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Drafting your last will and testament is most likely at the end of your summer to-do list. In fact, for most American
families…it is even on the list.
The American Bar Association reports that 55 percent of Americans do not have a will or other estate plan in place when they die. Rocket Lawyer, an online legal service provider, says that the statistics are about the same for families. According to one survey they completed in 2014, Rocket Lawyer says more than half of American families with children do not have a will.
The reason most Americans said they didn’t have a will, according to the survey: “They just haven’t gotten around to making one.”
A recent article in the Denver Post argues that the consequences for procrastinating can be devastating. One expert argues, “There is no guarantee who will inherit your assets. You also put your children at risk of being placed in Child Protective Services or in the custody of someone you may not feel is fit to fill your parental shoes”.
Estate Planning offers greater protection than wills as it allows families to set up a durable power of attorney for both medical and financial decisions, as well as, allowing families and individuals to clearly define who will inherit their assets.
Read more on this topic at The Denver Post.
Estate planning is for the elderly. It is for people who are sick and need to plan for the inevitable. Estate planning is for the wealthy, families who actually have an estate. Wrong! Estate planning is important for everyone. People don’t want to think about what happens in the event of an accident, illness or untimely death. Often it is demoted to the end of the extensive “to do list”…. this, however, is dangerous territory.
Accidents, illnesses and situations which are completely out of our control happen every day. Following a diagnosis of an illness or serious accident – it can be difficult, or even too late, to make decisions. Estate planning allows individuals, families and loved ones to make clear decisions and to communicate their wishes before a devestating diagnosis, accident or death occurs. Jenco Law Group, P.C. offers our clients one-on-one representation, taking the time to clearly identify and discuss various estate planning components including a will and health care power of attorney.
In Pennsylvania, a will is an instrument by which a person makes a disposition of property to take effect at death. The will should address all property, not just what is located in Pennsylvania. A will can be “simple”, which means that it simply says all assets that you own pass to someone else or it can be more complex, such as forming a trust for a minor child. Jenco Law Group, P.C. can assist you with creating a trust for a minor child, as well as, designing a will to meet your unique estating planning needs.
A health care power of attorney delegates a spouse, family member or friend to make health care decisions for you in the event that you are unable to do so. This document is also referred to as a health care proxy, appointment of a health care agent or durable power of attorney for health care. A durable power of attorney, however, only covers financial matters.
Jenco Law Group, P.C. offers affordable rates for estate planning and a free consultation. Don’t wait until you receive a diagnosis or a dreaded phone call. Estate Planning offers your the ability to protect your assets and clearly communicate your desires to those you love. Want to learn more? Visit or Estate Planning page or contact us to schedule a free estate planning consultation.
