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July 1, 2026
by Michelle Bednarski and John Hemak
It can be difficult to think about what happens to your belongings after you die. No one likes to think about the end of life, but that doesn’t make it any less important to have a plan in place for when the day comes. Proper estate planning can offer you peace of mind knowing that your assets will be distributed according to your wishes. It also reduces the burden on your loved ones; they can spend the time focusing on grieving and making funeral arrangements and potentially less time settling disputes about your assets.
Estate planning is a very broad topic, so this article will focus on some of the larger concepts to help you begin to prepare. Working through the following concepts with a skilled estate planning attorney can help to ensure your plan fully aligns with your wishes.
Think you don’t have enough wealth to justify estate planning? Think again! When you take the time to create an inventory of your assets, you may be surprised by how much you possess.
There are two types of assets: tangible and intangible. Tangible assets are physical property such as real estate, vehicles, collectibles, and other personal possessions. Intangible assets are financial instruments such as checking and savings accounts, certificates of deposit, stocks, bonds, mutual funds, life insurance policies, retirement plans, and ownership in businesses.
While accounting for your assets, you will also want to list any of your outstanding liabilities. This can include mortgages, lines of credit, and other debts. By having a written list of your liabilities, you can make it easier for your estate’s executor to notify the applicable creditors.
Once you have an idea of your assets, designate your beneficiaries to simplify the process.
There can be a number of legal and financial complexities to consider given your personal situation, but the above steps are a good start in your estate planning process!
A Last Will and Testament is a legal document which outlines how your assets will be distributed after your death. Without a Will, settling your estate can be a lengthy process with competing parties debating how your assets should be divided. This can cost a significant amount of money and cause undue stress.
To write a Will, there will be certain information that is important to have handy including but not limited to: a full inventory of your assets, a list of beneficiaries for your estate, and detailed instructions for how your belongings are to be distributed amongst these beneficiaries. You designate an executor who will use the document to bring your estate through a legal process known as probate, where your estate is settled and distributed.
You will also need certain witness and/or notary signatures to validate your Will. The laws surrounding a Last Will and Testament may vary from state to state; you should consider hiring an estate planning attorney to help you ensure the document is legally valid.
Having a Will can help to streamline the process and also can allow for peace of mind in documenting your final wishes.
Establishing a Power of Attorney (POA) is an important step in the financial planning process. A POA is a legal document that allows someone to make decisions on your behalf in the event that you are unable to make them for yourself. Depending on the type of POA you have, this can range – to paying your bills and taxes, accessing and managing your assets, or even making healthcare decisions.
There are several types of POA’s available which include the following examples:
Durable Power of Attorney – This is similar to General Power of Attorney except it remains intact even if you are incapacitated due to illness, injury, or mental decline (for example, being in a coma or under anesthesia). You should be careful about who you grant power of attorney. Consider assigning medical representation and financial representation to different people, as well as establishing backups for each in case the primary choice is unavailable in an emergency. Choosing someone that you can both trust and who will be able to faithfully carry out the necessary responsibilities in a clear and specific way on your behalf is important. Whoever you choose should be fully aware of their respective responsibilities and your wishes.
Remember that your estate plan can change. Revisiting your estate plan after any major life event, such as marriage, divorce, a sudden increase in wealth, or if any of the people you’ve designated as executors or given power of attorney have passed away should all be a component of proper estate planning.
No one can see into the future, which is why it’s important to plan ahead. Working with a skilled estate planning attorney can help to ensure your plan fully aligns with your wishes.
About the Authors
Michelle Bednarski is the Branch Manager for New Tripoli Bank's Buckeye Office. She has been employed by New Tripoli Bank since 2023 and has worked in various customer-facing positions within the Bank. She is also involved in local business organizations including LeTip of the Lehigh Valley.
John Hemak is Commercial Lender for New Tripoli Bank and Treasurer of the Board of the East Penn School District Education Foundation. He has been involved in commercial lending for decades and has been a commercial lender for New Tripoli Bank for over 15 years.
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