The Surprising Connection Between Health and Estate Planning

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Entrusted Legacy Law

For more information about the author, click to view their website: Entrusted Legacy Law

Posted on

Jul 15, 2024

You already know that taking care of your health allows you to prolong your life and enhance your quality of life. But have you given serious thought to how your health directly impacts your future? Your legacy? The ones you love the most? 


What we’re talking about here is estate planning, and it’s every bit as important as your physical health. I know, I know, it could sound weird to equate health with estate planning but hear me out. By the end of the article, the connection will be clear. 

 

The Link Between Your Health and Estate Planning


Estate planning often brings to mind wills, trusts, and other legal paperwork, and in fact, that’s maybe what you initially thought when you read the title of this article. However, I want to challenge that assumption with this: the documents are merely the byproduct of estate planning. 


You may be thinking, how are documents the “byproduct” of estate planning? Here’s what I mean.


Estate planning is all about ensuring your wishes are honored if you become incapacitated so you can live and die with dignity. It’s also about ensuring that the people you love most will know you loved them, that they’re cared for when you’re gone in a way you cared for them while you lived, and that you’ve removed all the pain, potential conflict and expense they will have to endure if you have no plan in place. Estate planning supports your loved ones to grieve in peace rather than face a long, expensive court process or confusion regarding how to find your assets or understand what to do when you are gone. 


Estate planning is also about leaving a legacy. Contrary to what you may be thinking - that legacy is not only related to money and reserved for the wealthy and philanthropic - legacy is about the mark you make on those you hold most dear. It’s about defining your humanity and what you stood for. Putting your affairs in order now so your loved ones don’t have to deal with a mess later is a legacy, too. Making it clear that you loved your family is a legacy. 

What about health? How does your health connect with estate planning?


Your health plays a significant role in shaping your preparations for the future in general, and how you structure your estate plan in particular. I want to first say that while “health” can refer to mental health, emotional health and spiritual health, and all are important, we’ll focus on physical health here. 


So let’s take a look at the direct link between your physical health and estate planning. You’ll come to see that by prioritizing your physical health, you can not only enjoy life with more ease, but also avoid complications in your estate planning. 


Longevity and Retirement Savings. Your physical health has a direct impact on your lifespan, which in turn affects how long your retirement savings need to last. If you maintain good physical health, you’re likely to live longer (yay!) and will need a more extensive plan regarding your assets, for your longer life.


Healthcare Decisions. Consider the potential need for long-term care. Alzheimer's or dementia could require long-term care solutions that you may or may not choose. In your estate plan, it’s crucial to not only make sure you’re financially covered for these possibilities, but to also ensure you’ve made it clear how you want to be cared for, if you cannot make decisions for yourself. There comes a point in time at which it’s too late for you to make your wishes known and given that you are reading this … now is the time to document what you would choose, if you could not choose.


This is why you need a healthcare power of attorney, or a living will in your plan. These are documents that designate the person (or people) you choose to make medical decisions on your behalf if you’re unable to do so. Your designated healthcare agent (or agents) will not only ensure that your healthcare preferences are respected but will also align your medical treatment with your personal wishes. Without these documents in place, a judge (i.e., a complete stranger) could appoint someone to act on your behalf. Maybe even someone you don’t trust or wouldn’t want making decisions for you. Or, in a worst-case scenario, a judge could even appoint a professional conservator who could drain your estate financially.


Disability and Its Impact. Poor health can sometimes lead to disability, affecting your ability to manage your own affairs. Including a disability clause in your estate plan ensures that your assets are managed according to your wishes, even if you’re not able to oversee them personally. A revocable living trust can be particularly useful here, as it allows your chosen person or entity to manage your affairs without the need for court intervention. Again, without a plan in place, a judge will make decisions for you, and those decisions may not be what you want.


