Dorko Wealth & Estate Planning can help you explore:
- Drafting Wills - Your will is the cornerstone of your estate plan. We can help you create a will that is clear, valid, and protective.
- Living Trusts - For powerful asset protection and the potential to avoid the probate process, look no further than a living trust.
- Special Needs Trusts - This specialized category of trusts is designed specifically to meet the financial and practical needs of a loved one with special needs. Placing assets in a special needs trust can ensure your loved one is taken care of once you are gone while also protecting their eligibility for crucial government benefits.
- Living Wills- Also known as an advanced healthcare directive, this is a legal document that specifies your personal choices for end-of-life care should you become unable to communicate. This can be critical in situations where you are incapacitated as a result of an injury or serious illness.
- Healthcare Powers of Attorney- Often working in concert with a living will, this enables you to designate a "Healthcare Agent" with authority to make medical decisions on your behalf should you become unable to advocate for yourself.
- Financial Powers of Attorney - This allows you to name a trusted individual to manage your financial and/or business affairs should you become incapacitated. You can define the scope of the individual’s abilities, ranging from the ability to keep up with basic bills and payments all the way to making decisions stemming from your stake in a business.
- Estate Administration: Manage the efficient administration of your estate, handling legal procedures and responsibilities.
- Gifts & Taxes: Provide expertise in structuring gifts to minimize tax implications, allowing you to make thoughtful and impactful financial gifts.
Protect Your Assets with Proper Estate Planning
Estate planning is essential to ensure that your assets are protected and distributed according to your wishes after you pass away. Our experienced team at Dorko Wealth & Estate Planning in Wyomissing, PA can help you navigate the complexities of estate planning and create a comprehensive plan tailored to your unique needs.
Benefits of proper estate planning include:
- Ensuring your assets are distributed according to your wishes
- Minimizing estate taxes
- Avoiding probate and potential disputes among family members
- Appointing guardians for minor children
- Protecting assets from creditors
Don't wait until it's too late to plan for your future. Contact us to schedule a consultation and start protecting your legacy.
Why You Need a Will in Pennsylvania
A last will and testament, or will, is a document that allows you to make important decisions that go into effect after you pass away. These decisions are often related to your personal property and guardianship of minor children or special needs adults in your care.
Even if you place a majority of your property in a living trust (discussed below) to avoid probate, you should have a will. This will allow you to account for any details or property that your trust cannot cover.
A properly formalized will in Pennsylvania allows you to:
- Name beneficiaries to your property
- Name a guardian for your minor children or special needs adults in your care
- Appoint an executor to manage the contents of your will and the probate process
Making a Valid Will
In order for a will to be considered valid, you will need to have it properly formalized. Unlike some states, Pennsylvania does not recognize nuncupative wills (those dictated orally) or holographic wills (those entirely handwritten but lacking witness signatures).
To be considered valid and “self-proving,” a will in Pennsylvania must be:
- Composed by a legal adult (18 years of age or older) who is of sound mind
- Written or typed
- Signed and dated by the testator in the presence of two witnesses, with the testator declaring the document is their will and that they presently of sound mind
- Signed and dated by the two witnesses
A notary is not necessarily required in Pennsylvania as long as the other requirements are met.
You should select your witnesses carefully. Once you pass away, the witnesses may be called upon by the probate court to attest to the legitimacy of your will, especially if an heir disputes its validity. Should the court be unable to reach one or more of your witnesses, your will could be ruled invalid.
What Happens When You Pass Away Without a Will in Pennsylvania
Should you pass away without a valid will in place, your estate will be subject to Pennsylvania’s intestacy laws. Because you will not have named an executor, one of your surviving immediate family members will be forced to step up and serve as your administrator. A great deal of your estate will likely become “intestate property” when you die without a will. This means these assets will be divided in accordance with state law.
