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.
There are a few things that you ought to know before drafting your plan. The knowledge of these components will definitely help you come up with the most binding plan for all. For example, there are clauses and elements that you can add to a will or a trust plan to make it stronger and binding even after your death.
Mystic Wills are the best to have. However, sharing the intents with the heir(s) proves to be a smart move. You should know that however fairer your will sounds, there are bound to be some objections which might end up in court. Since that is never the intention of any estate plan, it is wise that you candidly share the contents of your will while you are still alive.
To make your will stronger, you need to include the Power Of Appointment. What this means is that you indicate the person who will be charged with the allocation of your wealth after your death. The addition of the individual is always precautionary as you have the sole right to distribute your property while alive. However, you should consider that clause since you cannot predict your death.
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.
There are a few things that you ought to know before drafting your plan. The knowledge of these components will definitely help you come up with the most binding plan for all. For example, there are clauses and elements that you can add to a will or a trust plan to make it stronger and binding even after your death.
Mystic Wills are the best to have. However, sharing the intents with the heir(s) proves to be a smart move. You should know that however fairer your will sounds, there are bound to be some objections which might end up in court. Since that is never the intention of any estate plan, it is wise that you candidly share the contents of your will while you are still alive.
To make your will stronger, you need to include the Power Of Appointment. What this means is that you indicate the person who will be charged with the allocation of your wealth after your death. The addition of the individual is always precautionary as you have the sole right to distribute your property while alive. However, you should consider that clause since you cannot predict your death.
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.
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