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October 2015 Archives

Are digital wills the wave of the estate planning future?

More and more people are turning to technology to improve their everyday lives, and the applications seem endless. In terms of estate planning, technology offers the chance to create digital wills, which serve to put one's estate plan into a completely digital format. While this ability appeals to some in Philadelphia, many others have concerns about taking their estate planning to the web.

Will your heirs be able to understand your estate plan?

Estate planning is not a one-time event; the best plans require periodic revisions to include newly acquired assets, changes to a family's structure and improvements in asset protection. As such, an estate plan becomes something of a living entity and will shift and grow over time. If those changes are not properly organized, the end result can be a hodgepodge of planning tools and changes that Pennsylvania heirs will have to disentangle when the time comes to set those plans into motion.

Trusts are essential when estate planning for children

Very few Philadelphia residents enjoy dwelling on their own demise. For parents, contemplating what might take place if we die before our children are grown is even more difficult. That said, it is absolutely essential that parents take the time to create an estate planning solution that would provide for minor children in the event of such a loss.

Benefits of trusts versus a simple will

Virtually all Philadelphia residents are aware that they need to put their final wishes into writing. For many, the vehicle that they choose to complete this important step is a simple will. While wills do provide a basic level of estate planning coverage, there are other options that offer many more benefits. Often, trusts are a far better fit for an individual's needs, and they are not much more complicated to create than a simple will.

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Larmore Scarlett LLP

Larmore Scarlett, LLP
123 E. Linden Street,
P.O. Box 384

Kennett Square, PA 19348

Phone: 610-444-3737
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