Are you worried of what will become of your wealth in the event of your death? It is important you are, because it means you are trying to spare your family unnecessary court duels over your wealth. If there is something that can help you on this, then it is good estate planning. Philadelphia estate planning lawyers can therefore be consulted for these services early enough.
So, what is estate planning and why is it this important? Basically, it is involves arraigning the disposal of an estate before you die. In other words, you are determining who will manage your assets in after you die. While this was a subject only known to the affluent members of the society, things have since changed. Imagine your sons and daughters fighting over the scarce resources you left behind yet you had the means to set records straight.
However, effective planning demands that you understand certain factors first. For example, you need to understand the different elements of an estate plan. In addition, you need to know the type of plan that will best serve your family after your demise. Even if you were to write a will (detailing how your property will be shared among the beneficiaries) or just setting a trust fund in the name of your children, it must be done right.
Did you know that it is advisable to share the contents of your will with the beneficiaries? Yes, share it with them to remove the element of surprises and unwanted acrimony between family members. However careful and balanced a Will sounds, there are likely to be some beneficiaries who may feel shortchanged. Therefore, you need to explain the will to them while you are still alive. Failure to do this might undo the intention of your will and plunge your family into endless court hearings.
To make a will more elaborate, you should include the Power Of Appointment. This means you delegate some responsibility to a trusted friend or legal representative to oversee the distribution of your property in the event that you die. This individual is however not responsible for the management of the said property. In most cases, the power of appointment is exercised by you and can only be passed on if you are incapacitated or dead.
Will and trust aside, you could also use the Power Of Attorney. Briefly, this means you give a lawyer the power over your property. This lawyer has the same legal authority to decide how your property is used, and thus it must be someone you really trust. It is always good to put their powers in writing.
Another estate planning element worth considering is the Health Care Will. Here, you appoint an individual who will oversee your medical care should you fall ill to the point that you cannot make decisions. Needless to say, your health is the most important thing to protect and must be overseen by a reliable person just like the case of an attorney or property distributor.
Provided you use any of the above-discussed estate planning methods, you stand to enjoy several benefits. First, you have room to include the no-contest clause that ensures the content of your will or any other agreements are honored to the latter. You can also craft your plan in a manner that it exempts your property from taxes after your demise. Therefore, there are various benefits that you stand to gain when you consult Philadelphia estate planning attorneys.
So, what is estate planning and why is it this important? Basically, it is involves arraigning the disposal of an estate before you die. In other words, you are determining who will manage your assets in after you die. While this was a subject only known to the affluent members of the society, things have since changed. Imagine your sons and daughters fighting over the scarce resources you left behind yet you had the means to set records straight.
However, effective planning demands that you understand certain factors first. For example, you need to understand the different elements of an estate plan. In addition, you need to know the type of plan that will best serve your family after your demise. Even if you were to write a will (detailing how your property will be shared among the beneficiaries) or just setting a trust fund in the name of your children, it must be done right.
Did you know that it is advisable to share the contents of your will with the beneficiaries? Yes, share it with them to remove the element of surprises and unwanted acrimony between family members. However careful and balanced a Will sounds, there are likely to be some beneficiaries who may feel shortchanged. Therefore, you need to explain the will to them while you are still alive. Failure to do this might undo the intention of your will and plunge your family into endless court hearings.
To make a will more elaborate, you should include the Power Of Appointment. This means you delegate some responsibility to a trusted friend or legal representative to oversee the distribution of your property in the event that you die. This individual is however not responsible for the management of the said property. In most cases, the power of appointment is exercised by you and can only be passed on if you are incapacitated or dead.
Will and trust aside, you could also use the Power Of Attorney. Briefly, this means you give a lawyer the power over your property. This lawyer has the same legal authority to decide how your property is used, and thus it must be someone you really trust. It is always good to put their powers in writing.
Another estate planning element worth considering is the Health Care Will. Here, you appoint an individual who will oversee your medical care should you fall ill to the point that you cannot make decisions. Needless to say, your health is the most important thing to protect and must be overseen by a reliable person just like the case of an attorney or property distributor.
Provided you use any of the above-discussed estate planning methods, you stand to enjoy several benefits. First, you have room to include the no-contest clause that ensures the content of your will or any other agreements are honored to the latter. You can also craft your plan in a manner that it exempts your property from taxes after your demise. Therefore, there are various benefits that you stand to gain when you consult Philadelphia estate planning attorneys.
About the Author:
Check out www.cstewartlaw.com for a review of the reasons why you should consult a Philadelphia estate planning attorney, today. You can also get more information about an experienced lawyer at http://www.cstewartlaw.com now.
Tidak ada komentar:
Posting Komentar