Klenk Law

Estate Planning Lawyer King of Prussia, PA

Estate Planning Tools You May Not Have Thought AboutWhen it comes to estate planning, many people are familiar with the options presented by wills and trusts. However, there are several other popular estate planning tools that you may not be familiar with that you may want to discuss with an estate planning attorney about incorporating them into your estate plan. The following is a brief overview of these options. Contact Klenk Law to meet with one of our King of Prussia, PA estate attorneys and learn more.

Power of Attorney

There are different power of attorneys that an individual should include in their estate plans. Instead of addressing decisions after their death, powers of attorney address necessary decisions in the event the person becomes too ill or incapacitated to make these decisions on their own. Tragically, this can happen at any age, due to not only illnesses, but can also occur if the individual is injured in a catastrophic accident.

A general power of attorney grants another individual the power to make all decisions involving finances and healthcare. Some people prefer to have more specific types of power of attorneys in place that narrow the scope of the person chosen authority. They may have one person who is designated power of attorney for financial issues only. This person is in charge of handling all financial decisions and oversight of assets. The individual then names a second person as their healthcare power of attorney. This individual is in charge of making all final decisions over the medical treatment they will receive if they do not have the capacity to do it on their own.

Living Will

In addition to having a healthcare power of attorney, it is also important to include a living will in your estate plan. A living will is your way of specifically addressing what your wishes are when it comes to any life-sustaining treatments or procedures that you would agree to. By having this document in place, your final wishes will be kept, regardless of what your healthcare power of attorney may decide. Although an estate planning lawyer may recommend you pick someone who will abide by your wishes, we know that it is not uncommon for loved ones to want medical professionals to do everything they can to save a loved one’s life, even if there is no hope. Their grief can cloud their judgment and they may make decisions you would not agree to. A living will ensures this does not happen.

Pour Over Will

A “pour over will” is when a gift is made from assets covered in the last will and testament to a trust. This is done by including a clause – referred to as a pour over clause – in the will which states that any asset not mentioned in the will should be placed in a trust. A trustee is named to oversee the contents of the trust and administered based on the instructions that the decedent stated in the pour over clause.

A pour over will is a smart tool to use to protect any assets that may have accumulated after the will is executed, but before the decedent had a chance to include them in the will. Otherwise, these assets become part of the total estate and could be distributed in a way the decedent would not have wanted.

For more detailed information about estate planning tools which could benefit you and your family, contact Klenk Law to meet with an estate planning lawyer King of Prussia, PA clients depend on.

What Our clients are saying

Stars

Peter provided outstanding advice and preparation of a will and trusts.

Stars

Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.

Stars

When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...

Stars

AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!

Stars

Great friendly staff

Stars

Tremendous firm with bright, kind and tenacious people. Great representation for our family.

Stars

I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.

Stars

Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!

Stars

Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.

Stars

Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.

Stars

Answered my question quickly and referred me to a colleague that could handle my problem

Stars

Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.

Stars

Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.

Stars

Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!

Stars

Peter provided outstanding advice and preparation of a will and trusts.

Stars

Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!

Stars

You & your staff are the best thank you for everything.

Stars

Peter and his staff handled all of our needs in a very professional and timely matter.

Stars

Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.

Stars

Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.

Stars

Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.

Stars

Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.

Stars

Surprisingly easy

Stars

Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.

Stars

Peter and his associates made things easy for us.

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