Your Complete Guide to Estate Planning – CHAPTER 3
In discussing essential documents in Chapter
1 of our Complete
Guide to Estate Planning, we took a brief look at trusts and gave some
basic information about how these arrangements can be confusing or problematic.
There are a vast number of different types of trusts, and unfortunately, they
are often marketed and sold to individuals who do not actually need them to
accomplish their estate planning goals.
Today’s post digs a little deeper into what distinguishes a few of the different types of trusts from one another so you can begin to understand whether you might want to include a trust in your unique estate plan to account for a specific financial goal. One word of caution, however—setting up trusts is not something you should attempt without guidance from a seasoned estate planning attorney. Taking a DIY approach to estate planning, and especially to establishing trusts, will likely create problems for your loved ones later, and can also easily result in greater ongoing tax expenses for the rest of your life.
Continue reading “More on Trusts: Are They Right For Me?”
Your Complete Guide to Estate Planning – CHAPTER 2
As we touched on in the previous
chapter of our Complete Guide to Estate Planning, power of attorney
(POA) is an essential estate planning document that gives a trusted individual
or individuals, which you designate, the power to act on your behalf.
These designees are
referred to as your “agents” or “attorneys-in-fact,” and they can take any
action specified in the document such as managing your general affairs if you
are unable to do so, or simply completing
a single project for you, like selling your home. POA designations are flexible
and can be shaped to accommodate a variety of circumstances.
Have you been wondering whether designating a power of
attorney for yourself or a loved one is a good idea? Or perhaps someone close
to you has asked you to take on this responsibility for them?
As part of our
ongoing post series, comprehensive estate planning information is
right here on our blog to make navigating the ins and outs of estate planning
in Pennsylvania easy and worry-free. Today’s post offers a closer look at power
of attorney designations, why they’re important, and how you can set up clear
and effective POA documentation for
greater peace of mind.
Continue reading “Understanding Power of Attorney and What It Means For Estate Planning”