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Lack of estate planning may lead to future family squabbles

On Behalf of | Oct 7, 2016 | Uncategorized

Not everyone in the Philadelphia area looks forward to discussions regarding personal mortality. In fact, some people try to avoid the estate planning topic at all costs. However, in the past year, there have been some very high-profile situations that appear to be evidence that not having a set plan in place may prove problematic for family members down the line.

Anyone who reads Hollywood news will have heard by now that several stars died within the past year without having executed any sort of wills or estate plans. Stories abound of the various complications these situations have wrought for surviving family members. Those whose assets are of high net worth value are by no means the only ones who benefit from crafting solid estate plans and keeping them updated.

An estate plan is customizable; therefore, there is no prerequisite for what may be included. Priorities vary according to individual needs and goals. Many parents, for instance, place particular importance on naming guardians to care for their children should they themselves die or become incapacitated. There is no way to guarantee that the court will appoint the person parents would have chosen if no estate plan exists.

Those in the Philadelphia area who wish to research estate matters may do so online, at their local libraries or by seeking consultation with an experienced attorney. Whether your main concern pertains to child guardians, beneficiaries, living wills or medical directives, by discussing the issue with someone who has helped others achieve their goals, you can gain clarification on the legal aspects of your situation and make informed decisions regarding how best to proceed to protect your assets and provide for your family’s future. Larmore Scarlett, LLP is committed to helping you accomplish your immediate and long-term estate planning objectives.