Having gone through the potential consequences of not prioritizing your physical health and its direct link to your estate planning, let’s turn to practical steps you can take now to make sure you and your family don’t have to experience any negative consequences.

 

Practical Steps to Integrate Health and Estate Planning


Unless you’re already incapacitated and can’t make decisions for yourself, know that it’s not too late to take action. It’s not too early, either. Death and incapacity don’t discriminate based on age. When you face that fact, and then plan accordingly, you can live life with more ease, more joy, and less stress. Truly.


So, if you haven’t planned for the future, here are some practical steps you can take now:


Schedule Regular Check-Ups. It may seem obvious, but regular medical examinations are vital. They not only help in detecting illnesses early but also provide a clear picture of your health, which, as we’ve discussed above, is crucial for accurate estate planning. If you discover a new health condition, you can plan accordingly when you’ve caught it in time. If not, it could be too late to get your plan in place.


Update Your Estate Plan Regularly: As your health changes, so should your estate plan. Make it a habit to review and update your plan on a regular basis or whenever there is a significant change in your health. As an Estate Planning Attorney, I can not only help you get your initial plan in place, but with a unique process I use called Life & Legacy Planning, I will always include a free review of your plan at least every three years. This ensures your plan works because it will be updated as your health, life and assets change over time. Without updates, your plan will fail, sending your family to court and increasing the probability of conflict. 


Discuss Your Plans Openly: Talk with your family about your healthcare wishes and how they relate to your estate plan. Taking this courageous, and maybe uncomfortable, step, makes a big difference when it comes to decreasing the likelihood of conflict in your family. Make sure to discuss your preferences for end-of-life care, which can create conflict in your family if you haven’t clarified your wishes. 


Consult A Professional Who Has Your Best Interests in Mind: I approach estate planning from a place of heart, always keeping your best interests, and by extension, your loved ones’ best interests, in mind. I not only help you to get your plan in place, but also help you keep your family out of court and conflict, so your legacy is one of love and care. I can also help you navigate difficult discussions with your family about your wishes, so you can feel confident knowing you’ve done all you can to preserve the family bonds.

 

How We Support You and Your Loved Ones


As an Estate Planning Law Firm, we recognize the integral connection between your physical health and your estate planning needs. Our commitment goes beyond mere legal documentation; we aim to ensure your life's work and values are preserved with dignity and clarity. By understanding the specific challenges and opportunities that arise from your health, we tailor estate plans that not only protect your assets but also your well-being and your family's future. 


Contact Entrusted Legacy Law at 412-547-9855 or click here to schedule a complimentary 15-Minute call.

