Evey Black Attorneys logo

Hollidaysburg: 814-317-6914 

Roaring Spring: 814-317-6254

What are the essential elements of an estate plan?

On Behalf of | Sep 5, 2023 | Estate Planning |

It is never the wrong time to get your affairs in order. Whether you have recently moved to a new state, or you have experienced a similar significant change in circumstances, you may need a new estate plan to cover you. It is important to know what are the essential documents which you will need for your estate plan. Once you have the essential documents in order, you can then consider additional tools to incorporate into your estate plan.

There are three essential documents that you need in your estate plan

When you are organizing your estate plan, there are three documents that will always be a part of your estate plan. The first and most important document is your last will and testament. Your will is where you can indicate what will be done with all of your assets, as well as who will care for any minor children you may have. The reason why you need a will is because, without one, your assets will be distributed according to the rules of intestacy, or default rules of the state.

The second document which you will need is a power of attorney. This document allows you to identify an individual who is empowered to make financial and legal decisions on your behalf. There are two types of powers of attorney, the ordinary version which takes effect as soon as it is created, and the springing power of attorney, which takes effect only if you are incapacitated or otherwise rendered unable to make decisions.

The final essential document that you will need is an advanced directive, also known as a living will, a medical power of attorney or a medical directive. These operate similarly to a power of attorney, where you can designate a person to serve as your decisionmaker for medical treatment if you become incapacitated. The same person can serve to enforce both your power of attorney and your advanced directive in your estate plan.

Additional documents can be incorporated into your estate plan

Beyond the three documents outlined above, there are several other documents that might be relevant to your estate plan. The most popular would be a trust, a legal tool for holding assets either for your benefit or for the benefit of another. A trust can be created at any time during your lifetime, and a testamentary trust can be created as part of your will to control property and assets for your heirs and beneficiaries.

Other documents can include an insurance plan, a guardianship designation and a special needs trust are all other documents which may be necessary to your estate plan, depending on your situation and needs. A skilled estate planning attorney can help you determine what additional documents you need and how to structure them to best accomplish your goals.

FindLaw Network
Blair County Chamber of Commerce Hall of Fame, 2004

X

YOU MAY ONLY UTILIZE THE ONLINE PAYMENT SYSTEM TO PAY INVOICES ISSUED BY EVEY BLACK ATTORNEYS LLC.

Clients may NOT use the online payment system to pay any bankruptcy matter or inheritance tax imposed in an estate administration matter (Evey Black Attorneys LLC will not issue an invoice for these matters). Additionally, any municipal authority/township/borough sewer and/or water customer may NOT make any payment related to any delinquency for which this firm is collecting. Bankruptcy, estate administration tax matters and payments related to sewer and/or water delinquencies must be paid by cash, money order, certified bank check or personal check (personal checks in sewer/water delinquency matters or for inheritance tax payments may not be allowed in certain circumstances).

USE OF THE ONLINE PAYMENT SYSTEM IN VIOLATION OF THE ABOVE WILL RESULT IN EVEY BLACK ATTORNEYS LLC REFUNDING TO THE CREDIT CARD THE AMOUNT OF MONEY ORIGINALLY CHARGED, MINUS ANY TRANSACTION FEES EVEY BLACK ATTORNEYS LLC IS CHARGED, AND A $10 SERVICE CHARGE WILL BE IMPOSED. IN THE CASE OF A BANKRUPTCY PAYMENT, THE ENTIRE BALANCE WILL BE CREDITED AND THE CLIENT WILL REMAIN RESPONSIBLE TO PAY THE TRANSACTION FEES EVEY BLACK ATTORNEYS LLC IS CHARGED PLUS A $10 SERVICE CHARGE.

By clicking to proceed below, you are acknowledging you have read and understood the above restrictions on the use of the online payment system and agree to the charges set forth herein if you make a payment in violation of such restrictions.

PROCEED