Many people in Pennsylvania may not consider creating a trust when developing an estate plan. However, the inclusion of a trust can be very beneficial.
People in Wilkes-Barre and Philadelphia may want to consider using a trust instead of a will in their estate planning. This has been the recommendation of the AARP since 1991. There can be a number of advantages to using a trust over a will.
Estate planning offers several wealth protection and asset distribution options to Pennsylvania residents. That's why many people download estate planning documents from do-it-yourself websites. Although DIY legal websites cost less money, oversights can cause problems. Many individuals do not even know if their estate plans contain errors. Plus, people who take advantage of using online services need to pay more money to consult with an attorney.
Some Pennsylvanians may have heard of cryonics -- the freezing of a person after they die in the hopes that someday their body will be revived. Though it may sound like science fiction, there are around 400 people currently being preserved in a frozen state, and some 1,500 living individuals plan to be frozen when they die. But if someone leaves all their money to heirs after they die, what happens if they are frozen and then one day revived? Anyone who is even thinking about the possibility of being cryonically preserved might want to learn about revival trusts.
The estate plans created by Pennsylvania residents will vary from family to family. However, many issues that can be addressed by having a properly worded revocable trust in an estate plan.
As technology evolves, it is likely that individuals in Pennsylvania and throughout the country have digital assets. These assets could be anything from credit card reward points to a social media account. There are many reasons why they need to be accounted for in an estate plan. One reason is that accounts left open could be used by others to commit identity theft. Thieves may gather information from dormant or unprotected accounts to open credit cards or take other actions in another person's name.
Every year we think of gifts to give our children or grandchildren during the holiday season. Your children or grandchildren may already have many of today's coolest gifts, ear buds, beats, iWatch, sunglasses or even a Canada Goose jacket. What to do, what to do???
As you probably know, the "Queen of Soul" Aretha Franklin passed away on August 16 after a long bout with pancreatic cancer. The singer, a mother of four, never made an estate plan, leaving her "intestate," which means died without a will. Now her four children, including a son with special needs, will have to go to court to have her estate probated and these matters will no longer be kept private. Additionally, according to her state's law, when a person dies without a Last Will and Testament the assets of an unmarried mother are divided equally among her children.
Every day, you do your best to ensure that your pet is well-cared for and loved. You feed your dog nutritious food, give her an occasional treat, take him on long walks and cuddle with your fur-baby at night. Your cat also eats the best food and gets treats. You may even dance string in front of her. But have you ever taken the time to consider what will happen to your pet if something should happen to you?
Don't let this happen to you....