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This process is essential for: Proving the validity of a will Appointing an executor (if there is a will) or an administrator (if there is no will) Inventorying and appraising estate property Paying outstanding debts, estate taxes, and creditors Distributing assets as directed by the willor by Pennsylvania intestacy laws if no will existsIn Pennsylvania, if a deceased person owned real estate or assets solely in their name, their estate must go through probate before assets can be legally distributed.The Downsides of Pennsylvania Probateand What You Can Do NextMany residents in Allegheny County, Butler County, Beaver County, Washington County, and Westmoreland County have heard that probate is a lengthy, expensive, and public process. Unfortunately, this is truewithout proper estate planning, probate can be costly and time-consuming.The best way to avoid probate in Pennsylvania is to plan ahead using strategies such as revocable living trusts, beneficiary designations, and joint ownership structures. However, if you are already in a position where probate is required, the best thing you can do is educate yourself and seek experienced probate legal assistance to complete the process as efficiently and cost-effectively as possible.How Is a Probate Case Started in Pennsylvania?Probate can be initiated by any beneficiary or creditor, but most often, the process begins when the Executor named in the will files the original will and a petition with the Pennsylvania probate court.If there is no will, a close relative of the deceased (such as a spouse, child, or sibling) typically files the petition to become the Administrator of the Estate.Choosing the Executor for a Pennsylvania EstateIf a valid will exists, the individual named as Executor will handle the probate processif they are eligible and willingIf no Executor is available or no will exists, any interested party (such as a family member) can petition the Pennsylvania Orphans' Court to be appointed as the Administrator of the Estate.Executor Compensation in PennsylvaniaUnder Pennsylvania probate law, Executors and Administrators receive compensation based on a percentage of the total probate estate value. This is designed to fairly compensate them for their time and effort in managing estate matters.However, Executors can be held personally liable for any mistakes made during the process. Given the complexity of Pennsylvania probate rules, its critical to work with a skilled probate attorney to avoid legal pitfalls.Do You Need to Go Through Probate If a Trust Exists?In most cases, no. If the deceaseds assets were properly titled in the name of a trust, probate is not required. Instead, the successor trustee will work with an estate planning lawyer to administer the trust and distribute assets.However, many families are surprised to learn that simply having a trust does not guarantee that probate will be avoided. Common mistakes include: The trust was not updated over time to reflect new assets. The decedents assets were never properly transferred into the trust.To ensure your estate plan works as intended, its important to work with an estate planning attorney who provides ongoing trust maintenance and reviews.Which Assets Are Subject to Probate in Pennsylvania?Assets that must go through probate include: Real estate, bank accounts, or investments owned solely in the deceaseds name Personal property and valuable assets without a beneficiary designationAssets that bypass probate include: Jointly owned property with Right of Survivorship Bank accounts or investment accounts with Transfer on Death (TOD) or Payable on Death (POD) designations Life insurance policies and retirement accounts with named beneficiariesHowever, some assets that normally bypass probate can still become subject to the process under certain circumstances. Consult with a Pennsylvania probate attorney to determine if probate applies to your specific situation.How Pennsylvania Intestacy Laws Distribute an Estate When There Is No WillIf no valid will exists, Pennsylvania intestacy laws dictate how the estate will be distributed:1 Spouse (If married, a portion or all of the estate goes to the spouse)2 Children (If the deceased had children, they inherit next)3 Parents (If there are no children, parents inherit)4 Siblings (If no spouse, children, or parents, siblings inherit)This highlights the importance of estate planningwithout a will or trust, the state determines who receives your assets.How Long Does Pennsylvania Probate Take?The timeline for Pennsylvania probate varies depending on the estates complexity. On average: Minimum of 12 months for simple cases Up to 2+ years for complex estates, disputes, or tax-related mattersWhat Are the Costs of Probate in Pennsylvania?Probate costs in Pennsylvania include: Attorneys fees (Based on estate size and complexity) Court filing fees Executor fees (set by Pennsylvania law) Appraisal and valuation fees Publication and administrative costsIn more complex estates, additional fees may apply, increasing probate expenses and delays.How to Choose the Right Pennsylvania Probate AttorneySelecting the right probate lawyer in Pennsylvania is crucial. Many general practice lawyers dabble in probate law, but only experienced probate attorneys have the knowledge to navigate complex estate matters efficiently. You do NOT have to use the attorney who prepared the will. You have the right to choose a specialized probate lawyer who understands the nuances of Pennsylvania estate law and can expedite the process. Avoid costly mistakes. Working with an experienced probate attorney prevents errors that could increase costs, cause delays, or result in legal disputes.Contact Entrusted Legacy Law for a Complimentary Pennsylvania Probate ConsultationIf youre ready to begin the probate process in Pennsylvania, our Allegheny County, Butler County, Delaware County, Montgomery County,  Bucks County and Philadelphia County probate attorneys are here to guide you.Call us at 412-347-1731 to schedule a complimentary 15-minute consultation to determine your next best steps.During your consultation, we will: Answer your probate-related questions Provide guidance on estate administration Help you navigate the Pennsylvania probate process efficientlyWe are here to relieve the legal and administrative burden during this difficult time and ensure that your loved ones estate is handled with care.

