Many people in Pennsylvania might believe that not having an estate plan is the biggest problem associated with these plans. Certainly, the lack of any proactive steps to protect one's estate can be an issue but so too is having an outdated plan. Estate planning is not something people should do once and consider it done. The tools used in creating a good plan should be considered living documents according to Forbes.
Creating Wills and other estate planning documents may feel a bit onerous for many people in Pennsylvania. Once an estate plan is in place, however, many people feel very good about having prepared a plan and then assume that they do not have to think about these matters again. However, the reality is that an estate plan should be considered a living set of documents. Knowing when and why to review Wills and other estate planning documents is important.
As you work through your estate plan, your hope is that those you leave behind in Pittsburgh will respect your decisions. Yet, making everyone happy (especially when it comes to the matter of an inheritance) can be difficult. Should one of your beneficiaries question the validity of your Will, working through the dispute can be a long, drawn-out process, depriving others of what you have earmarked for them an potentially eating away at your estate's funds. Some might say that it is best, then, to include a no-contest to deter anyone from challenging your will. Could such a move work?
When Pennsylvania residents grow older, estate planning is needed since they face a myriad of legal issues of which they were probably not even aware. They find themselves having to create or update wills, choosing who will be responsible for making financial and medical decisions if they are unable to do so for themselves, and making decisions about long term care and how to pay for it.
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.
Whether you’re ready to begin estate planning or just need to make a few updates to your existing plan, it’s important to make sure you put your financial affairs in good hands.
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.
One of the most important decisions Pennsylvania residents have to make in their estate planning is choosing who the executor or trustee will be. They have many different options to choose from, but some feel the need to place this responsibility on just one person to carry out their asset distribution after their death.
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?
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.