Estate planning comes into focus

Fear can be a great motivator. With the coronavirus pandemic, some who have thought about writing a will, but never got around to it, have suddenly made it a priority.

Estate planning is one of those things that is immediately on the minds of many.

“I think people’s mortality is, unfortunately, on their minds than it was previously with everything going on and it’s hard to ignore,” said Stacy Weller, a Certified Public Accountant and senior manager at Herbein + Company Inc., Spring Township. “Everyone has been touched by this pandemic at this point. People are thinking about it.

“(Estate planning) has gone from a to-do list, eventually get it done sort of thing, to I’m going to work on it and get it moving.”

According to Nolo, a legal publisher, Pennsylvania residents should, at minimum, have the following documents prepared:

• A will, to leave your assets and name your executor.

• A durable power of attorney for finances, to name someone to take care of your finances if it’s ever necessary.

• A living will, to spell out your end-of-life wishes.

• A health care power of attorney, to name someone (called your agent) to make sure your health care wishes are honored.

Nolo also recommends probate-avoidance, which is a court proceeding that gives the executor authority to pay debts and transfer assets to heirs. However, such proceedings can be time-consuming and can be avoided by putting together a living trust, or another method, before death.

Getting it done

Besides using an accountant to help navigate tax laws, Weller said, clients should also reach out to an attorney to prepare the will. A real estate attorney could also be helpful.

“Depending on wishes, it makes sense to bring a CPA into the picture to see what tax planning cold occur in estate planning,” Weller said.

Such as setting up trusts for heirs.

“Sometimes there is need for a trust to be set up as part of the will,” Weller said. “What are the ages of children in the picture? The right move is a type of trust upon death. Other things planning and estate-wise right now are gifts and estate exclusion. Some gift strategies are to shrink the size of an estate to avoid taxes.”

In normal times, getting it done required a trip to offices, but documents are still getting processed during the pandemic. For instance, Pennsylvania now permits online notarization for some documents.

“We currently are able to be back at the office,” Weller said. “It’s not required, but you can go back in to process tax returns, papers, meet with clients. There’s a lot of work from home at this point.”

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