If you contact an estate planning lawyer in Montgomery County, Pennsylvania, you’re making a smart move by planning ahead and being prepared. Planning your estate is an important process, wherever you are in life. It’s important to be prepared for any eventuality, and having the proper paperwork in order in case of an extreme emergency can spare your loved ones undue stress, confusion, and anger in a time that’s already difficult for them.
Many of us prefer not to think about why we need wills, but the reality is, planning an estate properly isn’t something we do for ourselves – it’s something we do for our loved ones. Without a proper will in place, you’re setting your loved ones up for a complicated and difficult ordeal after passing, an ordeal that just makes grief worse and can strain relationships between family, friends, and other beneficiaries.
Contacting an estate planning lawyer to draft a will means sparing your family and friends an entire ordeal upon your passing. Without a will, procedures for establishing durable power of attorney, and without designated beneficiaries for an inheritance, everything you have worked so hard to build during your lifetime is now in the hands of the state, which will designate a representative to distribute your assets. Ordinarily, this representative might be your spouse, but if you have ex-spouses, other family members, or children, this representative can become difficult to designate.
If you die without a will, you’re risking a legal battle for your inheritance. The representative that the state designates might not be operating in your family’s best interest, and some assets might end up where they shouldn’t. You want your family to deal with a painless process when it comes to dividing your assets among your beneficiaries, so you should always contact an estate planning lawyer in Montgomery County, PA.
An estate planning lawyer can make all the difference when it comes to distributing your assets after you die. They can help you write up a comprehensive will, and can go to great lengths to prevent any difficulties or complications that might surface when the state designates a representative. Instead, your will will be handled by someone you trust, and someone you have chosen.
Additionally, an estate planning lawyer can find ways to help you (or your beneficiaries) pay estate tax, which would ordinarily take a large amount from inheritance. Estate planning lawyers can help you plan out what happens next should you become medically incapacitated, and by working closely with you to develop a will, they can also help you decide what beneficiaries should be included.
Plan ahead, and contact a qualified estate planning lawyer. While you might not always be thinking about what will happen to your assets after you die, it’s important to look after your family and friends and ensure your will is as comprehensive as possible. If you’re looking for an estate planning lawyer in Montgomery County, PA, reach out to Klenk Law and get started today.
While the importance of proper estate planning is well-known, some young people still don’t believe having a will is necessary. They might think that they don’t have enough assets yet or a big enough family to necessitate an estate plan. However, having a solid estate plan is crucial for people of all ages. Even if you aren’t fully established yet, you should still consider speaking to an estate planning lawyer in Montgomery County, PA, about drafting a will.
Fact: Your power of attorney is only in effect while you’re still living. Once you die, so does the power of attorney. Both general and durable powers of attorney go into effect immediately. Durable powers of attorney stay active even if you’re incapacitated due to illness or injury. Special powers of attorney only go into effect for certain actions. Springing powers of attorney “spring” into effect once specific circumstances or a specific date range occurs. See an estate planning lawyer in Montgomery County, PA, from Kleneck Law about the different powers of attorney that may be right for you.
Fact: A power of attorney may only make financial and/or business decisions on your behalf. In some states, there are medical powers of attorney, also called healthcare proxies or living wills, that may designate a person to make medical decisions for you if you are incapable of making them on your own. Your estate planning lawyer in Montgomery County, PA, can help you set up healthcare powers of attorney.
Fact: You are the only person who can write or make changes to your will. Under certain circumstances, your power of attorney could be permitted to make changes to a trust you’ve set up, if it’s a trust you yourself would be able to change. Klenek Law will make sure your estate planning stays safe.
A power of attorney is created for your peace of mind. The whole point of a power of attorney is to empower someone to act on your behalf when you are unable to, for whatever reason. A power of attorney in no way makes you give up any independence; in fact, it grants you greater independence, having someone else make decisions for you.
