Most folks never think of having a plan for the future when it comes to their business or personal assets. It is important to be prepared for the time in your life when you may no longer be capable of handling things financially or legally on your own. With an estate planning lawyer Doylestown PA residents can successfully preserve their estates.
A reputable Chalfont, PA probate firm can assist with Power of Attorney, Shareholder and Partnership Agreements, Wills, Gift Trusts, and Life Insurance Trusts. The attorney will complete an analysis of all your assets to make sure they remain safe. They will ensure you have the right documents on file pertaining to your assets.
The first document, and the most important, you should have is the Power of Attorney. This paper appoints someone of your choosing to act as your agent. This paper will give the individual you designate the authority to handle legal and financial affairs for you. This instrument is very important and is necessary if or when you are not capable of handling things yourself.
It is also important to draw up a Letter of Instruction. This document informs your decedents of your personal and financial business that must be taken care of when you have died. In addition, it lets the executor of your estate know where and what your assets are. A detailed document will help the executor understand what is to be done with the property.
If you want control over the distribution of your assets when you pass on, have a Will prepared. Without a Will, you die intestate and distribution of property is left up to the state where you live. This means that your real estate, bank accounts, and other property, will be handled under the laws of the state where your assets are located. If there are no relatives found, everything becomes the property of the state.
Having a Will means you can dictate to whom and how your property is distributed. If there are no relatives, you can leave your assets to charity or a person of your choice. On the other hand, if you have children you can state that each child shares equally. If one of your children is deceased, you are able to leave what that child would have received to their children. That share is distributed among the grandchildren and does not reduce the share your other children get.
Hiring an attorney specializing in probate law can assist with writing a Will by providing the proper wording. Most states will accept hand written, or Holographic Wills. These are documents that are in the persons own handwriting. The lawyer will let you know what elements are needed in a Holographic Will.
The handwritten Will must clearly identify the person. Additionally, it must state that the current instrument revokes all previous Codicils and Wills. You must state that you are writing the paper of your own free will and that you posses sound mind, and it must have your signature and date. Some states require that Holographic Wills have two disinterested witness signatures.
A reputable Chalfont, PA probate firm can assist with Power of Attorney, Shareholder and Partnership Agreements, Wills, Gift Trusts, and Life Insurance Trusts. The attorney will complete an analysis of all your assets to make sure they remain safe. They will ensure you have the right documents on file pertaining to your assets.
The first document, and the most important, you should have is the Power of Attorney. This paper appoints someone of your choosing to act as your agent. This paper will give the individual you designate the authority to handle legal and financial affairs for you. This instrument is very important and is necessary if or when you are not capable of handling things yourself.
It is also important to draw up a Letter of Instruction. This document informs your decedents of your personal and financial business that must be taken care of when you have died. In addition, it lets the executor of your estate know where and what your assets are. A detailed document will help the executor understand what is to be done with the property.
If you want control over the distribution of your assets when you pass on, have a Will prepared. Without a Will, you die intestate and distribution of property is left up to the state where you live. This means that your real estate, bank accounts, and other property, will be handled under the laws of the state where your assets are located. If there are no relatives found, everything becomes the property of the state.
Having a Will means you can dictate to whom and how your property is distributed. If there are no relatives, you can leave your assets to charity or a person of your choice. On the other hand, if you have children you can state that each child shares equally. If one of your children is deceased, you are able to leave what that child would have received to their children. That share is distributed among the grandchildren and does not reduce the share your other children get.
Hiring an attorney specializing in probate law can assist with writing a Will by providing the proper wording. Most states will accept hand written, or Holographic Wills. These are documents that are in the persons own handwriting. The lawyer will let you know what elements are needed in a Holographic Will.
The handwritten Will must clearly identify the person. Additionally, it must state that the current instrument revokes all previous Codicils and Wills. You must state that you are writing the paper of your own free will and that you posses sound mind, and it must have your signature and date. Some states require that Holographic Wills have two disinterested witness signatures.
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