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Estate Planning Archives

Fulfill your family responsibilities by creating a Will

As Pittsburgh residents grow older, they may face a myriad of legal issues. How they choose to deal with them can not only determine how they will be spending their own old age, but also how their heirs will be taken care of after they pass away. Delaying or procrastinating about financial matters can only cause complications in the future, as previous posts on this blog have outlined. Dealing with them head-on and engaging in difficult, but important, estate planning matters can help avoid lengthy and costly disputes.

Do 18-year-old teenagers need to engage in estate planning?

Summer is ending, and many Pennsylvania residents are getting ready to send their 18-year-old teenagers off to college. This scary time signifies the end of the control that parents can legally exert over their children. Whereas, parents could previously make and enforce decisions on their minor children's behalf, now they no longer have a say legally. Under the law, 18-year-olds are legally adults and parents can no longer automatically act on their behalf. This means children now have to authorize their parents to act on their behalf and a couple of estate planning documents should be done before the fall college semester begins.

Do you believe the myths about estate planning?

Estate planning - many people in Pennsylvania may be hesitant to begin the process because they either think that it is too complicated or that they don't need an estate plan. But, are the people who are thinking like this really believe the myths about estate planning?

Different estate planning concerns for millennials

Previous posts on this Pittsburgh, Pennsylvania, blog noted that while each of us has a different family and financial situation, almost everyone can benefit from estate planning. Older and younger people benefit from plans detailing how their assets will be distributed when they pass and who will help them during their lifetimes. However, younger people may also need to name guardians and trustees for minor children. There are plenty of benefits for everyone when it comes to estate planning, but the approach to the process may be different, depending on a person's age.

What do adult children need to know about parents' estate plans?

Once estate plans have been prepared by Pennsylvania residents, they usually feel pretty good about completing this important task. They have crafted plans for what will happen to their assets. They have powers of attorney in place, so that a trusted individual can make important medical and financial decisions if they are unable to do so. They have prepared living wills for end-of-life decisions. But, what good is estate planning if no one knows about it? What do parents need to inform their adult children of when it comes to their estate plans?

Handle assets correctly in estate plan to address long-term care

"Plan for the worst, hope for the best" is a common saying that many Pennsylvania residents likely know. In essence, the saying means that while we can always hope that the best outcome for any given situation will occur, it is prudent to plan in such a way that accounts for a different result. When it comes to estate planning, the saying can be particularly applicable.

Do you have the right approach to your estate plan?

Many Pennsylvania residents know that they need to have an estate plan but, for one reason or another, simply keep putting it off. Unfortunately, many people view estate plans as just another task to complete, but the reality is that estate planning is one task that may be more important than many others. So, do you have the right approach to your estate plan?

Making sure your estate plans include the cost of long-term care

Estate planning will be different for each Pennsylvania resident. Some people will want to include a trust, while others may be satisfied with a simple will and power of attorney documents. Varying needs lead to varying solutions when it comes to estate planning. However, one important area for most people to address in their estate plans is the need for long-term care at some point, including the associated costs of long-term care, which can be quite high.

How can I plan my estate to include special needs beneficiaries?

Estate planning for Pennsylvania residents who have beneficiaries with special needs obviously have many different concerns, both medically and financially. For these individuals, an estate plan can look quite a bit different than "routine" estate plans. How can Pennsylvania residents make an estate plan with special needs beneficiaries in mind?

Common estate planning mistakes

Estate planning can be an intimidating task for Pennsylvania residents. Even when they begin to craft an estate plan, there are pitfalls for those who aren't aware of the complications that can arise in the process. If Pennsylvania residents can avoid some of the most common estate planning mistakes, they will likely have a solid, comprehensive estate plan.

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