What is a Will?
A will gives directions as to how you want anything
you own distributed at the time of your death. The will names an executor,
whose job is to carry out the instructions contained in the will. The will may
appoint guardians for minors who will receive property under the will. The will
is the last chance a person has to speak to his or her family. A will can
remind people of how important they were to the deceased and of how much they
were cared for.
What happens if I don’t have a Will?
If you die without a will, you run the risk of the
court making decisions that are not in accordance with your wishes.
Pennsylvania Intestate Law directs who will be the beneficiaries of your estate
regardless of any special needs of persons you might like to benefit. For
instance, in Pennsylvania, the surviving husband or wife is entitled to only
one half the individually owned assets of a deceased spouse and the rest of the
assets pass to the children. That means that the children get on half of your
property and your husband or wife is still responsible for raising them. In
this case, your husband or wife has no control over the children’s half of your
property. If you are married and want your husband or wife to own everything
after your death, it is usually a good idea to have a will that says that to
avoid confusion and surprise. If you have no children, your husband or wife
will have to share your estate with your parents, brothers and sisters, or
nephews and nieces. If you have a partner but are not married, your partner has
no right to your property. Similar conflicts can arise between separated
spouses and between half brothers and sisters. If you have no close family, the
intestacy rules can give rise to complications. The costs involved in resolving
the complications can be very high. If you wish to donate any part of your body
for medical purposes, your will can state that. Even if you think that your
estate would not be very large, you can save your relative and friends a lot of
anxiety and confusion following your death by making a will which sets out your
wishes as to the distribution of your estate.
If you do not have a will, you will have no choice
over who will settle your estate or serve as guardians of minors. A will saves
your estate unnecessary expenses. Under the law, the Register of Wills and
Orphans’ Court will make choices for you and your estate may have to post a
bond which will be an additional expense to your estate. Specific instructions in the will may
spare the estate the expense of obtaining special court orders.
What is a Durable Power of Attorney?
A durable power of attorney
is an essential legal document. It give another person the power and right to
make financial decisions on your behalf in the event that you are not able to
do so. Making a durable
power of attorney ensures that someone you trust will manage the many
practical, financial tasks that will arise if you become incapacitated. For
example, your agent will make sure your bills are paid, bank deposits are made,
and will be able to handle your insurance and benefits paperwork. Many other
matters may need attention as well, from handling property repairs to managing
investments or a small business. There are significant limits, however, on your
spouse's right to sell property owned by both of you. For example, in most
states, both spouses must agree to the sale of co-owned real estate or cars.
Because an incapacitated spouse can't consent to such a sale, the other
spouse's hands are tied. When it comes to property that belongs only to you,
your spouse has no legal authority without a durable power of attorney. In most
cases, a durable power of attorney for finances is the best way to take care of
tasks like these. If you don't have a durable power of attorney and you become
incapacitated, your relatives or other loved ones will have to ask a judge to
name someone to manage your financial affairs. The person appointed by the
judge may not be the person you trust or want to handle your financial affairs.
Court proceedings can be expensive and
embarrassing. Your loved ones must ask the court to rule that you cannot take
care of your own affairs. These proceedings are matters of public record when
it entails private matters. In some places, a notice may even be published in a
local newspaper. If relatives fight over who is to be the conservator or
guardian, the proceedings will surely become even more disagreeable, sometimes
downright nasty. Costs will begin to add up, especially if lawyers must be
hired. In order to avoid confusion and
embarrassment at a stressful time, a durable power of attorney should be made
in advance.
What is a Medical Power of Attorney?
A medical power of
attorney sets forth your wishes regarding the withholding or withdrawal of all
medical treatment and procedures, in the event that your are incapacitated or
terminally ill. A medical power
of attorney can allow the designated party to make health care decisions on
your behalf. You can give direction to your agent as to what medical treatments
and procedures you would like and which you do not want to be performed on you.
At a stressful time, a medical power of attorney can save the family from a lot
of heartache from being unsure of your wants.
***Estate Planning
Campaign***
Simple Wills
Individuals
- $425
Spouses
- $750
Durable Power of Attorney &
Medical Power of Attorney
Individuals
- $100
Spouses
- $150
***Call and Schedule an Appointment
– Free Consultation***
Yoo & Osborne, PLLC
Law Firm
610.945.1790 or contact@yooandosborne.com
***1/5/2012
– 2/29/2012***
***Limited
to First 30 Clients***
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