For many in Philadelphia, making the decision to create an estate plan is the most difficult part of the entire process. From that point forward, the decisions that are made will be guided by an estate planning professional, which can take a great deal of the anxiety out of the process. Choosing the right attorney is essential to a positive outcome.
Estate planning win for same-sex couples
Many Philadelphia residents are aware of the recent Supreme Court ruling that serves to legitimize same-sex marriage. The change has led to a number of positive outcomes for gay families, including significant benefits in the estate planning arena. For those who have already taken steps to ensure that their partner is able to inherit assets upon one's death and make decisions in the event of incapacitation, the ruling may prompt a review of the existing documents.
Wills are most effective when the proper executor is chosen
Drafting a thoughtful and comprehensive will is a great way for Philadelphia residents to ensure that their wishes are carried out at the time of their death. That said, an important aspect of that process involves selecting the right executor to carry out the provisions laid out within one's will. Many people are unaware of the full weight of the duties that an executor assumes in relation to wills and do not give the process of choosing an executor the proper attention.
A commonly neglected estate planning addition
When a loved one is lost, the surviving family members are often thrown into a very difficult and tumultuous time. Having to handle the final arrangements for a deceased relative is difficult enough, but doing so as one is also entering the grieving process makes the task even harder. Once a measure of time has passed, it is necessary to begin addressing the estate planning aspects of the loss of a Pennsylvania family member.
When should you replace your executor?
Your executor is in charge of handling your affairs -- both financial and legal -- after you pass away. Of course, choosing the right executor is about finding someone who is willing and able to do the job and who you trust. While most appointed executors are capable of fulfilling their duties, there are situations in which it may become clear that a change is necessary.
