Most folks never think of having a plan for the future when it comes to their business or personal assets. It is important to be prepared for the time in your life when you may no longer be capable of handling things financially or legally on your own. With an estate planning lawyer Doylestown PA residents can successfully preserve their estates.
The right Chalfont, PA legal firm will help you prepare your Will, a Power of Attorney, Life Insurance Trusts, Gift Trusts, Shareholder and Partnership Agreements, and more. These attorneys perform a complete analysis ensure your assets are safe. They make sure that you have the correct documents that pertain to your property.
The first document, and the most important, you should have is the Power of Attorney. This paper appoints someone of your choosing to act as your agent. This paper will give the individual you designate the authority to handle legal and financial affairs for you. This instrument is very important and is necessary if or when you are not capable of handling things yourself.
In addition, you should have a Letter of Instruction. This paper give your survivors information about your personal and financial affairs that must be taken care of when you die. It will also lets the executor know exactly what assets you have and where they are located. This detailed paper helps your executor know what they are to do with the property.
If you want control over the distribution of your assets when you pass on, have a Will prepared. Without a Will, you die intestate and distribution of property is left up to the state where you live. This means that your real estate, bank accounts, and other property, will be handled under the laws of the state where your assets are located. If there are no relatives found, everything becomes the property of the state.
When you draw up a Will you can indicate who will get what. This way you can be sure that your property will be distributed accordingly. Anyone without heirs can name a person or charity to receive their property. However, if you have children you are able to leave equal shares to each child. In the event that one of your children dies before you, their shares will go to their decedents and will not lower the amount of the shares the others get.
An attorney who specializes in this area of the law will be able to help you compose your Will with the correct wording. In many states you do not even need to have a typed Will, you can write it out in your handwriting. An attorney can advise you on the requirements for hand written Wills in your state.
If you choose to write your own Will, you must identify yourself. In addition, state that any previous Wills and Codicils are revoked, and you are of sound mind and not being coerced. In some states the Holographic Will must be signed and dated by testator and be witnessed and signed by two disinterested parties.
The right Chalfont, PA legal firm will help you prepare your Will, a Power of Attorney, Life Insurance Trusts, Gift Trusts, Shareholder and Partnership Agreements, and more. These attorneys perform a complete analysis ensure your assets are safe. They make sure that you have the correct documents that pertain to your property.
The first document, and the most important, you should have is the Power of Attorney. This paper appoints someone of your choosing to act as your agent. This paper will give the individual you designate the authority to handle legal and financial affairs for you. This instrument is very important and is necessary if or when you are not capable of handling things yourself.
In addition, you should have a Letter of Instruction. This paper give your survivors information about your personal and financial affairs that must be taken care of when you die. It will also lets the executor know exactly what assets you have and where they are located. This detailed paper helps your executor know what they are to do with the property.
If you want control over the distribution of your assets when you pass on, have a Will prepared. Without a Will, you die intestate and distribution of property is left up to the state where you live. This means that your real estate, bank accounts, and other property, will be handled under the laws of the state where your assets are located. If there are no relatives found, everything becomes the property of the state.
When you draw up a Will you can indicate who will get what. This way you can be sure that your property will be distributed accordingly. Anyone without heirs can name a person or charity to receive their property. However, if you have children you are able to leave equal shares to each child. In the event that one of your children dies before you, their shares will go to their decedents and will not lower the amount of the shares the others get.
An attorney who specializes in this area of the law will be able to help you compose your Will with the correct wording. In many states you do not even need to have a typed Will, you can write it out in your handwriting. An attorney can advise you on the requirements for hand written Wills in your state.
If you choose to write your own Will, you must identify yourself. In addition, state that any previous Wills and Codicils are revoked, and you are of sound mind and not being coerced. In some states the Holographic Will must be signed and dated by testator and be witnessed and signed by two disinterested parties.
No comments:
Post a Comment