Scranton Estate Planning Lawyer
Our Scranton Estate Planning Lawyer Helps You Plan for the Future
Thinking about one’s own mortality is never easy to do. But having a plan for the future, and what will become of your estate and how you will provide for your loved ones when you’re no longer here, is important. At the law offices of Ernest D. Preate, Jr. Esquire, our experienced Scranton estate planning lawyer can help you to prepare for the unknown and the inevitable.
The Basics of an Estate Plan – What’s Included
A thorough estate plan will address various aspects of a person’s life and estate, including how their assets will be divided, how creditors will be paid, who will be the executor of the estate, whether or not assets will be held in a trust, how estate taxes can be mitigated, and a person’s healthcare-related and end-of-life plans and preferences. In order to account for these myriad elements, Attorney Ernest D. Preate, Jr. encourages clients to consider the creation of following estate planning documents, at the very least:
- Living wills/advance directives;
- Financial powers of attorney; and
- Healthcare powers of attorneys.
In addition to the basic estate planning elements listed above, our lawyer can also help you to understand things like life insurance policies, retirement accounts and pensions, Social Security benefits, and taxes.
Everyone Needs an Estate Plan
Contrary to popular belief, nearly everyone in Scranton should consider creating an estate plan, especially if they have valuable assets or property, are married or are a primary provider for a beneficiary, or have children. If you do not create an estate plan, then at the time of your death, your assets will be subjected to Pennsylvania’s rules of intestate succession, which will divide your property according to statute rather than per your wishes or the wishes of your surviving loved ones. Further, if you have any minor children and you and your children’s other parent both die, the failure to have a will that names a guardian can result in a confusing and emotional ordeal where a guardian must be named by the court.
Why Work with a Scranton Estate Planning Lawyer
Creating an estate plan that is comprehensive and that protects your and your loved one’s best interests can be difficult to do, and is a process that is made even more complex by complicated familial relations, numerous assets or high net worth individuals and properties, and changing tax laws. When you work with a Scranton estate planning lawyer, your lawyer will be responsible for managing all legal elements of estate plan formation, explaining to you your options and the different elements of an estate plan, and working with you to create an estate plan that serves your best interests. Keep in mind that an estate plan can be amended over time as things in your life change, providing you with flexibility in the future.
Call Our Scranton Estate Planning Lawyer Today
To learn more about the various elements of an estate plan and how to start creating one today, please call our experienced estate planning lawyer in Scranton, Ernest D. Preate, Jr. Esquire. Attorney Ernest D. Preate, Jr. has decades of experience and a developed understanding of estate planning laws.