Blog Posts - Estate planning
What is a Living Will?
A living will is one of the most important legal documents you can have, yet many people either misunderstand its purpose or put off creating one. Unlike a last will and testament, which dictates how your assets are distributed after you pass away, a living will outlines your medical preferences...
Why Do You Need a Trust?
A trust is an effective way to protect your assets, avoid legal complications, and secure your family’s financial future. Many assume that trusts are only for the wealthy, but that’s far from the truth. A trust offers significant advantages that a simple will cannot provide, regardless of your income level....
Differences Between Probate and Non-Probate Assets?
The distribution of estate assets to beneficiaries may or may not be subject to probate. The probate process can be lengthy, taking several months or even over a year to complete. While some assets may need to pass through probate, there are certain assets that generally do not need to...
What is the Role of a Power of Attorney?
A power of attorney is a written document that designates an agent to act on your behalf regarding financial and/or medical decisions. You must specify who will act as your agent and what powers you give them. While you must be mentally competent at the time of signing your power...
What is a Trust?
A trust is a legal arrangement that allows you to retitle assets from your name individually to being owned by a separate entity, known as a trust. Funding the trust or placing property into the trust serves to benefit certain individuals who will receive the assets or property at a...
What Should Be Included in My Estate Plan?
Your estate plan reflects your legacy, and while it will be specific to your needs and your wishes, there are some basic building blocks that should be included. One of the most important steps you can take when it comes to creating an estate plan that reflects your wishes and...
What Happens If You Die Without a Will?
When you die without a will, Pennsylvania intestacy laws will dictate how your estate will be distributed. These laws ensure that your property will be distributed to your immediate/closest family. However, the process might not reflect exactly what you would have wanted to be done with your estate. On the...
What If I Change My Mind About The Contents of My Will?
If you change your mind about the contents of your will, you can update or change them any time you wish. Under Pennsylvania law, however, you must follow specific requirements and be mentally fit. Generally, you have two options for changing the contents of your will. One is by creating...
Differences Between a Revocable and Irrevocable Trust
There are many differences between a revocable and irrevocable trust, commonly known as a living trust. The main difference between these two types of trust is that you can only modify an irrevocable trust under very specific circumstances, such as with the beneficiaries’ consent or court approval, while you can...
Why Should I Prepare an Estate Plan?
In our golden years, we hope to have planned well to leave our loved ones something of value. Given that building your wealth did not happen by chance, neither does distributing your assets in accordance with your wishes. No matter the size of your estate, it is important that you...
What is a Living Trust?
If you want to ensure that your loved ones are provided for once you pass on, you have probably already begun your estate planning. If you want to allow your family members to have immediate access to your property once you die and avoid probate, then you may want to...
What Assets Do Not Pass through Probate in Pennsylvania?
When you pass away, your wishes will be upheld in accordance with your estate plans, which generally include a will, a trust or trusts, and other financial tools that are beneficiary-based. If, however, you failed to engage in estate planning, your legacy – or the assets you amassed over the...
Updating Your Estate Plan
Your estate plan amounts to the work you put into protecting your legacy, which reflects how you will continue to help support your loved ones after you’re gone. In other words, having a well-considered estate plan in place helps to ensure that everything you’ve worked so hard to acquire will...
What Is a Will?
A will is a key element of your overall estate plan, which directly addresses your financial legacy. Your will is a legal document that will guide how your assets are distributed upon your death. If you don’t have a will in place, any asset that isn’t otherwise addressed – such...
What Documents Do You Need When Meeting with an Estate Planning Lawyer?
The effort you put into your estate planning reflects your commitment to your loved ones and your legacy, which makes it an important matter. If you’re just getting started or are making some changes in your estate planning tools, doing some prep work ahead of time – which generally translates...
How testators can arrange for charitable giving in an estate plan
People in different life situations have different estate planning priorities. Many adults simply want to leave as much as they can for their closest family members. Others want to leave behind a charitable legacy. Someone who faced unique challenges in life might want to start a scholarship fund for individuals...
Estate planning considerations for parents of children with disabilities
For parents of a child with certain disabilities, planning for the future takes on a particular significance. If you are in this position, safeguarding your child’s well-being and financial security is an effort that needs to extend beyond your lifetime. A well-crafted estate plan can provide peace of mind, knowing...
