• Wayne Pa Probate Wills Estates •
There are four primary documents that tend to form the foundation of most good Estate Plans.
Although each document has a different purpose, each document designates someone who is responsible for carrying out the wishes set forth in the document. I refer to these people – those in charge – as “The Bosses.”
Pa Estate Law – 1 – NoteThe best gift you can give your loved ones is to have your Pa Estate Planning complete.
Unfortunately, to a great extent, misinformation about critical legal terms such as inheritance tax, estate tax, probate, avoiding probate, simple will, living will, and living trust, tends to lead to misunderstandings of estate planning.
These misunderstandings, in turn, tend to lead to mistakes in estate planning.
These mistakes, again, in turn, tend to lead to unintended results after one’s death.
In an effort to eliminate such misinformation, misunderstandings, and mistakes, this series of blog posts will hopefully serve as a primer – in very simple terms – of the basic, core issues and legal terms of Pa Estate Planning, Pa Probate, Pa Estate Taxation, and its basic documents.
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The Pa Probate process, itself, is a very simple process.
However, it is merely the beginning of the Pa Estate Administration (also known as the Pa Estate Settlement) process, which involves settling a decedent’s affairs, and can (and does) involve many, many other steps, depending on many, many other things.
The most common misconception that surrounds a Pa Last Will is the process called “Probate” and the seemingly universal theme that it should be avoided at all costs. Again, and virtually to the contrary, the word “Probate” is merely based on the Latin verb that means “to prove.” Nothing more!
Although some states do have onerous Probate procedures (where “avoiding probate” may be a prudent strategy), Pennsylvania is not one of those states, In fact, Pennsylvania is very “Probate-Friendly.”
An attorney who specializes in estate planning can help you create a complete plan to protect your spouse and children if you become unable to manage your financial affairs. Estate planning allows you to make decisions now so your wishes can be carried out if you die or become incapacitated.
When you execute a legal document called a power of attorney, you are authorizing another individual to make certain decisions on your behalf. The person who signs the document is called the principal and the person who is authorized to make decisions is known as the agent or attorney-in-fact.
A limited power of attorney restricts the permissible activities of the agent to a specific period of time. For instance, if you are in the military and are being deployed overseas for six months, you can set up a limited power of attorney with an individual you trust. That person may be granted access to your bank account so they can pay your mortgage or other monthly expenses while you are away from home.
A durable power of attorney, unlike other forms of this type of legal document, does not expire if the principal becomes incapacitated. The agent may continue to make financial and medical decisions as indicated in the original document.
Living wills are also referred to as an “Advance Directive For Health Care.” It is a legal document that communicates your desire in the treatment of serious medical problems in the event that you are unable to speak for yourself. They do not go into effect unless you are incapacitated and unable to express yourself. Having Living Will can relieve your close relatives from the burden of having to make the decision about whether to remove you from life support.
Trusts are legal documents that allow you to control how your assets will be allocated or managed. You are considered the grantor and the person that manages and distributes assets in the trust is known as the trustee. Individuals who receive money or other assets are the beneficiaries.
Property placed in a trust, unlike wills, is not subject to probate. You can also create a revocable trust which can be canceled or revoked at any time while you are alive. Trusts can be set up for a child’s education or to reduce estate taxes.
A Last Will is an important document to execute in order to avoid disputes about how your assets will be divided when you die. The executor who administers the distribution of assets from your estate will allocate your possessions as you specified. You should periodically review your Will to make sure it is still relevant and accurate. Life changing events, such as the birth of a child or a marriage, may require amendments to the original document.
If you die without a will, you are said to die intestate. In such a case, the state will handle your estate and your assets may not get to the people, institutions or charitable causes that you wanted.
For the average person, all of these documents can seem confusing and a bit overwhelming. Estate planning attorney John B. Whalen, Jr. can help you decide which documents you need and how best to plan ahead so that your wishes are carried out.
When Should I Update My Will?
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