A Will Or A Trust — What Is Right For You?
Every person 18 or over needs a will. Those with complex or large estates or special concerns may benefit by establishing a trust. Attorneys at Larmore Scarlett, LLP help each of our clients find the right estate planning solution — one that is efficient and effective. If you have no valid will, or if your situation has changed since your will or trust was drafted, it is important to speak to an attorney about appropriate measures. Please feel free to contact our Kennett Square office to arrange an initial consultation.
The basic will
A will is the most essential estate planning tool. It is not complicated, but you need to know what to include so that it carries out its mission. Our lawyers will help you determine who you to name as guardian for your children and as executor of your estate in the event of your death. A proper will covers all issues, including excusing the executor bond (which preserves resources for the heirs) and how personal property, realty and all other assets are distributed.
Irrevocable and revocable trusts, including charitable remainder trusts, life insurance trusts and special needs trusts provide certain people with valuable benefits. Different trusts help meet different needs – one client may be interested in asset preservation, another in protecting a child with disabilities. Before recommending any type of trust, our attorneys will carefully evaluate your financial situation and goals. If your estate plan will benefit from a trust, we will establish a trust that provides maximum flexibility, and oversee funding of the trust.
Dangers of the do-it-yourself will
Your goal is to have a will that is clear, protects those you care about, and is recognized by the courts of Pennsylvania. A small investment, hiring an attorney, will provide the protection you are looking for. If you use a boilerplate document designed for another state or just sign on the dotted line, the probate court may declare the will invalid, leaving the distribution of your assets up to the court. Our lawyers have seen a self-drafted will that, because the writer failed to check one box, did not give the executor the power necessary to carry out the terms of the will. To protect yourself and make sure that your wishes are carried out, you need the guidance of an experienced estate planning attorney to draft your will.
Call 610-444-3737 or e-mail the Kennett Square office of Larmore Scarlett, LLP to arrange your telephone consultation. You will usually be able to reach an attorney during business hours — if not, one of our lawyers will return your call or e-mail promptly. If we offer the service you need, we will be happy to discuss our fees and provide an estimate of the cost of representation. Otherwise, we will refer you to experienced lawyers who offer the assistance you need. We accept credit cards for your convenience.