An attorney who specializes in estate planning can help you create a complete plan to protect your spouse and children if you become unable to manage your financial affairs. Estate planning allows you to make decisions now so your wishes can be carried out if you die or become incapacitated.
Pa Power of Attorney
- A limited power of attorney restricts the permissible activities of the agent to a specific period of time. For instance, if you are in the military and are being deployed overseas for six months, you can set up a limited power of attorney with an individual you trust. That person may be granted access to your bank account so they can pay your mortgage or other monthly expenses while you are away from home.
- A durable power of attorney, unlike other forms of this type of legal document, does not expire if the principal becomes incapacitated. The agent may continue to make financial and medical decisions as indicated in the original document.
- Living wills are also referred to as an “Advance Directive For Health Care.” It is a legal document that communicates your desire in the treatment of serious medical problems in the event that you are unable to speak for yourself. They do not go into effect unless you are incapacitated and unable to express yourself. Having Living Will can relieve your close relatives from the burden of having to make the decision about whether to remove you from life support.
Pa Living Will
- Trusts are legal documents that allow you to control how your assets will be allocated or managed. You are considered the grantor and the person that manages and distributes assets in the trust is known as the trustee. Individuals who receive money or other assets are the beneficiaries.
- Property placed in a trust, unlike wills, is not subject to probate. You can also create a revocable trust which can be canceled or revoked at any time while you are alive. Trusts can be set up for a child’s education or to reduce estate taxes.
- A Last Will is an important document to execute in order to avoid disputes about how your assets will be divided when you die. The executor who administers the distribution of assets from your estate will allocate your possessions as you specified. You should periodically review your Will to make sure it is still relevant and accurate. Life changing events, such as the birth of a child or a marriage, may require amendments to the original document.
- If you die without a will, you are said to die intestate. In such a case, the state will handle your estate and your assets may not get to the people, institutions or charitable causes that you wanted
Pa Last Will
Planning Ahead is Important
For the average person, all of these documents can seem confusing and a bit overwhelming. Estate planning attorney John B. Whalen, Jr. can help you decide which documents you need and how best to plan ahead so that your wishes are carried out.
Subscribe Via Email
… I enjoy writing, teaching, and blogging … However, and although I do tend to share some of my blog posts on some of the social media sites (i.,e., Facebook, Twitter, LinkedIn, Google+, etc.), I do not share all of them on those sites …
… Further, and as many of my clients, friends, and family (who do not engage in social media), email me and text me questions regarding my area of law, the answers and guidance that they may be seeking are often contained in my blog …
… Therefore, in order to receive all of my blog posts via email (I blog a few times a week – about a variety of things), you can subscribe to my blog easily … You can also unsubscribe as easily …
… Enter your email address (you do not even need to list your name or any other information) …
… Once you do subscribe, you will receive a quick confirmation email (please check your junk folders and your spam folders as they may label the confirmation email in such a manner).
… Thank you …
Subscribe Via Email