Wills, Trusts and Estates

WHAT IS ESTATE PLANNING?

Estate planning is the process of preparing for the management and disposal of your assets after your death. This can include creating a will, setting up trusts, and making plans for the care of your minor children or dependents.

Estate planning can be important for several reasons. It allows you to specify how you want your assets to be distributed after your death, which can help to avoid disputes among your loved ones. It can also help to ensure that your wishes are carried out and that your assets are managed in the most tax-efficient way possible.

Additionally, estate planning can be useful for protecting your assets from being unnecessarily taxed or spent on long-term care costs. By making plans in advance, you can help to ensure that your assets are used to provide for your loved ones and to support the causes that are important to you.

Overall, estate planning is an important process that can help to protect your assets and ensure that your wishes are carried out after your death. If you are interested in creating an estate plan, it's best to consult with an attorney who can provide advice and guidance based on your specific situation. HART LAW is able to assist with every aspect of your estate planning and answer any questions you may have.

DO I NEED A WILL?

A will is a legal document that specifies how you want your assets to be distributed after your death. It can also be used to name guardians for your minor children and to appoint an executor to manage your estate.

Whether or not you need a will depends on your individual circumstances. If you have minor children, a will is especially important because it allows you to specify who you want to take care of them if something happens to you. Even if you don't have minor children, a will can be useful for ensuring that your assets are distributed according to your wishes.

Additionally, if you die without a will, your assets will be distributed according to the laws of your state, which may not be in line with your wishes. This can lead to disputes among your loved ones and can be avoided by having a will in place.

Overall, it's a good idea to have a will, especially if you have minor children or assets that you want to be distributed according to your wishes. If you are unsure whether you need a will, it's best to consult with an attorney who can provide advice and guidance based on your specific situation. Contact HART LAW today for a consultation for your estate planning needs.

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SHOULD I HAVE A POWER OF ATTORNEY?

A power of attorney (POA) is a legal document that gives another person the authority to make decisions on your behalf. This can be useful in a variety of situations, such as if you are unable to make decisions for yourself due to illness, injury, or other reasons.

Whether or not you should have a power of attorney depends on your individual circumstances. If you have a chronic illness or are getting older, for example, it may be a good idea to have a POA in place so that someone can make decisions for you if you are unable to do so yourself.

On the other hand, if you are in good health and do not foresee any situations in which you would be unable to make decisions for yourself, a POA may not be necessary.

If you are married, it is a good idea to have POA of your spouse to alleviate any issues down the road in the event of an emergency.

It's important to note that there are different types of power of attorney, and the specific one you need will depend on your situation. For example, you may need a general POA that gives someone broad authority to make decisions for you, or a limited POA that only applies in specific situations. There’s also a distinction between a POA for financial matters and a POA for health care decisions.

If you are unsure whether you need a power of attorney, it's best to consult with an attorney who can provide advice and guidance based on your specific situation. HART LAW can answer any questions you have and help you decide which documents would be appropriate under your circumstances and prepare them for you.

WHAT IS A LIVING WILL?

A living will is a legal document that specifies your wishes for medical treatment if you become incapacitated and are unable to make decisions for yourself. It can be used to specify what types of medical treatment you do or do not want to receive, such as whether you want to be kept on life support in the event of a terminal illness.

A living will is different from a traditional will, which is used to specify how you want your assets to be distributed after your death. A living will is only used while you are still alive, but unable to make decisions for yourself.

Having a living will can be helpful because it allows you to make your wishes known in advance and can help your loved ones make decisions on your behalf if you are unable to do so yourself. It can also help to prevent disputes among your loved ones about your medical care.

If you are interested in creating a living will, it's best to consult with an attorney at HART LAW who can provide guidance and advice on the specific requirements and procedures in your state.

I'VE BEEN NAMED AS AN EXECUTOR/EXECUTRIX, NOW WHAT?

If you are named as the executor/executrix in someone's will, you have several important responsibilities, including:

1. Locate and secure the will, as well as any other important documents, such as insurance policies and financial records.

2. Consult with an attorney at HART LAW who can assist you through the legal process of probating the will and obtaining short certificates.

3. Notify the appropriate authorities, such as the probate court and the deceased person's creditors, of the death and your appointment as executor.

4. Inventory and value the deceased person's assets, including real estate, personal property, and financial accounts.

5. Pay any outstanding debts and taxes owed by the deceased person.

6. Distribute the remaining assets of the estate to the beneficiaries named in the will, in accordance with the terms of the will.

7. Manage and protect the assets of the estate until they are distributed to the beneficiaries.

8. Keep accurate records of all transactions and decisions made as executor.

Being named as the executor/executrix of someone's will is a significant responsibility, and it is important to carefully review the will and seek professional advice as there are many statutory requirements that you must adhere to when managing the assets and liabilities of a decedent’s estate.

WHAT DO I DO IF SOMEONE DIED WITHOUT A WILL?

If a relative dies without a will in Pennsylvania, the distribution of their assets will be governed by the laws of intestate succession in Pennsylvania. Here are the steps that HART LAW can assist you with:

File a petition for letters of administration: If you are a close relative of the deceased, you can file a petition with the Register of Wills to request that you be appointed as the administrator of the estate. This will give you the authority to manage the deceased's assets and debts.
Identify the deceased's assets: You will need to identify all of the deceased's assets, including bank accounts, retirement accounts, real estate, personal property, and other assets.
Determine heirs: Pennsylvania's intestate succession laws determine who the deceased's heirs are. Typically, the deceased's spouse and children are the first in line to inherit. If the deceased had no spouse or children, their parents, siblings, or more distant relatives may be entitled to inherit.
Notify creditors: You will need to notify any creditors of the deceased's death. Creditors will have a certain amount of time to file a claim against the estate.
Pay debts and taxes: Any debts and taxes owed by the estate must be paid before the assets can be distributed to the heirs.
Distribute assets: Once all debts and taxes have been paid, the remaining assets will be distributed to the heirs according to Pennsylvania's intestate succession laws.

Dealing with an estate can be a daunting task after losing a loved one. Contact HART LAW to assist you with the process.

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