Wills & Estates
Everyone In Pennsylvania Needs A Will & Estate Plan
Everyone In Pennsylvania Needs A Will & Estate Plan- Although it might seem unthinkable, unexpected deaths occur every day. Do you have a plan in mind for your children if something were to happen to you? Call Or Text Now For A Case Evaluation: (215) 750-9202 . Preparing your will and estate is just a smart thing to do. Do not leave the distribution of your assets to the court system, especially if you have young children under the age of 18. You want to appoint a legal guardian for them, as well as make it clear they get access to your dividends when the time is right.
Estate planning requires sensitivity, compassion and professionalism. Larry Lefkowitz offers flat rate will and basic estate preparation assistance. Even if you are in good health and feel good, you must make the commitment to plan your will in PA.
Larry the Lawyer offers legal help with:
Is It Possible To Avoid Probate With A Trust?
Creating a trust will not guarantee that your estate will avoid probate. However, there are common types of trusts that can be incredibly valuable when used with advice from your Philadelphia wills and estate attorney:
- Revocable Living Trust: A revocable living trust is one that is created with the purpose of avoiding the probate process. The trust also ensures that your assets go to their intended recipients after your death. Oftentimes, a revocable living trust can contain sub-trusts within it. This is a good option to start with when discussing a possible trust with your wills and estate attorney in Bucks County, PA.
- Grantor Trust: A grantor trust is a trust for the purpose of transferring property to a person or a business in an attempt to avoid probate, taxes, or other complications.
- Irrevocable Living Trust: An irrevocable living trust should be created only with the supervision of your Philadelphia wills and estate attorney to transfer assets to a person whom you feel is not competent enough to manage their own assets. The irrevocable characteristic of the trust can be limited to only certain portions and other parts of it can be changed.
- Testamentary Trust: A testamentary trust is one created by the instructions inside of a person’s will. This type of irrevocable trust is utilized to leave specific assets to a certain beneficiary at a particular time after the creator’s death. This kind of trust does not avoid probate and actually needs probate in order to take effect.
- Minor’s Trust: A minor’s trust is used to pass assets to a minor child and also can plan for the management of those assets until the time that the child reaches a certain age. At that point, they will receive full control of those assets. This kind of trust can be used to avoid needing a guardianship proceeding. The grantor does not receive any income from the trust’s assets. It is very important to follow your wills and estate attorney’s guidance when you are planning for your minor children in Bucks County, PA.
- Beneficiary Trust/Separate Share Trust/Spendthrift Trust: These types of trusts allow a trustees to manage any assets you put into the trust for the welfare of a specific beneficiary. A separate share trust will allow parents to create a trust to accommodate the needs of each individual child. A spendthrift trust can protect its assets from creditors.
- Blind Trust: A blind trust permits a trustee to handle assets without possessing any knowledge of the beneficiaries or the contents. In some scenarios, a beneficiary may need to be kept unaware of the assets in the trust to avoid conflicts. This makes a blind trust rather useful. The advice of a wills and estate attorney is necessary, if you find yourself needing a blind trust in Philadelphia.
- Discretionary Trust: When using a discretionary trust, the beneficiaries and assets are not fixed. They are determined by your criteria and will be administered at the discretion of the trustees.
Larry the Lawyer will make sure you receive sound advice to help you plan for the unexpected. He can also help you file changes, as your life changes and therefore the will and asset distribution would also require ongoing adjustments. Larry can help you prepare a new will after a separation or divorce, as well as providing probate services, fiduciary administration, and basic Pennsylvania estate planning.
Come get a genuine assessment to discuss your last will and estate. Larry the Lawyer gives you almost 30 years of quality knowledge regarding laws in PA.
Call Or Text Philadelphia Wills and Estate Planning Attorney, Larry Lefkowitz
Estate planning is the most important step a person can take to ensure that their financial and healthcare wishes are honored upon their death and that their loved ones are provided for. A will and an estate plan can resolve a number of legal questions before they arise:
- What is the state of the decedent’s financial affairs?
- What property do they own?
- Who gets what from the estate?
- Does a personal guardian need to be appointed to care for any minor children?
- How much in taxes will need to be paid to transfer the property?
- What type of funeral arrangements are appropriate and who pays for them?
Estate Planning Vocabulary
Estate: All property owned by you at the time of your death, including real estate, bank accounts, stocks, bonds, life insurance policies, and personal property.
Why work with a Pennsylvania Wills and Estate Planning Attorney?
Leaving behind a will and an estate plan can identify the family members and other loved ones that you want to receive your property after your death. It can also ensure that your property will be transferred to those you have identified as quickly and easily as possible. An estate plan can minimize the amount of taxes that will have to be paid for your property to pass on. It can also avoid the significant time and costs associated with the probate process and dictate the types of medical care you wish to receive, should you be unable to make your wishes known. Finally, a will and estate plan can set forth the kind of funeral arrangements you would like and how those expenses are to be paid.
Understanding the estate plan options that are ideal for your situation can be a very legally complex undertaking. You will need to find an experienced wills and estate planning attorney in Bucks County to help and guide you at every step of the estate planning process. It is always best to take the time to consult with your Bensalem, PA wills and estate planning lawyer before making any major decisions or changes to your will or estate plan, in order to ensure you are fully complying with the laws in your state.
Having a solid estate plan in place for when you eventually die is one of the most thoughtful things you can possibly do for your family members and loved ones. However, making sure that your estate plan is not only done but done correctly can be quite tricky. Luckily, an experienced Philadelphia wills and estate planning attorney can explain all of the options available to you and aid you in meeting your goals and fulfilling the needs of all your loved ones. Whether you need to revise an existing will or create an entirely new will and comprehensive estate plan from scratch, it is always the best plan to contact an experienced wills and estate planning attorney in Philadelphia to get started on your estate plan today.
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