Estate planning is a vital part of being prepared for the future. Pennsylvanians undoubtedly understand this, but there are certain times when there is a reluctance to move forward with the process. There are common reasons a person might avoid taking the next step in crafting an estate plan. Facing these concerns and overcoming them is key.
If you live in Pennsylvania and are preparing to get married, it is wise for you and your partner to discuss your wishes for the future. These discussions should extend all the way through your lives and even include what you want to happen when you die. This is especially important if one or both of you have children from any prior marriages or relationships.
There are many telephone and online scams going around that aim to fraudulently separate people from their money. Some scams may even be conducted in person. Perhaps you have already been called by someone posing as an agent from the Internal Revenue Service or had someone knock on your door saying they were mowing lawns but asking for a deposit before they would return. You may see through these ruses, but at the law office of Huckabee, Weiler, & Levengood, P.C., we know that many Pennsylvania residents – especially the elderly – are unaware of the different scams out there.
When you agree to act as someone’s Pennsylvania executor or trustee, you make yourself a fiduciary. Consequently, as FindLaw explains, in everything you do while acting in that capacity, you must put the interests of the estate, trust, heirs and/or beneficiaries ahead of your own interests.
Writing a last will and testament is a vital part of estate planning, but even so, it is not capable of handling every issue that may arise after you pass away. For various reasons, the law may not recognize some parts of your will, which is why any Pennsylvania resident should be aware of what they cannot do in their wills and what the alternatives are.
There are various ways to pass on wealth to heirs in Pennsylvania. Some of these may involve the probate court while others may have other legal frameworks. A fully diversified estate usually contains a combination of tools.
Most aging individuals in Berks County and across the country would ideally like to spend their latter years living independently or together with their loved ones.
Setting up a living trust is one way to make sure your children or your other intended heirs receive their inheritance. However, some Pennsylvania residents still opt for a traditional last will and testament. If you find yourself debating this choice, TheStreet explains four key differences between trusts and wills. Seeing how wills and trusts can meet your particular needs can help you make an informed choice.
There are some things in life that you wish you could take with you when you die, and then there are those things you will be happy to leave behind. One of the things you probably will not be sad to say goodbye to is your student loan debt. However, you may worry that your death will transfer that liability to your loved ones in Pennsylvania. This is a valid concern since it seems many of us will have student loan debt following us into our golden years.