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Why You Need The Services Of Philadelphia Estate Planning Attorneys

Are you worried of what will become of your wealth in the event of your death? It is important you are, because it means you are trying to spare your family unnecessary court duels over your wealth. If there is something that can help you on this, then it is good estate planning. Philadelphia estate planning lawyers can therefore be consulted for these services early enough.

You might be asking just what it means to plan your estate. Using an example, if you own some property, then doing so will be determining who gets it after your death. Put differently, it simply means you are devising some means for distributing assets to your loved ones after death. If done well, the chances of your family members fighting each other over your property are eliminated.

However, effective planning demands that you understand certain factors first. For example, you need to understand the different elements of an estate plan. In addition, you need to know the type of plan that will best serve your family after your demise. Even if you were to write a will (detailing how your property will be shared among the beneficiaries) or just setting a trust fund in the name of your children, it must be done right.

Did you know that it is advisable to share the contents of your will with the beneficiaries? Yes, share it with them to remove the element of surprises and unwanted acrimony between family members. However careful and balanced a Will sounds, there are likely to be some beneficiaries who may feel shortchanged. Therefore, you need to explain the will to them while you are still alive. Failure to do this might undo the intention of your will and plunge your family into endless court hearings.

To make a will more elaborate, you should include the Power Of Appointment. This means you delegate some responsibility to a trusted friend or legal representative to oversee the distribution of your property in the event that you die. This individual is however not responsible for the management of the said property. In most cases, the power of appointment is exercised by you and can only be passed on if you are incapacitated or dead.

Will and trust aside, you could also use the Power Of Attorney. Briefly, this means you give a lawyer the power over your property. This lawyer has the same legal authority to decide how your property is used, and thus it must be someone you really trust. It is always good to put their powers in writing.

Health Care Proxy or Living Will is another good consideration to make. This is where you state how your health is to be handled in case you are too sick or incapacitated. Also known as the health directive, this element will protect you should you be terminally ill or as mentioned before injured.

Now, that you know some of the planning methods to use, it is better to look at the advantages. Primarily, you have peace of mind knowing that your family is safe even after you are long gone. Secondly, you have the opportunity to include the non-contest clause to protect your will from devious lawyers or family members. Finally, you can draft your plan so well that it protects your property from unnecessary taxes. If living in Philadelphia estate planning needs can be met by the attorneys in the region.

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