Estate planning allows you to ensure that your assets are distributed according to your wishes after your death, but it does much more than just that. A comprehensive estate plan can help you lower your tax liability, make known your wishes for medical treatment, and even designate guardians for your children or pets.
The world of estate planning is difficult to navigate — and it’s often emotionally charged as well. The Norristown, PA, estate planning lawyers at Petrelli Previtera, LLC, are here to help you prepare for the future, secure your finances, and give yourself and your loved ones priceless peace of mind.
If you have questions about the process or are ready to get started, get in touch with our team to schedule a consultation today.
How Our Norristown, PA, Estate Planning Lawyers Can Help You
No two estates are exactly alike, which is why we don’t believe in cookie-cutter estate plans. Our attorneys will take the time to get to know you and craft a personalized plan that meets your unique needs.
Here are some of the specific services we offer that may become part of your plan:
Wills
Your will is the backbone of your estate plan. Most people know that a will allows you to specify which of your assets go to which beneficiaries, but your will can include many other requests and key pieces of information, such as:
- A comprehensive list of all your assets
- Provisions for how your outstanding debts should be paid
- Contingency plans in case your chosen beneficiaries die or otherwise can’t inherit
- Instructions for your funeral and burial
- Who you want to be the executor of your estate
- Who you want to serve as the guardian of your minor children
- Who you want to take care of your pets
Your will can (and should) evolve over time as your life situation changes. Our Norristown, PA, estate planning lawyers can help you keep it and the rest of your estate plan up to date.
Trusts
Trusts are a common estate planning tool, but you may not understand just how many types are available and how each one can benefit you and your family. Here’s a small sampling of some of the types of trusts you might choose and how they may help you:
- Marital trusts allow all of your assets to pass to your spouse after your death
- Life insurance trusts let your loved ones avoid taxes on your life insurance payout
- Charitable remainder trusts provide a stream of income while supporting a charity of your choice
- Special needs trusts help you support a disabled loved one
If you’re interested in creating a trust but aren’t sure where to begin, our team can help you understand your options and make an informed decision.
Ready to discuss your estate planning needs? Please contact Petrelli Previtera at 215-645-4297
Powers of Attorney
When you designate a power of attorney, you give a trusted individual the authority to act on your behalf if you’re unable to. For example, if you’ve designated a financial power of attorney, they can pay your bills and otherwise handle your financial affairs if you fall into a coma.
There are many different types of power of attorney, and you can create one as broad or narrow as you wish. A power of attorney can allow someone to make financial, business, healthcare, and other decisions on your behalf.
Living Wills and Advance Directives
If you have a medical power of attorney, you’ve given someone you trust the authority to make medical decisions for you if you’re incapacitated. However, creating a living will (also known as an advance directive) can give both you and your designated agent additional peace of mind.
A living will is a document that outlines your preferences regarding critical medical care. For example, in your living will, you might specify that you don’t wish to be kept on a ventilator if you can’t breathe on your own.
Living wills are deeply personal documents, and they can be uncomfortable to create. Our Norristown, PA, estate planning lawyers can guide you through the process and help you set up a living will that clearly states your preferences and will stand up to scrutiny if challenged in court.
Probate and Estate Administration
Probate is the formal process by which a deceased individual’s estate is settled in court. It can be drawn out and expensive, and it’s also a matter of public record.
If you’ve been tasked with administrating a loved one’s estate, navigating the probate process can feel like a nightmare, especially if you’re already grieving. Our attorneys have years of experience seeing estates through probate, and we can offer critical guidance and support during this challenging time.
How to Choose the Right Estate Planning Lawyer
If you’ve already begun looking for an attorney to help you create an estate plan, you know you have plenty of Norristown, PA, estate planning lawyers to choose from. How do you select the one who’s best for you? Here are some key attributes to look for:
- Extensive experience with estate planning
- Positive client reviews
- A pricing model that won’t hurt your finances
- A communication style that works for you
- A personalized approach
Not sure our firm is right for you? We encourage all potential clients to set up an initial consultation with us to determine whether our services are the best fit for their needs.
Frequently Asked Questions About Estate Planning
These are some of the questions our Norristown, PA, estate planning lawyers receive most often from prospective clients:
Don’t I Only Need an Estate Plan if I Have Considerable Assets?
This is an unfortunately common misconception. While someone of considerable means may have a more complex plan, everyone — regardless of wealth or economic status — can benefit from having a well-devised estate plan in place.
Can’t I Just Print Out a Will Online?
You can, but pre-formatted wills aren’t tailored to your unique situation. The language employed is often vague enough to cause problems with interpretation. And depending on how you create an online will, it may not be legally enforceable, making it effectively worthless.
What if I Die Without an Estate Plan?
If you pass away without an estate plan, state law dictates how your assets will be distributed. The outcome might not align with your wishes or those of your loved ones.
What Kinds of Documents Are Included in an Estate Plan?
Most estate plans include a will, a living will (or advance directive), and powers of attorney. Depending on your needs, your estate plan might also contain one or more trusts.
Work With a Trusted Team of Norristown, PA, Estate Planning Lawyers
Many people make the mistake of thinking that creating an estate plan is as simple as typing up a will. However, a truly comprehensive estate plan will create security for you and your family both now and in the future.
We understand that the process of creating an estate plan can be confusing if you don’t have a legal background. That’s why our Norristown, PA, estate planning lawyers are committed to making the process as simple and frictionless as possible.
We firmly believe that estate planning is for everyone. No one is too wealthy, too financially insecure, too young, or too old to have a customized estate plan. If you’re interested in learning more about the many advantages a robust estate plan can offer you, contact Petrelli Previtera, LLC, today to book your consultation.