No matter how young and healthy you are, you could be struck with disaster any day. You could be in a car accident that left you in a coma. If you had no powers of attorney drawn up, nobody would be able to pay your rent or bills for you. Creating a power of attorney gives you financial peace of mind in the event a tragedy does arise. An estate planning lawyer in Montgomery County, PA, might recommend starting the estate planning process sooner rather than later.
If you own real property, insurance or liquid assets or have other people who are dependent on your income, you should have an estate plan. An estate plan can also be used to plan for what will happen if you are unable to make your own decisions about your medical care or finances. Estate planning is also necessary to appoint guardians for any minor children you have and to ensure they are financially cared for if you die. An estate planning lawyer in Montgomery County, PA can help you create an estate plan regardless of your financial position.
Some assets, such as life insurance or retirement accounts, may not be subject to the terms of your will. Additionally, there are several other estate planning documents that may be beneficial:
A will is the minimum amount of estate planning most people should do. However, most people can also benefit from doing more than just writing a will. An estate planning lawyer in Montgomery County, PA can suggest what other estate planning tools may benefit you.
Distributing your assets after your death is only one component of estate planning. Other aspects of estate planning include legacy planning, charitable giving and planning for future incapacity. An estate plan can also help you with ensuring you receive the medical care you need if you are unable to make decisions for yourself. Designating who will care for your children if you die is another important component. The team at Klenk Law can help you cover all aspects of your estate plan.
When people die with no will, the laws of their state determine how their assets are distributed. Your estate will probably pass through probate, which may delay your spouse from receiving your assets and state law may not automatically pass some assets on to your spouse. If you jointly own any property, such as a business, with someone other than your spouse, your interest in that property may not automatically pass on to your spouse. An estate lawyer at Klenk Law can help you create an estate plan that ensures that your assets are distributed the way you want.
Many people understand why having a will is important. You have a legal document that shows who gets what in the event of your passing. A trust is something that fewer people are familiar with. A trust can benefit your intended beneficiary in more ways than a will can. There are many types of trusts, so an estate planning lawyer in Montgomery County, PA can help you understand which type is right for you. Here are three reasons you want to create a trust.
Your will indicates who gets custody of dependents if you pass away, but the will does not necessarily provide for their physical needs. A trust states who gets financial distributions from your estate, when, and under what conditions. It would generally be unwise to allow a very young child to inherit a huge sum of money without any stipulations. Rather, a lawyer from Klenek Law can help you create a trust that can limit access to the funds based on specific situations. You could provide finances to the person caring for your child in your stead in order to provide for their needs. This is especially important if you have a child with special needs who will require a great deal of costly care.
A trust can also stipulate when an heir can receive money. Instead of having an eighteen-year-old receive huge sums of money, a trust can state that the child will receive a certain amount or percentage of funds from the trust at various ages. You can also state that you intend the funds to be used for something specific such as school, housing, or transportation. If you or a loved one has a career that would make him or her potentially susceptible to lawsuits, such as working in the medical field, holding money in a trust is a way to protect your gift from creditors. An estate planning lawyer in Montgomery County, PA can advise you on your options.
While paying taxes is necessary, you don’t want your heirs to lose out on a lot of money by paying excessive inheritance taxes or expensive court costs in probate court. A trust can protect the money you wish you loved ones to inherit by planning around current state and federal tax laws. Klenek Law can help you assess which type of trust is right for your situation.
An estate planning lawyer in Montgomery County, PA can help you design a trust that allows you to be in control of your assets in order to provide the best possible gift to your children and other loved ones in the future.
Establishing an estate plan can be very complex, and you don’t want to do it alone. Although there is DIY software out there, it’s easy to make errors if you don’t know estate law. It’s in your best interest to consult an experienced estate planning lawyer in Montgomery County, PA, as soon as possible. A lawyer can help you establish a proper estate plan in a timely fashion. Call the Klenk Law firm today.
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