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Talking to your parents about estate planning
Talking about estate planning can be uncomfortable. After all, you are discussing death, whether it is your own death or the death of someone you love. This conversation can be especially difficult if it involves talking with your aging parents, whether they have an estate plan set up or not....
Continue ReadingThree ways to engage in Medicaid planning
Are you worried about the costs of your potential long-term care needs? If not, you probably should be. After all, these costs can quickly skyrocket, eating through your savings in short order. That means that by the time all is said and done, your estate may be left with far...
Continue ReadingCan I change the executor of my will?
One of the most important steps in setting up your will is selecting your executor. An executor, sometimes called a personal representative, is someone who distributes your property to your beneficiaries according to the terms of your will. Your executive should be someone who you trust to take on the...
Continue ReadingDoes a relationship exist between an estate attorney and the estate’s beneficiaries?
In Pennsylvania, the attorney of any given estate is hired by the personal representative (who was hired by the estate owner) and not by the estate’s beneficiaries. Because there is no attorney-client relationship between the attorney and the beneficiaries, many people believe that the attorney owes nothing to the beneficiaries...
Continue ReadingCreating guardianship plans for your children
If you are a parent of young children, you may want to consider creating a guardianship for them as part of your estate plan. It can give you peace of mind, knowing that your children will be cared for according to your wishes in the event you are not able...
Continue ReadingHow can single parents in Pennsylvania approach estate planning?
Estate planning can seem like such a daunting, confusing task that some people decide that it just isn’t worth it. That can be a serious mistake, especially for single parents in Pennsylvania. As a recent news article noted, having an estate plan in place is crucial for single parents –...
Continue ReadingWho should you select as the executor of your will?
Planning for people’s passing in the Lancaster, Pennsylvania, area is not something people typically like to think about. However, like people plan for other aspects of their future, they should also plan for what will happen to their property after they die. One of the most important parts of the...
Continue ReadingSo, you want to create an estate plan
So, you’ve finally decided to create an estate plan. Maybe you just graduated college, got married, had a child, went through a divorce, received a large inheritance or maybe you simply just want a plan in place. No matter the reason, creating an estate plan is an important step to...
Continue ReadingWhat will happen to my property if I leave no will?
If a Pennsylvania resident dies without a will, then their property will be passed to their heirs through a process called intestate succession. One can think of intestate succession as a default estate plan put together by Pennsylvania’s lawmakers. The idea behind it is to pass a deceased person’s property...
Continue ReadingIf I am just starting out, why would I need an estate plan?
Younger people in Lancaster County who are just starting out in life might not see much of a need for a will or other estate planning documents. After all, they will usually have relatively modest property to worry about should they suddenly die or just not be able to care...
Continue ReadingChoosing a guardian for a minor child
It can be difficult for a parent to think about a situation where he or she is no longer able to care for their child. However, it can be helpful to designate a guardian who can step in and make decisions for the child if needed. There are some factors...
Continue ReadingWhy should I update my estate plan?
For those of us that have taken the time to make an estate plan, we know how good completing that task makes us feel. It is like having insurance. Not only is it a sound financial decision, but also provides piece of mind for the inevitable. What many may not...
Continue ReadingThe value of talking to your parents about estate planning
Estate planning can be a painful subject to discuss with one’s parents because it is about what happens after they are no longer alive. Many people do not have any sort of an estate plan and it is not even something that enters into their thinking. When your parents were...
Continue ReadingI’m getting a divorce: what should I do with my will?
As if you don’t have enough to think about when going through a divorce, your will is one thing that needs to be addressed. Too many people forget about it and the impact a divorce can have upon their wishes. What it comes down to is this: either you make...
Continue ReadingA closer look at incentive trusts
Many individuals who engage in estate planning worry that the assets that they worked hard to accumulate will be squandered away or otherwise taken advantage of by their loved ones. This is an understandable fear. After all, you want what’s best for your loved ones. But one of the great...
Continue ReadingTwo ways to control your estate long after you’re gone
On its face, estate planning may seem relatively simple. However, the estate plan that you need to truly suit your needs may be more complicated then you think. This shouldn’t deter you from creating an estate plan, of course. After all, as we’ve discussed previously on this blog, intestate succession...
Continue ReadingWhat should I consider revisiting in my estate plan?
It is a good idea to routinely review an estate plan to ensure it is up-to-date. Life changes which means that parts of an estate plan may need to be updated as well. It is helpful for estate planners to know what components of their estate plan they should consider...
Continue Reading5 essential items to include in your estate plan
While most people understand many benefits result from creating a will to distribute their property after they die, only about four out of every 10 Americans have created an estate plan. Wills and trusts are key parts, but a comprehensive estate plan contains many other documents to protect you and...
Continue ReadingWill an online will service actually save you money? Maybe not.
We’ve seen the low prices. Only $69 for a will — as long as you do it yourself using an online tool. That seems so much less expensive than what you might spend going to an experienced estate planning attorney — but a lot could go wrong. Up to half...
Continue ReadingIf someone dies without a will, who gets their belongings?
It’s a question we all have to consider at one point or another. After I’m gone, what do I want to happen to all of my stuff? Many people use a will to help answer this question. But what happens if someone dies without a will? Will their loved ones...
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