Preserving Your Estate for the Future
Protecting your personal wealth is one of the most important decisions you’ll ever make and will impact the peace of mind you and your family or loved one have. As you age, you likely are increasing your assets and savings. Without good protections in place, all those assets are at risk of being lost or mismanaged if you suddenly die or become incapacitated and do not have a plan in place. Estate preservation is a good thing for anyone to consider, and a Bucks County estate business attorney can help.
What Is Estate Preservation?
Estate preservation is a legal process that has been designed to help individuals manage and protect their personal, financial, and philanthropic wishes. The guidelines set up in an estate preservation plan are there to ensure that final wishes are known and carried out after death. What estate preservation entails depends on a case-by-case basis, as factors such as age, health, wealth, lifestyle, life stage, goals, and many other factors will change how you approach and set up your estate plan.
It’s important that you have the right insurance coverage and a professional legal check of your estate preservation plan to ensure everything is in order. This is important because there is an increased risk of something happening to you as you get older.
For example, the costs of nursing home care and medical care bills can quickly skyrocket to thousands of dollars per month. And worst of all, many insurance plans and even Medicare will not cover these expenses. That is a substantial financial burden you might be saddled with, and having your assets protected and planned out will give you one last thing to worry about.
There are three parties that can get your estate at the time of your passing or a ruling of incapacity:
- Beneficiaries – you name a specific family member or individual you wish to leave your estate to financially help them pay for your final expenses or help them with their own expenses.
- Charity – You can leave some or all your estate and assets as a charitable gift to your favorite nonprofit and a charitable donation so you can do something good with your final days.
- Government – If you have not established an estate preservation plan, you run the risk of a large portion or maybe even all of your estate ending up with the government.
If you want to protect your assets and have your final wishes carried out, you need to consult with a Bucks County estate business attorney. Olen Law Office will assist you with protecting your estate and help you with your preservation plan and implementation. Call us today to set up an appointment and get started with your estate preservation.