A will is the foundation of most estate plans, but it only covers what happens after you pass. For National Estate Planning Month, we asked Jaron P. Castranio, an Associate with the firm, what other documents he recommends having. A South Central Pennsylvania native, Jaron advises clients on trust, estate, and business planning, with experience in asset protection, tax planning, and charitable giving.
“A will covers what happens after you pass, but just as important are the documents that protect you while you’re living. A financial power of attorney, a health care power of attorney, and a living will make sure someone you trust can step in if you’re ever unable to make decisions yourself.”
Here’s a closer look at each one:
Financial power of attorney. This names someone to manage your finances on your behalf, such as paying bills, handling bank accounts, and dealing with property. Without one, your family may have to petition the court for guardianship, which takes time and money.
Health care power of attorney. This names the person you trust to make medical decisions for you if you can’t communicate them yourself.
Living will. A living will puts your wishes for end-of-life care in writing, so your loved ones aren’t left guessing during an already difficult time.
Beneficiary designations. Retirement accounts, life insurance policies, and some bank accounts pass directly to the beneficiaries named on the account, regardless of what your will says. Reviewing these regularly keeps everything working together.
Depending on your situation, a trust may also make sense. It can help avoid delays, provide for a loved one with special needs, or manage how assets are distributed over time.
If you’re not sure whether your plan covers more than just a will, Jaron and our estate planning team can review what you have and help fill in any gaps. Contact any of our offices in Lemoyne, Lancaster, Lewistown, or Wyomissing to schedule a consultation.