Wills & Estates
Life can take some unexpected turns. If you or your spouse were to pass away today, are you prepared? What if you were injured or disabled an not able to make your health and financial decisions? Estate planning helps to ensure there is a plan for when those unexpected turns occur.
In the absence of a Will, Pennsylvania imposes statutory estate distributions that may not align with your personal wishes. Maybe it is your spouse or children who you want to consider; maybe it’s a legacy with a specific organization or cause. An estate plan will provide a sense of comfort for your family, in whatever form that may take. While estate planning can be a complex and a nuanced endeavor, the firm will help navigate you through the process. We will begin by drafting and executing wills, trusts, powers of attorney and health care directives to develop a comprehensive plan for you and your family. This will provide you and your beneficiaries assurance that your wishes will be realized and your legacy will have direction. While never a guarantee, the best estate planning can help avoid contentious disputes between your heirs or beneficiaries.
Asset Evaluation & Distribution - We will help you assess the value of your assets, the distinctions between will distribution and contractual/insurance distributions. We will advise on any involved statutes and potential tax liabilities.
Executors, Guardians, Trustees - We will work with you to understand and assign key roles for those in charge of your estate. Who will be your Executor? Are there any Guardians or Trustees?
Powers of Attorney - In the event you are incapacitated, we can work with you to identify an Agent under a Durable Power of Attorney. This individual will be responsible for managing your finances in the event you are unable to do so. We can also assess assignment of an Agent under a Health Care Power of Attorney. This individual will support management of your medical care and enables you to have a voice in your end-of-life medical treatment. We will advise on ensuring the breadth and limits of these powers.
Trusts - Trusts take many forms and can be used for managing assets today and tomorrow. They exist within and outside a Will. Less complicated wills usually provide for trusts for surviving children, but may be drafted for any person or organization. More complicated trusts contemplate for maintenance or distribution of assets outside of a will, including real estate trusts, business management and succession plans where a contractual agreement outside the estate plan does not exist. Keep in mind, you cannot exclude your spouse from your will or endeavor to shield them from your mutual assets through a trust. Should you attempt to use your estate planning devices to exclude your spouse by will, trust or title, they can elect a statutory share of the assets. This results in estate litigation. You may exclude your children (See Civil Litigation).