• Wayne Pa Probate Wills Lawyers •
• John B Whalen Jr Esq •
Four primary documents tend to form the foundation of most good estate plans.
Although each of these documents addresses different situations, be aware that each of these documents also shares similar attributes. A succinct review of each follows.
Under Pennsylvania law, the proper terms for the persons in charge of your Estate Planning documents are called your “fiduciaries” and I refer to these people – those in charge – as the “Bosses.” Each boss has powers, and these powers can be summarized very simply.
Again, and although a technical knowledge of the parameters of these various powers can be useful, it is not the point of this article. The focus is to illustrate that an Agent, a Surrogate, an Executor, and a Trustee can generally possess broad powers to act for you under that respective document.
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.”
Misinformation, Misunderstandings, and Mistakes
The best gift you can give your loved ones is to have your Estate Planning complete.
Unfortunately, to a great extent, misinformation about critical 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 article will hopefully serve as a review – in very
simple terms – of the basic, core issues of estate planning and its basic documents.