Estate planning is not just for very wealthy people. If you own a home and have children or other loved ones you want to leave money or property to when you die, estate planning can give you control over your assets. Estate planning can also help you reduce the tax burden on your heirs and provide guidance and financial support for the care of minor or disable children. No matter how extensive your assets or your estate planning goals, a Lawyer in York PA can help you design an estate plan that will meet the needs of you and your family.
A last will and testament is one of the most popular estate planning documents. A will can provide directions for the division of your assets and the settlement of your debts. This document can also name a guardian for your minor or disabled children. While wills have a purpose in estate planning, they are very limited in power and should only be a small part of the plan. For example, some assets, such as retirement accounts, life insurance policies and money in bank accounts, cannot be transferred through a will. These assets are passed to the person listed on the beneficiary designation form. As part of your estate planning, check these designations annually and change them if you no longer want your assets transferred to the name on the form.
Parker Law Firm P.C. can help you add a revocable trust to your estate plan to give you more control over your assets. A trust gives you the option of avoiding probate and transferring assets directly to your heirs. Trusts are often used as a way to reduce some taxes and provide a less expensive way to leave assets to your loved ones than probate. With a trust, you can leave directions for the distribution of your assets. You will have the flexibility to time distribution of assets or make distributions conditional on events such as graduation from college or marriage. A trust cannot be used to designate a guardian for minor children. Your Lawyer in York PA can help you write provisions for care of your dependents in a will.
