Estate Planning
Can my spouse and/or children make legal decisions for me if I become incapacitated?
Without a Financial and a Health Care Power of Attorney, no one can make a legal decision for you if you cannot make one for yourself.
I don’t need a will – my spouse will automatically receive my assets upon death.
If you pass away without a will, Pennsylvania’s intestacy law will dictate which of your beneficiaries will receive which percentage of your Estate.
If I need long term care, my spouse keeps his/her income and our assets so that he/she is taken care of for the rest of his/her life.
Prior to qualifying for Medicaid, you and your spouse must “spend down” your assets, including you retirement and life insurance policies. Your income may be 100% paid to the facility for your care.
What is Probate?
Probate is a Court process designed to pay debts and transfer assets from Decedent’s name.
What is an Executor?
An Executor is a person chosen to settle your estate and carry out the wishes set forth in your will.
What is a Successor Executor?
The person who will assume the Executor’s role and authority if your names Executor is unable or unwilling to act for any reason.
What is a Beneficiary?
Person(s)/charity(s) which you name who will receive a portion of your estate. You can divide your estate by percentages, outright monetary distributions or specific assets.
What is a Guardian?
If your have minor children, and a parent is unable to provide for your child’s care, the person(s) who you want to act on your child’s behalf for financial and/or medical needs.