From Our “Ask a Question” Mailbag: “As an estate lawyer near me Philadelphia, can you explain the basic documents that make up an Estate Plan?”
Three Documents In Every Estate Plan. An Estate Lawyer Near Me Philadelphia Explains:
Estate plans differ from person to person, but almost all plans include a Will, Power of Attorney, and Living Will. This post will talk about these three documents in a general fashion. If you want more in-depth information, follow this link to my estate planning articles Estate Planning Lawyer Philadelphia. Go ahead and read a bit, this page will be ready and waiting once you have the basics firmly in place.
The Will is a binding instruction as to who gets your probate property at your death. Further, it appoints your Executor. The Executor is the person who has the power to manage your estate. The Executor’s tasks include gathering your assets, paying creditors (including taxes), and carrying out your wishes. Also, the Will can nominate a Guardian for your minor children, set up protective trusts to keep money away from that pesky son and daughter-in-law and appoint funeral directors.
Follow this link for more information about Wills: Will Attorney Philadelphia.
A Power of Attorney.
A financial power of attorney is a document that grants another person the right to make financial decisions on your behalf. Typically, we hold this document in our safes. As soon as you sign a power of attorney the “Agent” can access your accounts, sell land, or make binding contracts. Most people only want the Agent to act if they are incapacitated. Therefore, we are instructed to give the Power of Attorney to the Agent ONLY if the client is incapacitated. This method allows you to have a Power of Attorney in case you ever become incapacitated, but the Agent has no access to it meanwhile. If you have more questions, lets talk, we can be your Estate Lawyer Near Me Philadelphia.
Follow this link for more information about Powers of Attorney: Power of Attorney Lawyer Philadelphia.
The Living Will and Medical Power of Attorney.
Given the advances in medical care, it is essential you have both a Living Will and Medical Power of Attorney. Typically, these documents merge into one. The Living Will states your specific wishes with regards to removing medical care if your physician believes there is no hope for your recovery. A Durable Healthcare Power of Attorney appoints a person as your “Surrogate.” The Surrogate speaks for you on medical matters when you are unable. If you have more questions, we can be your Estate Lawyer Near Me Philadelphia.
Follow this link for more information about Living Wills: Living Will Attorney Philadelphia.
In Conclusion: Estate Lawyer Near Me Philadelphia.
Whether you are young, old, rich or not-so-rich, you should have an Estate Plan. Your wishes should be respected, but without some planning, the Rules of Intestacy take over, disregarding your intentions.
Let our Estate Planning Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our Estate Planning Attorneys. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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