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ESTATE PLANNING
Last Will and Testament A last will and testament (or "will") names individuals or organizations who should receive assets owned by a person when that person dies. A will is a "naming document" which names who will receive the assets and who will be the person responsible for handling the administration of the estate, which includes payment of all taxes, debts and distribution to those entitled to share in the estate. A will can also name a guardian for minor children. Pennsylvania requires certain formalities for a will, including the fact that the will must be signed and should be dated by the person creating it (the "testator"). The testator should sign in the presence of two witnesses with each witness understanding the document as the testator's will, and each should sign in the presence of the other. Witnesses should not be individuals who have an interest in the will such as the testator's spouse, child or grandchild or someone receiving assets under the will. Failure to have a will means that the Commonwealth of Pennsylvania will determine who receives your assets. We will tailor your last will and testament to your individual circumstances and help you address potential problems or troublesome issues. In larger estates, we emphasize saving federal estate taxes. With all clients, we use our experience writing wills in Pennsylvania to help see that your will achieves your wishes and makes estate administration easier for your loved ones.
Power of Attorney The purpose of a power of attorney is to give the person you designate (your "agent") broad powers to handle your property which may include powers to sell or otherwise dispose of any real or personal property without advance notice to you or approval by you. The power of attorney does not impose a duty on your agent to exercise granted powers, but when powers are exercised, your agent must use due care to act for your benefit. Your agent may exercise the powers given throughout your lifetime, unless you expressly limit the duration of these powers, or you revoke these powers, or a court acting on your behalf terminates your agent's authority. It can be a useful tool, but in the wrong hands, dangerous. We advise you on what form of power of attorney is applicable for your needs. We take care to draft a power of attorney which suits your circumstances and wishes and work with you to help insure its proper implementation.
Pennsylvania Healthcare Directive "Living Will" A living will is a form of "healthcare directive" that conveys your healthcare wishes to family members, physicians and other healthcare providers in the event you should become permanently unconscious or terminally ill with no realistic hope of recovery. We can draft a broad healthcare directive that contains (1) a healthcare power of attorney wherein you name an "agent" to make treatment decisions for you, and (2) a "living will" wherein you give specific directions to your agent and to your healthcare provider. While most of us would rather not think about being ill or dying, thinking about these issues now can save your family and other loved ones the burden of having to make these choices for you. To discuss a healthcare directive please contact us.
Living Trust A living trust lets you arrange how you want your assets managed during your life and allows you to specify distribution of your assets at death. A living trust is usually a way to avoid "probate" fees but it is not necessarily a useful tool for everyone. Probate is the legal process through which the court makes sure that your debts are paid, taxes are paid, and your property is distributed to your designated beneficiaries. In some states (not Pennsylvania) probate costs are high. In Pennsylvania the legal fees involved in drafting a living trust and funding the trust may be higher than probate costs after death. Living trusts are useful documents in the proper circumstances. Creating and funding a living trust may be a good choice if you are worried about your or your spouses' ability to manage your money if either of you lose the capacity to make decisions regarding your assets. You will pay legal fees to establish a trust. If you hire a bank as trustee, you will pay management fees to the financial institution who manages the trust which is a burden if your estate is not substantial. Any retirement asset that has permitted you to defer income taxation, including IRAs and 401(k)s, cannot be used to fund a living trust without substantial penalties. It is always best to talk to an attorney regarding your individual circumstances.
Special Needs Trust in Pennsylvania Individuals with disabilities have special legal needs. The use of Special Needs Trusts can be critically important in helping ensure that such individuals will have the financial resources (now and in the future) to meet their special needs without losing eligibility for public benefits such as Supplemental Security Income (SSI) and Medicaid. The SSI and Medicaid laws and regulations are complex and constantly changing. Without the help of an attorney with knowledge of public benefits law, individuals with disabilities may see money received (for example, from an inheritance) disqualify them from receipt of public benefits, or quickly disappear and not then be available to cover their ongoing medical expenses. With a Special Needs Trusts, Pennsylvania residents can maintain eligibility for public benefits to cover their basic needs of food, clothing, shelter, and medical care, while funds in the trust can be used to provide for their "special" or supplemental needs not covered by government benefits. For example, the trust could be used to pay for such things as education, travel expenses, repairs and upkeep on a residence, a wheelchair-accessible van, dental and other medical care not covered by Medicaid - things which taken together could make a significant difference in the individual's quality of life. Attorney Beswick would be glad to discuss preparation of a special needs trust.
Probate and Estate Administration The term "probate" refers to the process of proving the validity of a will. But the term is often used more generally to refer to the process of administering an estate under court rules and supervision. The process begins with the filing of a petition to name someone to take charge of the estate, either an executor (if the deceased left a will) or an administrator (if there is no will). Pennsylvania probate law prescribes certain actions the executor or administrator must take, such as advertising the estate, giving notice to potential heirs, and filing an Inventory of probate assets (those assets titled solely in the name of the decedent). Pennsylvania probate law also sets rules on such matters as how and when creditors may make claims; the circumstances under which wills can be contested; and how an executor or administrator can obtain court approval for actions taken to administer and distribute an estate. With the proper planning and actions, probate can go smoothly and carry out the wishes of the decedent in a timely manner. Attorney Beswick assists clients in administering estates with particular attention to helping maximize assets for beneficiaries. Even after death, steps can be taken during estate administration to reduce taxes and increase distribution. Attorney Beswick helps clients through the Pennsylvania estate administration process as efficiently as possible. She advises regarding all appropriate court papers, the Pennsylvania Inheritance Tax return, a court accounting if necessary, and other papers as needed. Often, a family settlement agreement can save the time and expense of a formal accounting.
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