The following assets are shielded from intestacy:
- Those placed in a living trust
- Jointly owned property
- Life insurance benefits
- Certain financial accounts with payable-on-death clauses
Pennsylvania’s intestacy laws favor distribution of assets amongst immediate family members. In other words, your property will only be distributed among your spouse, children, siblings, or parents. Because there is no legally valid document to confirm your wishes, the state will ignore any preferences you may have had and default to the most immediately available family members.
Chances are you would not choose to divide your property as intestacy laws mandate. This is why it’s crucial you take the time to formulate and formalize a valid will. Our Berks County estate planning attorney, Jeffrey Dorko, can help assess the role a will should play as part of your larger estate plan, including how it should coordinate with a living trust and other documents.
Why You Should Consider A Living Trust
Like a will, a living trust is a financial document that allows you to decide what happens to your assets after you pass away. Unlike a will, property placed in a living trust can avoid probate. This provides several benefits, including privacy – items in probate are a matter of public record – and avoiding certain taxes.
Living trusts are also flexible and can be customized to suit your needs and goals. Funds can be released to beneficiaries in timed installments, or when certain conditions are met – such as when a minor child becomes a legal adult.
What Distinguishes Succession Planning From Estate Planning?
Succession planning and estate planning, while closely related, serve distinct purposes in securing your future and your assets. Succession planning focuses on the continuity of a business or professional practice, ensuring that leadership and ownership transition smoothly when key individuals retire, pass away, or step down. This process includes identifying successors, defining their roles, and outlining the transfer of management responsibilities to minimize disruptions.
Estate planning, on the other hand, is a broader strategy aimed at preserving your personal wealth and ensuring that your assets are distributed according to your wishes after your death. It includes drafting legal documents such as wills, trusts, powers of attorney, and healthcare directives, and it often involves planning for tax liabilities to reduce the financial burden on your heirs.
While both involve forward-thinking, succession planning is typically geared toward business continuity, whereas estate planning centers around personal wealth transfer. An attorney can guide you through both processes, ensuring your personal and business interests are protected. For experienced guidance, reach out to Dorko Wealth & Estate Planning to schedule an appointment with a skilled estate planning lawyers near you serving Berks County.
We Can Help You Plan For Your Future
Although it can be difficult to approach estate planning at first, taking proactive steps to safeguard your assets will give you and your family the peace of mind you deserve. Attorney Jeff Dorko and our team at Dorko Wealth & Estate Planning can help you prepare for life’s eventualities through proactive and innovative legal solutions.
You should never delay in taking steps to form an estate plan. We can work with you to define your long-term goals, identify any potential vulnerabilities in your existing planning, and help avoid common estate planning pitfalls. Attorney Jeff Dorko understands both the pragmatic and emotional importance of an estate plan. He makes sure you understand the extent and implications of your legal options as you approach your plan.
Contact Our Berks County Estate Planning Lawyers
Secure your family's future and protect your legacy with the assistance of our dedicated Berks County Estate Planning Lawyer. Schedule a consultation with Dorko Wealth & Estate Planning today to embark on the journey of creating a comprehensive estate plan that provides peace of mind for you and your loved ones.
Dorko Wealth & Estate Planning is your trusted partner for comprehensive and personalized estate planning services in Berks County. We understand that planning for the future involves careful consideration of your assets, family, and individual wishes. Our experienced Berks County estate planning lawyer is committed to providing expert guidance and tailored solutions to help you navigate the complexities of estate planning with confidence and peace of mind.
Commonly Asked Questions
Why is estate planning important for seniors?
Estate planning is crucial for seniors to ensure their assets are protected, their
healthcare wishes are known, and their loved ones are provided for after they pass away.
What is the role of a healthcare power of attorney?
A healthcare power of attorney allows you to designate someone to make medical decisions
on your behalf if you become unable to do so. It ensures your healthcare preferences
are followed.
What legal documents are essential for seniors to have in place?
Seniors should have a will, healthcare power of attorney, living will, and financial
power of attorney to ensure their wishes are followed in various aspects of their
life and estate.
Helpful Resources
Schedule an initial consultation for our estate planning services by calling (610) 957-0018or contacting us online.
