It is natural to worry about making sure your family inherits from you. Unfortunately, many people struggle with debt. Whether you have medical debt, student debt or an outstanding mortgage, you do not want your family to lose out on an inheritance because of money...
Wills & Estates
When and why you should update your estate plan
A Pennsylvania estate plan is a live document, not something to create, then forget. To do the job you want it to, you must update it periodically. If your estate plan is more than three years old, you should review it and make necessary changes. According to...
Powers of attorney and the role they play
For issues both legal and financial, a power of attorney (POA) document grants an authorized person the right to perform actions on your behalf. You may not have an international business that needs multiple people to act for you. If you have aging parents, however,...
What does an estate representative do?
If you have assets in your Pennsylvania estate at the time of your death, they will likely be subject to probate. This means that a judge will need to verify that your will is valid and that it accurately conveys your final instructions. Within the document, you can...
How to create an estate plan that meets your needs
How to create an estate plan that meets your needs Creating an estate plan can be an effective way to ensure that the right people take possession of your assets after you pass away. It can also be an effective method of ensuring that your children have a guardian in...
The duties of an executor
Understanding the duties of an executor to your relative’s Pennsylvania estate is incredibly important if they’ve appointed you. There’s no shame in not knowing what to expect; the fact is that most people do not know when the time comes because they might only do...
Reasons you need an estate plan even if you are not wealthy
It is a misunderstanding that only wealthy people need an estate plan. Forbes explains that by creating an estate plan, you can make things easier on your family after your death. If you address assets and liabilities in your plan, they will not have to make decisions...
How does probate work in Pennsylvania?
If you have agreed to serve as the executor of a family member’s estate, you will be responsible for guiding the estate through probate. This involves taking inventory and distributing the person’s assets after he or she dies, with the court’s oversight. Familiarize...
Wills and trusts both common in estate planning
It is common practice in Pennsylvania for an estate plan to have a will along with one or more trusts. In most cases, one or the other of the instruments will be more important to the plan, and most of the person’s assets will pass through it on his or her death. One...
Don’t make any of these 7 estate planning mistakes
Do you cringe at the thought of creating an estate plan? Do you worry that your current estate plan is missing something important? It’s never easy to contemplate your own mortality and complete your estate planning, but if you do, you can feel peace of mind about...