Tag: Pa Principals

What is an Ardmore Pa Model Court Accounting?


What is an Ardmore Pa Model Court Accounting? – Intro

As I have explained in Ardmore Pa Beneficiary Lawyers, I have represented thousands of beneficiaries during my decades as an Estate Attorney.

I can provide the necessary advice to protect your rights in nearly any Pa Estate, Pa Trust, and/or Pa Power of Attorney planning matter.

If you suspect that a Pa Will, a Pa Trust, and/or a Pa Power of Attorney does not reflect the wishes of the deceased, you have a right to challenge the proceedings in court.

What is an Ardmore Pa Model Court Accounting? – Review

There are many factors that can affect the distribution of estate assets.

In some cases, there may be a Pa Will that identifies you as a Pa beneficiary; in other cases, there may not be a Pa Will at all.

In still other cases, there may be a dispute involving the administration of the estate. For example, a beneficiary may disagree with how the executor or personal representative is distributing assets.

Estate administration can be a complex and lengthy process with many bumps in the road.

If you suspect your rights as a Pa Beneficiary are being challenged, you should seek the advice of an experienced estate planning attorney immediately. I can explain your rights and all your available options. Contact our Wayne, PA office today to schedule a free consultation with me.

What is an Ardmore Pa Model Court Accounting? – Types

Every beneficiary and every fiduciary should understand Compelling Accountings and Defending Accountings. A court can require a fiduciary to provide a detailed report of the assets managed and justification for expenses incurred. This report is called an “Accounting”.

There are two forms of Accountings; Informal Accountings and Formal Accountings.

What is an Ardmore Pa Model Court Accounting? – Informal Accountings

The fiduciary creates and submits an Informal Accounting only to the interested parties without court oversight. An Informal Accounting’s complexity will depend on what information the interested parties require. Some beneficiaries only want copies of bank statements while others require detailed breakdowns and reports.

What is an Ardmore Pa Model Court Accounting? – Formal Accountings

The fiduciary submits a Formal Accounting to the court, as well as to all interested parties. The fiduciary files Formal Accountings in specific, detailed formats. It takes a great deal of time to learn these formats. To save time, judges want all Accounting in the same format. A Formal Account will require a filing fee and at least one court appearance.

What is an Ardmore Pa Model Court Accounting? – Format

You are not allowed to use Excel Spreadsheets, Quicken, Quickbooks, or other similar financial programs. The only acceptable format is a Model Court Account.

What is an Ardmore Pa Model Court Accounting? – When To Compel

An interested party does not need a specific reason to compel a Formal Accounting. Obtaining a Formal Accounting is a right. But, Formal Accountings are expensive so shouldn’t be sought lightly.

Common reasons to seek a Formal Accounting include if you believe the Pa Executor, Pa Agent or a Pa Trustee has committed Theft, Misappropriation of Property, Co-Mingled Assets or has Abused Power.

Suspicion that these acts took place is not enough, you must provide the judge evidence.

If an interested party believes that an Pa Executor, Pa Agent or Pa Trustee has stolen property, misappropriated property, co-mingled assets or abused power, it is wise to hire an Estate Litigation Attorney to force the fiduciary to file a Formal Account.

In this process, the Estate Litigation Lawyer can obtain an order allowing discovery. This allows the lawyer to depose the fiduciary, subpoena evidence, obtain records and interview witnesses.

If the fiduciary will rectify the harm, the judge will hold a hearing where the Estate Planning Lawyer will present the evidence gathered.

If after hearing all the evidence the judge finds the fiduciary was wrong, the judge can order the asset returned and surcharge the fiduciary for expenses and order the fiduciary’s removal.

What is an Ardmore Pa Model Court Accounting? – Conclusion

There are many times when an Accounting should be provided. There are many situations where an Accounting should be compelled. I will review those times and situations in further posts.

