Saturday, January 18, 2014

The Need For Philadelphia Estate Planning Services

By Marissa Velazquez

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.

You might be asking just what it means to plan your estate. Using an example, if you own some property, then doing so will be determining who gets it after your death. Put differently, it simply means you are devising some means for distributing assets to your loved ones after death. If done well, the chances of your family members fighting each other over your property are eliminated.

There are certain aspects that you must understand before planning. These aspects will ensure that you write a good plan. For example, setting up a trust or writing a will could be the best thing to do. However, if done wrongly, then it could plunge your family into deep financial woes after your demise.

Did you know that it is advisable to share the contents of your will with the beneficiaries? Yes, share it with them to remove the element of surprises and unwanted acrimony between family members. However careful and balanced a Will sounds, there are likely to be some beneficiaries who may feel shortchanged. Therefore, you need to explain the will to them while you are still alive. Failure to do this might undo the intention of your will and plunge your family into endless court hearings.

On the other hand, you need a clause on the Power Of Appointment to make your will even stronger. This refers to an individual ((a lawyer or family member) who is charged with distributing your property to the listed beneficiaries. You should not confuse this person with a trustee as they do not manage the property, but limited to the distribution only. In addition, this power can only be exercised after your death.

Apart from the will or trust, you can use what is known as the Power Of Attorney. By definition, this is the person whom you transfer your decision-making powers to. They can be legal representatives or very trusted family members. Accordingly, their decision on how your property is managed bears the same weight as yours. You should therefore put such important arrangements in writing.

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.

Now, that you know some of the planning methods to use, it is better to look at the advantages. Primarily, you have peace of mind knowing that your family is safe even after you are long gone. Secondly, you have the opportunity to include the non-contest clause to protect your will from devious lawyers or family members. Finally, you can draft your plan so well that it protects your property from unnecessary taxes. If living in Philadelphia estate planning needs can be met by the attorneys in the region.

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