Entrusted Legacy Law

Elder Law 100 Pinewood Lane Suite #303, Warrendale, Pennsylvania, 15086

Our Firm Prepares You for Life What makes our firm different is that we were built with the needs of growing families in mind. We understand you are BUSY, you are growing, you are planning for a life of prosperity and you value ease, convenience and efficiency. You are raising children, and caring for elderly parents, while also working hard to build your own nest egg for a lifetime of support. You want to know youve made the best decisions for your family and that your plan will work when your loved ones need it most. You want to make sure your minor children would be raised by the people you choose, and never by anyone you wouldnt want, and that your teens and adult children are properly prepared to care for you and what you leave behind.  You want to feel confident that youve made the right choices, and handled everything so that you arent leaving behind a mess, when something happens. That is our focus as well. Weve developed unique systems to give you the same access to a Personal Family Lawyer as was previously only available to the super-wealthy, so you can have the guidance you need to build and maintain a life of prosperity and wealth. And, to keep your family out of court and out of conflict, which is the greatest risk to the people you love and all you have created, even if youve already worked with a traditional lawyer or created documents online. Our Team Is Here for You We encourage communication with our clients. In fact, weve thrown out the time clocks so you never have to be afraid to call with a quick question. Everything we do is billed on a flat-fee basis, agreed to in advance, so there are never any surprises. We have a whole team to serve you. When you call our office to ask your quick question, you wont have to wait hours or days for a phone call back. Youll get your question answered, right away. And, if you need to schedule a more in-depth legal or strategic call with your Personal Family Lawyer, a call will be scheduled when you're both available and ready for the call so we can make the very best use of your time and not waste your time by leaving voicemail after voicemail back and forth. And, we ensure the most important details of your planning are followed through on and your plan continues to work throughout your lifetime. We have a funding coordinator to ensure your assets are owned the right way throughout your lifetime and none of your assets will end up going through a long, expensive court process or being lost to the state because they were missed after your death. Weve created unique membership programs to keep your plan up to date year in and year out as well as give you access to our Trusted Team of Legal Experts for guidance on ANY legal or financial matter. One day you will need a lawyer. I dont know why and I dont know when, but when you do, you will be grateful you can call on us and well be here to advise you or get you out of a jam. We Help You Transfer Your Life and Legacy Lastly, we believe your financial wealth is only a small part of your overall Life and Legacy Planning which is made up of your far more valuable and most often lost upon incapacity or death intellectual, spiritual and human assets. These assets are what make you who you are, and sum up whats most important to you. And, a survey of inheritors has revealed that what they care about even more than inheriting your money, is inheriting these intangible assets.   Most estate plans only focus on the transfer of your financial wealth to the next generation. Most people have such great intentions of passing on the intangible, but very few ever get around to it. Its just not a priority, until its too late. How much do you know about your grandparents values? Their most prized personal possessions? How they felt about you? What they had learned during their lifetime? If you are like most people, you know very little. Thats why we build the capture and passage of these most valuable assets into every estate plan we create. Not only will we help you pass on your money, but also your values, your insights, your stories and your experience the truly valuable assets your loved ones care about the most.  Weve developed a tool that allows us to capture and pass on your whole family wealth, including your Intellectual, Spiritual and Human assets.  I cant go into all of the details here, but well definitely talk about it when you come in for your Life and Legacy Planning Session.

