You would think that celebrities would be more mindful of their financial status than they appear to be. So many famous people engage in no estate planning or inadequate estate planning. In either case, Pennsylvania small business owners may want to avoid emulating celebrities when it comes to sound financial planning.
When it comes to estate planning, Pennsylvania residents have numerous options. One of them involves using a revocable living trust. This particular document remains popular with individuals and married couples for a variety of reasons.
Most Pennsylvania parents take steps to protect their minor children should they pass away. This often includes providing for them through estate planning. A will may designate how assets will be passed to the children and who will take care of them when the parents are no longer around to do so. The problem is what happens in the immediate aftermath of the parents' sudden or premature death.
When Pennsylvania residents are young, they may not be able to see a time when they are not. In some ways, that is an admirable trait -- they only see the future in snippets and smaller goals. As they achieve them, they move on to new and bigger goals. However, when it comes to estate and probate law, it is less about being older and richer, and more about planning for an unknown future.
The last thing that most Pennsylvania residents want is to make life more challenging for their family members after they pass away. For this reason, they engage in estate planning in order to get their affairs in order so that loved ones have an easier time wrapping up the estate. However, if mistakes are made during the process, it could complicate the probate process.
You've laid your parent to rest and are now tasked with managing the estate they have left behind. Unfortunately, estate planning never came up in conversation and you are unsure of where you should start. What are the first items of business that should be taken care of?
With so many details to cover, it's easy to miss a step or make a mistake when estate planning. This can lead to major complications when administering an estate under Pennsylvania estate and probate law. Luckily, by paying careful attention to estate plans earlier in life, adults can resolve these issues before they cause conflict or confusion after they pass away.
Like many other Pennsylvania residents, when you began pondering how to structure your estate plan, you considered how to make sure that your surviving family members have access to much-needed assets as quickly as possible. In order to achieve this goal, you may want to make sure that many, if not all, of your assets do not have to go through the probate process. In most cases, the key is in how you title your property.
Taking care of family members beyond death is crucial to many Pennsylvania residents. This often comes through in estate planning as people leave instructions for how their assets are to be distributed to those they love. The primary goal of any estate plan is often to make sure that the person creating it retains control over who receives what upon death.
Through the years, many Pennsylvania residents accumulate personal items, accounts and other assets that they intend to pass on to their loved ones some day. The problem is that during the probate process, all of those assets must be sifted through, organized and somehow either disposed of or distributed. No matter how good a person's intentions may be, leaving a multitude of items for grieving family members to deal with may not be the best solution.