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By planning one’s estate you can ease the stress of your loved ones, make sure that your family is taken care of, and allow yourself to be confident that your wishes are followed after you pass away. It is important that you have legal guidance to help you. Contact the Litvinov Law Firm for a consultation.
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It is important to be prepared. Drafting a will is one of the most responsible things a person can do to protect the future of their estate and insure their family’s financial security.
A trust is a fiduciary arrangement in which a trustee holds assets on behalf of a beneficiary or beneficiaries. Trusts can specify how and when assets should be passed to beneficiaries. When a person has a trust, they may be able to avoid the probate process. This can save a family time and money.
An individual’s estate can go through the probate process if he or she dies with or without a valid will. Probate is a process by which a decedent’s property, or estate, is passed to his or her heirs. If the decedent dies with a will, the estate can pass through probate and assets can be distributed according to the terms outlined in the will. Conversely, if a decedent dies without a will, in Pennsylvania, probate law will then dictate how the decedent’s estate will be distributed.
POWER OF ATTORNEY
There may come a time where you are unable to make a decision for yourself for any number of reasons. You may decide to execute a power of attorney if you become unable to handle matters for yourself due to sickness or an injury, or if you will be away for an extended period of time. A Power of Attorney (POA) gives another person the power to make financial decisions and property transactions on your behalf.
ADVANCE HEALTHCARE DIRECTIVES/LIVING WILL
When a loved one becomes incapacitated and can no longer make healthcare decisions for him or her self, family members may be unsure of what to do. For this reason, it is of the utmost importance that an individual create an advance healthcare directive to insure that his or her healthcare wishes are followed.
When a loved one passes away, his or her estate must be closed, all assets must be administered to beneficiaries, and any remaining debts must be paid. Sometimes, contentious disputes can arise between beneficiaries and the estate administrator or executor. With emotions running high, it can be difficult to come up with a resolution that would be in accordance with the decedent’s wishes. During such a difficult time, it is a good idea to retain the services of an experienced litigation attorney.
CONTACT THE LITVINOV LAW FIRM
When clients require legal guidance to assist them in matters related to their estate, they can turn to the Litvinov Law Firm, LLC. Contact the Litvinov Law Firm to schedule a consultation.