What will happen to your business if something happens to you?
The future is uncertain. People never know when they might have a health issue or experience a car crash. Many adults with families decide to put together estate plans specifically because they worry about vulnerable loved ones. An estate plan helps ensure that dependent family members receive proper support and...
Is your estate plan up to date for 2024?
Planning your estate is a critical aspect of wealth management that should never be overlooked. As you step into 2024, it’s imperative to reassess and update your estate plan to confirm it aligns with your current circumstances and desires. Remember, estate planning goes beyond just drafting a will; it involves...
The estate tax exemption increase for 2023
For 2023, Americans in Pennsylvania and other states have received an increased federal estate tax exemption. The federal government adjusts the amount yearly to compensate for inflation, which can significantly affect Americans with a large estate to leave to their heirs. The following summary covers the amount of the increase...
Questions to ask when choosing a Pennsylvania executor
Choosing an executor for your Pennsylvania estate is a serious decision. The executor is the person who handles your final affairs after your death. There are several things to consider before choosing who will fill this role. Is the person trustworthy? Estate planning is when you consider the type of...
What’s the best time to create a will?
When it comes to the concept of a will, many people don’t think it’s something they need to worry about until they’re older. However, this is not always the case. A will is an important document that you can create at any time in your life after the age of...
Updating your will is essential
You have heard the stories about friends, relatives and celebrities who failed to create estate plans, leading to avoidable legal imbroglios. With confidence, you kick back and relax, knowing you have a thorough estate plan that includes a detailed will. You prepared, and, now, are set for years to come....
The myths and taboos of preparing a will
Estate planning is an opportunity to begin a new life. People rely on each of us to some degree, but you decide how much you assist others when you pass on. Your assets in Pennsylvania get used only as you tell your trustee to use them. There are some taboos...
The importance of hiring an estate planning attorney
Ideally, you’ll hire a Pennsylvania estate planning attorney to help with the process of drafting a will, trust or other plan documents. Furthermore, it may be in your best interest to have an attorney review those documents at least once per year. Attorneys can create custom documents The template estate...
3 estate planning tips for new parents
If you’re a new parent in Pennsylvania, you might have never thought about estate planning before. However, an estate plan can be an important way to protect your child in the event that something happens to you or your spouse. Here are three things that you can do to get...
2 ways that estate planning can protect people from creditors
Too many people have a limited view of what the process of estate planning has to offer. They think about what will happen after they die, which is easy to avoid addressing. It is important to understand that the benefits of estate planning extend well beyond having control over one’s...
The fate of your bank accounts after you die in Pennsylvania
You can’t take anything with you when you die, but you can actually dictate everything that should happen with your body and properties in Pennsylvania. For example, your heirs might get what’s left in your bank accounts, or the government might take them away. It all depends on the account...
When is the best time to create a will?
Life can take so many unexpected twists and turns. And as you age, you want to prepare for them. Part of that preparation may involve creating a will, but how do you know it’s the right move for you? That can depend on multiple factors. How old do I need...
Why use a power of attorney?
If you’re like most people, you probably assume that having a will is enough to meet your estate planning goals. While that may be the case, there is also a chance that your plan will need additional components such as designating an agent under a financial power of attorney. This...
Why is a lawyer important in creating a will in Pennsylvania?
When it comes to estate planning, there are a lot of myths out there. Many people think that a lawyer is not needed to create a will, but this is not the case. A lawyer can help you in many ways. A lawyer can help you understand the estate planning...
Understanding beneficiary designations in Pennsylvania
Estate planning is important for everyone, but it’s especially important for those with loved ones who may be dependent on them. One of the most important estate planning documents is a beneficiary designation. What is a beneficiary designation? A beneficiary designation is an estate planning document that names the person...
What does an estate executor do?
When someone dies in Pennsylvania, their estate goes through a legal process called probate. During probate, the executor of the estate is responsible for handling all aspects of the deceased person’s property. This can be a complex process, and it usually involves certain tasks. Introducing the will to the court...
How to get your parents to create an estate plan
It’s imperative that you start creating an estate plan as soon as you become a legal adult. However, it’s not uncommon for Pennsylvania residents and others to put off estate planning as long as possible. If your parents don’t have an estate plan, it may be in your best interest...