Estate planning is the collective set of tasks that any individual with any assets ought to undertake as soon as they come into possession of those assets. It means that the individual’s assets are allocated and managed as that individual sees fit if they are incapacitated or deceased. It is clear that an expert lawyer is required to ensure that this occurs. This is a truism and absolutely enshrined in the towers of common sense which holds whether you are from Pennsylvania or Greater London. It is important to realize that estate planning is not a static process, individual goals shift and our priorities change. An estate planning lawyer in Pottstown, PA will advise you on how to organize for these changes and ensure that unexpected financial consequences of bad planning are not passed on to family and loved ones. In addition estate planning is not the preserver of the rich, even if your assets are modest, you are advised in the strongest possible terms to get something set up which is legally binding and your terms. These terms are such that as much of the estate as possible goes to its named beneficiaries.
What is an estate?
The term estate refers to the total property which is owned by the individual concerned; in this sense the “estate” is not limited to money. It covers everything from a coin or stamp collection to a classic car or set of cook books. Estate planning makes sure these items are distributed to named individuals or institutions. The legal document which stipulates how this happens is called a will or a trust. Therefore wills and trusts are the common ways by which individuals deposit and organize their wealth. Trust funds are generally associated with purely financial assets and are not subject the same lengthy processes involved in asset transfer as wills when they mature. The donor can also have the option to make gifts either lifetime or one-off that are not subject to the same tax regulations as either wills or trusts. In summary the tasks involved in estate planning means creating a will with named recipients (the donor should reserve the right to change this at any time). The will should also include a named guardian for any children of dependent age. Finally, the donor should where appropriate organize an appropriate mechanism for power of attorney.
You can always contact David T. Schnarrs, for the best advice on estate planning in Pottstown, PA.
