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.
Hiring a Chalfont, PA law firm can ensure that you have the documents you need. These papers include Shareholder and Partnership Agreements, Gift Trusts, Life Insurance Trusts, Power of Attorney, and the Will. Probate attorneys will do an analysis of your assets to ensure they are safe. In addition, they will make certain that you have the proper documents.
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.
An attorney who specializes in this area of the law will be able to help you compose your Will with the correct wording. In many states you do not even need to have a typed Will, you can write it out in your handwriting. An attorney can advise you on the requirements for hand written Wills in your state.
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.
Hiring a Chalfont, PA law firm can ensure that you have the documents you need. These papers include Shareholder and Partnership Agreements, Gift Trusts, Life Insurance Trusts, Power of Attorney, and the Will. Probate attorneys will do an analysis of your assets to ensure they are safe. In addition, they will make certain that you have the proper documents.
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.
An attorney who specializes in this area of the law will be able to help you compose your Will with the correct wording. In many states you do not even need to have a typed Will, you can write it out in your handwriting. An attorney can advise you on the requirements for hand written Wills in your state.
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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