Estate Planning Lawyers in PHILADELPHIA
What is estate planning?
Estate planning is the process of designating where an individual's assets will go in the event of their death. Estate planning also involves giving permission to an attorney or family members to carry out your wishes if you were to become incapacitated.
It can involve the services of many professionals, including your accountant, estate planning lawyer in PHILADELPHIA, life insurance advisor, banker and broker. Although estate planning can be an emotionally complex task, a well-informed plan can make a big difference in what is left to loved ones.
Why do I need an estate planning lawyer in PHILADELPHIA?
It is important to work with an estate planning lawyer in PHILADELPHIA and even a tax adviser on your estate plan. An estate planning attorney and tax adviser can help you think through the complex implications of each option. They can also be of help in matters concerning health care proxy and durable power of attorney.
Every estate plan is unique, but the same problems often occur. All that is needed is time with your estate planning lawyer in PHILADELPHIA who has knowledge of what to look for and what your state requires.
What will an estate planning lawyer in PHILADELPHIA do for me?
Hiring an estate planning lawyer in PHILADELPHIA is serious business. Though most people can, in fact, create most important estate planning documents on their own, unless there are reliable, clear instructions, it's always best to go directly to a professional. One missing signature or wrong word can change the intent of a trust or a will.
A living trust is a document that allows you to place assets into a trust during your lifetime. Some questions to ask an estate planning lawyer in PHILADELPHIA about your living trust would be:
• What property can go into my living trust?
• Can I designate the use of my property in a living trust?
• Who will have access to my living trust?
The more property you place in the trust, the more beneficial the trust will be. Most of your property can be placed into your living trust, but some items like life insurance are not eligible.
When should I do estate planning?
Clearly, estate planning should be done before you become ill, infirm, or incapacitated. The most common times that estate planning is done are when you marry, when you have children, when the children leave the home, upon the death of a spouse, or at your retirement. An estate planning lawyer in PHILADELPHIA will help you with the initial plans and can help keep your estate plan current and up to date.