Ardmore Pa Wills – Intro
The best gift you can give your loved ones is to have your Pa Estate Planning complete.
Unfortunately, to a great extent, misinformation about critical terms such as Pa Inheritance Tax, Federal Estate tax, Pa Probate, avoiding probate, simple will, and Pa 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.
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 beneficiary; in other cases, there may not be a 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.
Pa Estate Administration is the process of settling a decedent’s affairs. When a loved one passes away, it can be an emotional time. In addition to grieving their passing, those that survive them must tie up all the legal and financial loose ends related to their life and estate. This includes addressing their Pa Last Will and following its instructions.
Pa Estate law comprises many areas of law. However, all of these areas of law focus on taking care of one’s person and property. Estate law is all of the laws that impact how a person makes decisions and issues directives about their personal affairs. A Pa Estate is anything that makes up a person’s net worth. Very simply, an estate is what a person has in their own name alone.
Most estates, especially when there is a proper will in place, are easily settled. Yet there are times when other factors complicate the issue, creating a situation that requires more careful consideration. For example, a family business, an estate that is in bankruptcy or an estate that holds significant amounts of real estate may become complicated quite quickly. This is where estate litigation comes into play.
An attorney who specializes in Pa Estate Planning can help you create a complete plan (including Pa Last Wills, Pa Powers of Attorney, and Pa Living Wills, etc.) to protect your spouse and children if you become unable to manage your financial affairs. Pa 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.
Living wills are also referred to as an advance directive or a health care directive. 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 a 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 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.
The Ardmore Pa Probate Attorneys Guide is the core of this website. It consists of the best, most important articles on this website. Their focus is to provide the best and most complete information on a particular topic, rather than to sell products.
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 featured on Avvo, Justia, Lawyers, LinkedIn, Martindale, Nolo, Quora, and Thumbtack. He is located at 696 Pont Reading Road, Ardmore, Pa, 19003. 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 email@example.com, and by telephone at 1-610-999-2157. Mr. Whalen has achieved the AV Peer Review Rated Preeminent award from Martindale, AV Peer Judicial Preeminent award, the Avvo Rated Superb 10.00 award, the Avvo Rated Top Lawyer award, the Clients’ Choice Award, and the Top One Percent (1%) award. He is the recipient of the Legum Magister Post-Doctorate Degree (LL.M.) in Taxation (from the Villanova University School of Law), a recipient of the American Jurisprudence Award in Wills, Trusts, and Estates (from the Widener University School of Law), and a recipient of the ABA-BNA Law Award for Academic Excellence (from the Widener University School of Law).