Sometimes, when someone dies, it isn't the will that's hard to locate -- it's one of the heirs named in that will.
When structuring one's estate, it is important to address each and every asset type differently. For example, cash held in a savings account will be handled differently from an investment account. A treasured stamp collection will need a different approach than shares in a business venture. Real estate offers yet another type of asset, and Philadelphia residents should understand how to incorporate real property into the larger estate planning picture.
Some people in Pennsylvania may still be getting used to showing personal photos from a cell phone or computer instead of from a dusty photo album on the shelf. However, as technology develops and evolves, it begins to affect people's lives in surprising ways. One of those ways may be estate planning. While it is important to decide what will happen to one's tangible assets after one's death, digit assets may be something people neglect when making decisions about their estates.
Some Pennsylvanians may procrastinate concerning their estate plans because of a lack of understanding of the documentation and the applicable terminology. There may be misconceptions that are holding people back. Consulting with an attorney may provide answers and eliminate confusion about estate planning.
When a Philadelphia resident has amassed a considerable amount of wealth, handing those assets down to children and grandchildren is a source of pride. No one wants to envision a scenario in which an heir loses access to a chunk of his or her inheritance, but that is a risk that must be mitigated with proper planning. Fortunately, there is an estate planning approach that can help make sure that wealth passes down to the intended recipient.