At its most basic form, estate planning is deciding who gets your assets when you die. However, your estate plan can have many more aspects, including taxes and considering your family's needs. Here is how to get started creating an estate plan. Take inventory If you...
Estate Planning
How does probate work in Pennsylvania?
Probate refers to the legal process in which courts can validate a deceased person's will and name an executor to handle the transfer of assets to beneficiaries. Understanding how probate works in Pennsylvania can help executors administer estates. Furthermore,...
The 3 basic elements of an estate plan
No one wants to make things harder for their loved ones. One of the best gifts you can give them is basic estate planning, putting things in place in case of emergency. Basic estate planning only requires three documents. By completing them you can protect your family...
How should you select a quality executor?
When going through the process of estate planning, you may naturally have questions and concerns about the person in charge of handling your estate after you die. This person, commonly known as an executor, should meet multiple requirements in order to be a good fit...
Preparing for the possibility of will contestation after you pass
Your will is more than just a piece of paper. It is the declaration of your final wishes and the testament of your legacy. To ensure that your desires come to pass when you are unable to oversee their passage yourself and that your loved ones receive exactly what you...
Important differences between revocable and irrevocable trusts
Trusts are important aspects of a comprehensive estate plan. A trust not only ensures proper management of your assets by your designated trustee but proper utilization according to your wishes and instructions as well. The two primary trust entities, irrevocable and...
How should I leave a gift to charity in a will?
Some people have causes that they are passionate about and give to those causes through charities. Perhaps you wish to leave one final gift of money or property to your favorite charity after you die. One way to do this is through your will. According to Kiplinger,...
What does an executor do?
One of the critical decisions you must make during the estate planning process is choosing an executor for your estate. However, you may not know exactly what an executor does. This guide will help you understand the primary role of the executor. What the executor...
What happens if you pass away without a will?
Intestate succession occurs when a person dies without a will. In Pennsylvania, your assets will pass to your closest relatives. In this case, your estate will enter probate. Pennsylvania has a relatively simple probate process, but you still need to know what to...
How can I choose the right trustee for my estate?
Along with other estate planning tools, trusts are an essential aspect of safeguarding your assets. In addition to wills and beneficiary designations, trusts ensure the assets and property you worked so hard for during your life go to your heirs in the manner you...
