More on Trusts: Are They Right For Me?

Your Complete Guide to Estate Planning – CHAPTER 3

In discussing essential documents in Chapter 1 of our Complete Guide to Estate Planning, we took a brief look at trusts and gave some basic information about how these arrangements can be confusing or problematic. There are a vast number of different types of trusts, and unfortunately, they are often marketed and sold to individuals who do not actually need them to accomplish their estate planning goals.

Today’s post digs a little deeper into what distinguishes a few of the different types of trusts from one another so you can begin to understand whether you might want to include a trust in your unique estate plan to account for a specific financial goal. One word of caution, however—setting up trusts is not something you should attempt without guidance from a seasoned estate planning attorney. Taking a DIY approach to estate planning, and especially to establishing trusts, will likely create problems for your loved ones later, and can also easily result in greater ongoing tax expenses for the rest of your life.

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Understanding Power of Attorney and What It Means For Estate Planning

Your Complete Guide to Estate Planning – CHAPTER 2

As we touched on in the previous chapter of our Complete Guide to Estate Planning, power of attorney (POA) is an essential estate planning document that gives a trusted individual or individuals, which you designate, the power to act on your behalf.

These designees are referred to as your “agents” or “attorneys-in-fact,” and they can take any action specified in the document such as managing your general affairs if you are unable to do so, or simply completing a single project for you, like selling your home. POA designations are flexible and can be shaped to accommodate a variety of circumstances.

Have you been wondering whether designating a power of attorney for yourself or a loved one is a good idea? Or perhaps someone close to you has asked you to take on this responsibility for them?

As part of our ongoing post series, comprehensive estate planning information is right here on our blog to make navigating the ins and outs of estate planning in Pennsylvania easy and worry-free. Today’s post offers a closer look at power of attorney designations, why they’re important, and how you can set up clear and effective POA documentation for greater peace of mind.

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