Ardmore Pa Powers of Attorney Lawyers


Pa Powers of Attorney – Purposes

Pa Powers of Attorney are documents that convey legal authority (to the Pa Principal) to act in the name of another person (Pa Agent) for his or her health and welfare. This document is similar (almost a sister document to a Pa Living Will (“Advanced Directive for Health Care”). A Pa Power of Attorney can grant broad authority or be very limited in scope. I help you prepare for contingencies based on the specific circumstances surrounding you and your loved one. However, generally speaking, powers of attorney address three main areas of concern:

Financial management

When your loved one is incapacitated, bills and taxes still come due. Your loved one may have financial assets, such as stocks, stock options, bonds, or royalties, which require oversight. Having the authority to manage your loved one’s finances if necessary provides greater financial security. Older adults who are forgetful or susceptible to phone scams can also benefit from a loved one overseeing their bank accounts.

To protect your loved ones, you need clear legal authority to make decisions if they are unable to do so. John B. Whalen, Jr. Esq. can help you draft and execute Pa Power of Attorney documents so you can be certain about your authority when a loved one needs you most.

Small business owners and individuals involved in litigation are faced with numerous choices. These decisions, which must often be made on a daily basis, can have serious consequences. Even if your loved one is not ready to step away from day-to-day management of business and legal matters, executing power of attorney is a prudent contingency plan.

Authority to make medical decisions.

When a medical crisis strikes, many families are unsure about the extent of lifesaving treatment the injured or ill person would have wanted. Every adult should have a medical directive explaining their wishes clearly and specifying someone to carry out their desires when they can’t communicate.

Reluctant Seniors

Sudden illness or injury can leave anyone totally incapacitated. Or, the infirmities of age can compromise an older adult’s ability to fully function independently. Under such circumstances, concerned loved ones may feel compelled to act, but may lack the legal authority to do so. This can delay essential care, threatening your loved one’s health and welfare when he or she is most vulnerable.

It can be difficult to talk to a senior loved one about the need for power of attorney documents. Many are loathe to admit they may need assistance, especially from their children, and are uncomfortable even considering a reversal of roles which puts them under their children’s authority. I am very familiar with this dynamic, and can advise you on effective ways to broach the subject with your elder loved ones.

Contact a reliable Wayne lawyer for powers of attorney that protect your loved ones

A loved one’s illness, injury or infirmity can leave them vulnerable to financial losses and serious threats to their health. A carefully drafted power of attorney can give you and your loved one greater peace of mind.

Document Purposes

A Pa Power of Attorney grants your Pa Agent (Fiduciary) the ability to control all of your affairs.

Fiduciary Traits

  • Your Agent should be able and willing, first and foremost.
  • Your Agent should also be levelheaded and familiar.

Common Misconceptions

A common misconception is that a Power of Attorney eliminates your ability to act for yourself.  Quite to the contrary, and until you are deemed to be incapacitated, a Power of Attorney should properly be viewed as a “shared authority.”  After you have executed a Power of Attorney, you still retain all of the powers and decision-making abilities that you possessed beforehand, including the power to revoke the Power of Attorney.

Another common misconception is that your Agent needs your permission to act.  Quite to the contrary, a Power of Attorney is a very powerful document.  It permits your Agent the broadest of powers to do anything that you could have done (i.e., give all of your money away), and, inherent in the broad powers that your Agent possesses is the possibility – the extremely real possibility – that your Agent under your Power of Attorney may actually do anything that you could have done (i.e., give all your money away).

John B. Whalen, Jr., JD., LL.M., is an AV Peer Review Rated Preeminent 5.0 and Avvo Rated 10.0 Superb (obtaining over 95 client reviews and peer endorsements) premier and prestigious Attorney and Counselor at Law. He is located at 1199 Heyward Road Wayne Pa 19087. He serves all surrounding counties, on all 7 days, from 9:00 AM to 10:00 PM, and on evenings, weekends, and holidays. He provides free initial consults all seven days, provides home visits, and provides flat fee structures. He can be reached by email at jw60297@me.com, and by telephone at 1-610-999-2157. He has amassed over 60 prestigious and premier professional awards and over 5000 client reviews and endorsements.