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May 2014 Archives

Estate planning can even extend to memorial service details

It’s been said that a funeral or memorial service is for a loved one’s survivors. Such services can help family members and friends celebrate an individual’s life and provide some degree of closure.

Trusts offer great flexibility in estate planning

There is a great deal of flexibility available in planning for loved ones’ inheritances. A grantor may wish to leave certain assets to assist in grandchildren’s college expenses. Perhaps an adult child is going through a divorce and an individual doesn’t want to commingle an inheritance with marital property, possibly creating a property division dispute.

Estate planning may also include charitable giving

Estate planning does not refer simply to the act of leaving one’s material possessions to one’s heirs. In today’s modern society, there may be many unique circumstances that don’t fit that model. In addition, many individuals may want to plan for the contingency of needing someone else to make their health care and financial decisions.

Drafting a will protect yourself and loved ones

Dying without a will is a highly undesirable prospect. In the case of marriage, a surviving spouse generally will inherit the assets. For singles, however, Pennsylvania state law will dictate which relatives should receive the decedent’s assets and property. In both examples, the decedent’s estate will probably have to go into probate, regardless of marital status. That often means additional costs and delays.

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Larmore Scarlett LLP

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