(717) 232-5000
Estate planning may sound lofty, but it’s a crucial legal tool that enables you to safeguard your financial legacy, whether expansive or modest, in support of your loved ones. The effort you put into estate planning now reflects how important your family is to you. When it is implemented at the time of your passing, it will help ensure your wishes are upheld and your loved ones are spared additional complications. Our experienced attorneys in Lancaster, PA, are here to assist you throughout the process.
The Probate Process
The probate process refers to the legal procedure through which a decedent’s estate is administered by an executor whom either the decedent or the court has appointed. The court supervises the process, and the following matters are resolved:
- Verify the decedent’s will
- The decedent’s final debts are wrapped up
- Any of the decedent’s assets not addressed by financial tools that bypass probate are distributed according to the decedent’s wishes
Probate generally slows the process of finalizing estates and tends to be more costly for the decedent’s heirs. The results of probate can also potentially be contested, and the process offers little privacy. Ultimately, there are several important reasons why investing considerable effort in minimizing your probate needs now, which may include setting up trusts, will serve your family’s best interests in the long run.
Your Will
It’s essential to note that while wills do go through the probate process, this doesn’t mean you don’t need a will. Your will is your opportunity to make your wishes regarding the distribution of your assets very clear, to address the distribution of any assets that may not have been included in your last estate planning update, to help move your estate smoothly forward toward finalization, and to address the matter of guardianship for any minor children.
In Pennsylvania, including a self-proving affidavit with your will can expedite the probate process by streamlining verification. This requires you and two witnesses to sign the affidavit in the presence of a notary, who will make it official by affixing their stamp.
Trusts
The assets that you include in a trust will be distributed to your named beneficiaries according to your wishes when the time comes, and in the process, the assets bypass probate. There is a wide range of trusts that serve many financial needs, but a revocable living trust allows you to continue managing the included assets during your lifetime and to alter or even dismantle the trust at any time.
Talk to a Skilled Estate Planning Lawyer Today
Our firm serves Lancaster, PA, and the surrounding areas, addressing a range of estate planning needs. We dedicate our practice to providing valued clients like you the peace of mind that comes from knowing they’ve taken the necessary steps to help protect their heirs for the future. Learn more by contacting us online or calling (717) 232-5000 today.