Entrusted Legacy Law

Estate Planning 100 Pinewood Lane Suite #303, Warrendale, Pennsylvania, 15086

Estate Planning for Everyone You Love and Everything You OwnHave you ever considered what would happenlegally and financiallyto you, your family, your assets, and everything you care about if the unexpected were to occur?If your estate plan is outdated or non-existent, your assets could be lost to the State Department of Unclaimed Property, subjected to an expensive and time-consuming probate process, or even end up in the wrong hands. Without a comprehensive estate plan, your loved ones may face unnecessary financial hardship, legal disputes, or court intervention at a time when they need certainty and protection the most.If you dont know exactly what would happen to everything you own and everyone you love, the first step is to gain clarity. You need to understand how your current estate plan (or lack thereof) will impact your family so you can make informed decisions about whether it truly aligns with your wishes.How Entrusted Legacy Law Helps You With Estate PlanningWe offer customized estate planning solutions designed to protect your family, preserve your wealth, and ensure your wishes are honored. Through our Life and Legacy Planning Session, we take the time to educate you on the legal, financial, and personal implications of your estate choices.Step 1: The Life and Legacy Inventory & AssessmentBefore your Life and Legacy Planning Session, you will complete a comprehensive estate inventory that outlines your financial assets, real estate holdings, retirement accounts, life insurance policies, and other valuable property. This step ensures that we have a full picture of your estate and can identify potential gaps in your asset protection strategy.Step 2: Creating a Personalized Estate PlanIf you decide that your current estate plan is inadequateor if you dont have one at allwe will work together to design a legally sound and strategically structured estate plan that meets your familys unique needs. The foundation of your estate plan will often include a revocable living trust, which allows you to transfer your assets into the trust while maintaining control during your lifetime.Benefits of a Revocable Living Trust: Avoid Probate Prevents the time-consuming and expensive court process that could otherwise delay asset distribution. Minimize Estate Taxes Helps reduce tax liabilities and protect your wealth for future generations. Ensure Privacy Unlike a will, which becomes public record, a trust ensures your estate remains private. Maintain Control Dictate how and when your assets are distributed to your heirs.For families with complex financial portfolios, business ownership, or special circumstances (such as blended families or special needs children), we offer advanced estate planning strategies tailored to your specific goals.Can You DIY Your Estate Plan?Many people wonder if they can create an estate plan using online templates or generic legal services. Unfortunately, most DIY estate plans fail when families need them the most. What often passes for "estate planning" is nothing more than basic document generation, where you answer a few questions and receive a generic template that may not fully protect your assets or your loved ones. No Personalization A generic template cannot address your unique family dynamics, financial situation, or specific legal concerns. Legal Loopholes Improperly structured wills or trusts may be contested in court, leaving your family in legal disputes. No Ongoing Maintenance Estate laws change, and without updates, your plan may become outdated and ineffective.At Entrusted Legacy Law, we dont just draft documentswe provide comprehensive estate planning services that ensure your estate plan actually works when it matters most. We take the time to understand your familys needs, educate you on your options, and create a legally enforceable, tax-efficient, and conflict-free estate plan that gives you peace of mind.Protecting Families & Minor Children Through Estate PlanningIf you are a parent with young children, your estate plan should begin with a solid foundation that ensures your children will always be taken care of, no matter what happens. Without the proper legal protections in place, your children could end up in the custody of someone you wouldnt have chosenor worse, under state guardianship.At Entrusted Legacy Law, we specialize in estate planning for families with minor children. We help parents:Name Legal Guardians Ensure your children are raised by trusted individuals of your choosing.Set Up Trusts for Minor Children Prevent financial mismanagement by appointing a responsible trustee to oversee assets.Establish Emergency Plans Provide clear instructions for immediate care in case of sudden incapacity or death.Whether youre planning for minor children, adult dependents, elderly parents, or a complex estate, we can guide you through the estate planning process with personalized strategies to protect your familys future.Secure Your Legacy With Entrusted Legacy LawEstate planning isnt just about who gets whatits about ensuring that your loved ones are financially secure, legally protected, and prepared for the future.If you want to create a comprehensive estate plan that reflects your wishes, avoids probate, minimizes taxes, and keeps your loved ones out of court and out of conflict, then now is the time to take action  Contact Entrusted Legacy Law today at 412-547-9855 to schedule your Life and Legacy Planning Session and take the first step in protecting your family, your assets, and your future.