Top Estate Planning & Probate Attorney Ashley Sharek Shares Checklist For A Robust Estate Plan – Warrendale, PA

Leading Estate Planning & Probate Lawyer Ashley Sharek founder of Entrusted Legacy Law, in PA, provides crucial advice for creating a strong estate plan and highlights the key components. For more information please visit https://www.entrustedlegacy.law/

Warrendale, Pennsylvania, United States – April 2, 2024 —

An estate plan that will stand the test of time has to be flexible to reflect the changing times of a person’s life, advised Estate Planning and Elder Law Attorney Ashley Sharek this week.

For more information please visit https://www.entrustedlegacy.law/

She said the starting point for any plan is to draft a will or trust that addresses the critical components of how assets should be divested to beneficiaries. Sharek, the Founder of Entrusted Legacy Law in Warrendale, urged that the wording of the documents must convey a person’s wishes.

Any plan must have a power of attorney and executor, enabling a trusted person assigned by a family member, spouse, or attorney to act in their interests and ensure estate details are followed to the letter. 

“Without a power of attorney, a court could be forced to assign someone to consider what happens to your assets instead,” Sharek pointed out. If circumstances change, it is ideal to have a backup or contingent executor or beneficiary.

Additionally, ensure all insurance policies and retirement plans have named beneficiaries.  

A letter of intent – one left to an executor about any assets or funeral arrangements – should be included, as this will help if there is a challenge in asset distribution.

Where children are minors, an estate plan should carefully set out their futures regarding who should care for them legally and how they should be financially provided for out of the estate. To ensure they are never left in the care of strangers, it’s crucial to name both long-term and short-term legal guardians.

Sharek said: “An estate plan should also be backed up with financial and medical power of attorneys. A financial power of attorney will allow an executor to act on the principal’s behalf in financial matters. 

“An agent should also be assigned to make healthcare decisions if a person becomes incapacitated and can no longer make decisions independently.”

She said the plan should also include a living will that details a person’s wishes regarding their medical treatment if they can no longer make their wishes known. This applies if a person has been incapacitated and is likely to die.

Using a Trust as the primary vehicle to distribute assets during incapacity and after death allows a person to design a custom plan for what happens to their assets far into the future. It also ensures their assets are carefully managed and protected. They can do this by creating contingencies and incentives in a Trust that encourage heirs to behave in specific ways.

Sharek said that once an estate plan is created with the help of a professional Estate Planning and Elder Law attorney, a person should review the details at least every three to five years. This will ensure they align with their current circumstances and the changing dynamics of their life.

She added: “An estate plan contains many streams of information and documents. But ticking off this essential checklist will give you peace of mind. It is also advisable to speak to beneficiaries about your plans and intentions so they are fully aware.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Ashley Sharek
Email: Send Email
Organization: Entrusted Legacy Law
Address: 105 Maple Dr, Warrendale, PA 15086, United States
Phone: 412-776-6758
Website: https://www.entrustedlegacy.law/

Release ID: 89125954

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