished in three categories:
- Healthcare Power of Attorney: which enables your appointed agent to make medical decisions if you are unable to communicate your wishes.
- Living Will: Enables your appointed agent to enforce your end-of-life decisions when you have a terminal diagnosis or vegetative state and are unable to communicate.
- Mental Health Power of Attorney: this document provides for your treatment wishes regarding a mental health diagnosis but also grants your agent authority to consent to experimental treatments.
Having a decision maker appointed under these powers of attorney not only ensures your wishes during your lifetime are fulfilled but provides continuity for your business and farm operations.
Benefits of Creating PA Estate Plans for Seniors
A compassionate estate planning lawyer capable of practicing in Bedford might help retirees develop estate plans to protect their assets in the event they require long-term care. This could involve drafting a will, executing powers of attorney or moving the family home into an irrevocable trust to protect it from long-term care and medical liens. While estate planning is beneficial for everyone, seniors should consider working with an elder law attorney to protect what they’ve saved for their children.
Franklin County Estate Planning Attorney
Whether you need to protect a family farm in Lancaster or have concerns about the healthcare needs of elderly parents, discuss creating a unique estate plan for your family with dedicated South Central Pennsylvania estate planning lawyer Alexandra M. Sipe today by calling (717) 413-7746 or connecting with her online.
Alexandra M. Sipe is honored to assist clients across Central Pennsylvania, serving communities in Cumberland, Adams, Perry, Franklin, Fulton, Bedford, Lancaster, Somerset, Juniata, and Huntingdon Counties. Wherever you are in these areas, you can count on our attorney to deliver trusted, personalized legal support right in your community.