Have you ever wondered what will happen to your property after you die? Well, you should do so in order to exempt your family and any to other person you care about from unnecessary property inheritance battles. To avoid this though, you need some estate planning. In Philadelphia estate planning is carried out by various legal professionals, though there are various things to understand first.
So, what is estate planning and why is it this important? Basically, it is involves arraigning the disposal of an estate before you die. In other words, you are determining who will manage your assets in after you die. While this was a subject only known to the affluent members of the society, things have since changed. Imagine your sons and daughters fighting over the scarce resources you left behind yet you had the means to set records straight.
There are a few things that you ought to know before drafting your plan. The knowledge of these components will definitely help you come up with the most binding plan for all. For example, there are clauses and elements that you can add to a will or a trust plan to make it stronger and binding even after your death.
While it is advisable that your will remains secretive (i. E. Be a mystic will), sometimes it is better to discuss the contents with the beneficiaries. This is because not every beneficiary is always happy when a will is read and this might lead to legal battles. Therefore, you had better explain the contents to them in order to alleviate such scuffles.
To make a will more elaborate, you should include the Power Of Appointment. This means you delegate some responsibility to a trusted friend or legal representative to oversee the distribution of your property in the event that you die. This individual is however not responsible for the management of the said property. In most cases, the power of appointment is exercised by you and can only be passed on if you are incapacitated or dead.
Additionally, your plan should include Power Of Attorney. Here you give your consent to a lawyer to make decisions on your behalf whether you re alive or dead. Such decisions should be in writing and made willingly. You should however be careful of whom you entrust with such responsibility, as they legally represent you and so do their decisions.
Health Care Proxy or Living Will is another good consideration to make. This is where you state how your health is to be handled in case you are too sick or incapacitated. Also known as the health directive, this element will protect you should you be terminally ill or as mentioned before injured.
Provided you use any of the above-discussed estate planning methods, you stand to enjoy several benefits. First, you have room to include the no-contest clause that ensures the content of your will or any other agreements are honored to the latter. You can also craft your plan in a manner that it exempts your property from taxes after your demise. Therefore, there are various benefits that you stand to gain when you consult Philadelphia estate planning attorneys.
So, what is estate planning and why is it this important? Basically, it is involves arraigning the disposal of an estate before you die. In other words, you are determining who will manage your assets in after you die. While this was a subject only known to the affluent members of the society, things have since changed. Imagine your sons and daughters fighting over the scarce resources you left behind yet you had the means to set records straight.
There are a few things that you ought to know before drafting your plan. The knowledge of these components will definitely help you come up with the most binding plan for all. For example, there are clauses and elements that you can add to a will or a trust plan to make it stronger and binding even after your death.
While it is advisable that your will remains secretive (i. E. Be a mystic will), sometimes it is better to discuss the contents with the beneficiaries. This is because not every beneficiary is always happy when a will is read and this might lead to legal battles. Therefore, you had better explain the contents to them in order to alleviate such scuffles.
To make a will more elaborate, you should include the Power Of Appointment. This means you delegate some responsibility to a trusted friend or legal representative to oversee the distribution of your property in the event that you die. This individual is however not responsible for the management of the said property. In most cases, the power of appointment is exercised by you and can only be passed on if you are incapacitated or dead.
Additionally, your plan should include Power Of Attorney. Here you give your consent to a lawyer to make decisions on your behalf whether you re alive or dead. Such decisions should be in writing and made willingly. You should however be careful of whom you entrust with such responsibility, as they legally represent you and so do their decisions.
Health Care Proxy or Living Will is another good consideration to make. This is where you state how your health is to be handled in case you are too sick or incapacitated. Also known as the health directive, this element will protect you should you be terminally ill or as mentioned before injured.
Provided you use any of the above-discussed estate planning methods, you stand to enjoy several benefits. First, you have room to include the no-contest clause that ensures the content of your will or any other agreements are honored to the latter. You can also craft your plan in a manner that it exempts your property from taxes after your demise. Therefore, there are various benefits that you stand to gain when you consult Philadelphia estate planning attorneys.
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Check out www.cstewartlaw.com for a review of the reasons why you should consult a Philadelphia estate planning attorney, today. You can also get more information about an experienced lawyer at http://www.cstewartlaw.com now.
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