Readers may not realize that wills and trusts are not mutually exclusive estate planning documents. To the contrary, an attorney that focuses on estate planning knows that making a will can be a good idea even for individuals that have a revocable living trust.
How wills and trusts aid estate planning
Pennsylvanians know that the future is full of uncertainty, and that the only way to prepare for the worst-case scenarios in life, including incapacitation and death, is to do estate planning. Some people consider estate planning as a tool used exclusively by wealthy individuals. It turns out that anyone who owns an estate - whether a car, a boat or a house - can craft a will and name someone to act as guardian, executor or heir.
Assigning the right trustee to avoid estate mismanagement
Most Pennsylvanians know that when people die, control of their estates passes to someone left behind. To ensure the estate goes directly to the person's heirs and is not delayed by state-mandated probate, wills are drawn up. So if someone wants to make sure a competent person looks after his or her wealth and protects the interest heirs, what do they do?
Choosing a trustee for a troubled heir can help
Disinheriting a family member is a difficult decision. Here in Kennett Square, Pennsylvania, some residents may feel conflicted about whether or not to transfer properties to loved ones after death. Leaving a legacy is important, in part, because it gives the recipient something to remind him or her about the testator. Nevertheless, it can cause profound heartache to the surviving family member who did not receive an inheritance.
Why estate planning is available for everyone
Most people in Chester, Pennsylvania, may think that creating an estate plan is only for wealthy people, considering the substantial amount of assets, properties and income involved. However, estate planning is not limited to wealth protection and distribution. Estate planning may also address many end-of-life issues, which may be available for average families.
The value of trusts in securing the children's well-being
Nowadays, news of tragedies and crimes is constantly being aired in Chester, Pennsylvania. Many local people are starting to develop anxieties regarding their children's well-being. It makes a person consider taking preemptive measures that aim to protect and provide for their children if something bad should happen to them. These include naming a guardian and drafting a trust that the person feels is appropriate for the family's situation.
The requisites and tasks of being an executor
For a number of people in Chester, Pennsylvania, writing a will is all about making important decisions. One of these decisions is determining who should be assigned as the executor of an estate. Even if the person writing the will is only leaving behind a modest savings account and household goods, it is imperative that the person has someone to settle his or her affairs. There are some who consider it an honor to be responsible for ensuring that their loved one's final requests are carried out.
What are the duties of executors and trustees?
When a person is setting up an estate plan, there are several tools that come to mind. Residents of Kennett Square, Pennsylvania, are probably aware of wills, but other tools can also help make the estate distribution goals of a testator a reality. Other people can manage an individual's assets after his or her death.
How to choose the right executor for your estate plan
Contemplating death may be such a cause of stress that many people tend to overlook the importance of estate planning. Nevertheless, everyone needs not only to set up an estate plan, but also to have it reviewed regularly and revised as necessary.
The benefits of updating a person's will
Preparing an estate plan is seen by many as a necessity. But for some people, estate planning can be very difficult to contemplate because it can lead to thoughts of the person's existence and ultimate passing on. The tasks and assets involved can also become arduous and complicated.
