Estate Planning Lawyer King of Prussia, PA
When 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.
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
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Philadelphia PA, Allentown PA, King of Prussia PA, Montgomery County PA, Bucks County PA, Doylestown PA, Jenkintown PA, Marlton NJ, Moorestown NJWhat Our clients are saying
Stephanie Sesker
We were extremely pleased with the work done by Peter Klenk and members of the staff at Klenk Law. They were very thorough and did the work in a timely fashion. Peter's explanations of the legal system were very clear and helpful. I highly recommend this firm and Peter.
Tina Krovetz
Fantastically easy and efficient team to work with getting our wills done. We will use Klenk again in the years to come. I highly recommend Peter Klenk.
Lu Han
I have worked with three different attorneys and law firms over the years, and I can confidently say that attorney Peter Klenk stands out as the most knowledgeable. He created the most thorough wills and trust documents I've ever had. Mr. Klenk took the time to gather all the necessary details about my current situation and goals. As a result, he put together comprehensive documents that I believe will effectively protect my assets and ensure my children's inheritance is secure.
What truly sets Mr. Klenk apart is his patience and dedication to understanding my questions. He provided detailed explanations that made complex legal concepts much easier to grasp. His team's communication and scheduling were equally impressive, making the entire process smooth and stress-free.
Thank you, Mr. Klenk, and your fantastic team, for your exceptional service!
Jacqueline Gowen-Tolcott
We had an excellent experience. Everyone was very personable, professional and efficient.
Callista O “Callista O” Chukwunenye
I knew I needed to update my Estate Planning documents created 15 years ago, yet I kept putting it off. Peter, in his no pressure way nudged me to finally check it off my list. The admin staff of Klenk law were very respectful and responsive in working with me to set up dates and times that work for me to talk with Peter over the phone regarding what I wanted to update. Peter answered my questions and explained some things to me. This helped me on some of my estate decision. After our phone talk, I received a draft of the updated documents, and was allowed ample time to review them prior to a final review with Peter over the phone. This pre-signing reviews made the in-person signing time very short. I would highly recommend Klenk Law, because Peter and his staff were professional but friendly, and thorough in the estate planning work they did for me. Thank you, Peter!
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