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Creating a will is a huge step in ensuring that people respect your wishes. A will is a legal document that outlines how other people should handle your property and possessions upon your death. To navigate this process effectively, it is important to know the key...
When it comes to managing an estate, the role of an executor is important. An executor has the responsibility of carrying out the wishes of the deceased. However, not all executors act with the utmost integrity. Some individuals may exploit their position for personal...
AARP reported that only around half of adults have a power of attorney and those over the age of 72 are more likely to have one at about 83%. When creating a POA, you will have to designate an agent who will hold the power of the appointment. This is an important...
If you are disabled or have a disabled family member or loved one, you can create a special needs trust. A special needs trust is a type of trust created to provide financial support and protection for individuals with disabilities in Pennsylvania. Disabled...
Having parents tell you they want you to serve as the executor of their estate will likely lead to a mix of emotions. There is the inevitable sense of pride that comes when your parents recognize that you are not only a capable adult but that they trust you with the...
The roles of an executor and a trustee play important parts in managing the affairs of a deceased person. However, while both positions involve overseeing assets and carrying out instructions, there are major differences between the two. Smart Asset describes three...
When most people think of estate planning, think about detailing their wishes for after death. When crafting a comprehensive estate plan, you should also address your wishes for incapacitation, not just death. An advance directive, also referred to as a living will,...
Are you concerned about safeguarding your hard-earned assets and ensuring financial stability for yourself and your loved ones? If so, a spendthrift trust is worth considering. In an ever-changing and unpredictable world, you must have a solid plan in place to protect...
After creating an estate plan, many people mistakenly believe that this is where the process ends. However, that is far from the truth. In reality, an estate plan is an ongoing project that requires constant monitoring and updates. But how does a person know when it...
Probate, a legal process following a person's death, validates their will, appraises their assets and pays debts and taxes. In Pennsylvania, as with all states, probate is a multi-stage and complex process. Its duration can vary significantly depending on various...