Have you ever wondered what will happen to your property after you die? Well, you should do so in order to exempt your family and any to other person you care about from unnecessary property inheritance battles. To avoid this though, you need some estate planning. In Philadelphia estate planning is carried out by various legal professionals, though there are various things to understand first.
So, what is estate planning and why is it this important? Basically, it is involves arraigning the disposal of an estate before you die. In other words, you are determining who will manage your assets in after you die. While this was a subject only known to the affluent members of the society, things have since changed. Imagine your sons and daughters fighting over the scarce resources you left behind yet you had the means to set records straight.
There are certain aspects that you must understand before planning. These aspects will ensure that you write a good plan. For example, setting up a trust or writing a will could be the best thing to do. However, if done wrongly, then it could plunge your family into deep financial woes after your demise.
While it is advisable that your will remains secretive (i. E. Be a mystic will), sometimes it is better to discuss the contents with the beneficiaries. This is because not every beneficiary is always happy when a will is read and this might lead to legal battles. Therefore, you had better explain the contents to them in order to alleviate such scuffles.
On the other hand, you need a clause on the Power Of Appointment to make your will even stronger. This refers to an individual ((a lawyer or family member) who is charged with distributing your property to the listed beneficiaries. You should not confuse this person with a trustee as they do not manage the property, but limited to the distribution only. In addition, this power can only be exercised after your death.
Apart from the will or trust, you can use what is known as the Power Of Attorney. By definition, this is the person whom you transfer your decision-making powers to. They can be legal representatives or very trusted family members. Accordingly, their decision on how your property is managed bears the same weight as yours. You should therefore put such important arrangements in writing.
The other element of estate planning you ought to know is the Living Will. As the name suggests, this will indicates how you want to be cared for if you become too sick to make decisions for yourself. Just like the Power Of Attorney, you must choose someone who is trustworthy to oversee your treatment plans. Proxy Health Care Plans (as they are sometimes called) are done to protect the health individuals during their times of need.
Provided you use any of the above-discussed estate planning methods, you stand to enjoy several benefits. First, you have room to include the no-contest clause that ensures the content of your will or any other agreements are honored to the latter. You can also craft your plan in a manner that it exempts your property from taxes after your demise. Therefore, there are various benefits that you stand to gain when you consult Philadelphia estate planning attorneys.
So, what is estate planning and why is it this important? Basically, it is involves arraigning the disposal of an estate before you die. In other words, you are determining who will manage your assets in after you die. While this was a subject only known to the affluent members of the society, things have since changed. Imagine your sons and daughters fighting over the scarce resources you left behind yet you had the means to set records straight.
There are certain aspects that you must understand before planning. These aspects will ensure that you write a good plan. For example, setting up a trust or writing a will could be the best thing to do. However, if done wrongly, then it could plunge your family into deep financial woes after your demise.
While it is advisable that your will remains secretive (i. E. Be a mystic will), sometimes it is better to discuss the contents with the beneficiaries. This is because not every beneficiary is always happy when a will is read and this might lead to legal battles. Therefore, you had better explain the contents to them in order to alleviate such scuffles.
On the other hand, you need a clause on the Power Of Appointment to make your will even stronger. This refers to an individual ((a lawyer or family member) who is charged with distributing your property to the listed beneficiaries. You should not confuse this person with a trustee as they do not manage the property, but limited to the distribution only. In addition, this power can only be exercised after your death.
Apart from the will or trust, you can use what is known as the Power Of Attorney. By definition, this is the person whom you transfer your decision-making powers to. They can be legal representatives or very trusted family members. Accordingly, their decision on how your property is managed bears the same weight as yours. You should therefore put such important arrangements in writing.
The other element of estate planning you ought to know is the Living Will. As the name suggests, this will indicates how you want to be cared for if you become too sick to make decisions for yourself. Just like the Power Of Attorney, you must choose someone who is trustworthy to oversee your treatment plans. Proxy Health Care Plans (as they are sometimes called) are done to protect the health individuals during their times of need.
Provided you use any of the above-discussed estate planning methods, you stand to enjoy several benefits. First, you have room to include the no-contest clause that ensures the content of your will or any other agreements are honored to the latter. You can also craft your plan in a manner that it exempts your property from taxes after your demise. Therefore, there are various benefits that you stand to gain when you consult Philadelphia estate planning attorneys.
About the Author:
Read more about What You Stand To Gain From The Services Of Philadelphia Estate Planning Lawyers visiting our website.
No comments:
Post a Comment