Tag: local attorneys for estate planning
WHAT IS INCLUDED IN ESTATE PLANNING?
August 15, 2023
WHY YOU NEED A POWER OF ATTORNEY
August 22, 2022When we prepare an estate plan for our clients, we strongly recommend that it include a will, a power of attorney, and often an advanced health directive. A power of attorney often referred to as a POA is a legal document that allows you as the principle to appoint another person to act as your agent or attorney-in-fact. The agent has the authority to act on your behalf and handle financial and personal affairs.
A power of attorney is important because a will has absolutely no effect until after the death of the person who wrote it. A POA allows a person (or persons) that you name as your agent (or agents) to act on your behalf while you are incapacitated or are unable or unavailable to act on your own behalf. You may also include a provision which allows your agent to receive medical information and give instructions to medical providers.
ESTATE PLANNING:
August 5, 2022
TRUSTS FOR ANIMALS/PETS
Section 7738 of the Decedents, Estates and Fiduciaries Code of Pennsylvania provides for the creation of an Animal Trust to provide for the care of pets upon the owner’s death or disability. Learn about Estate Planning, Trusts for Animals/Pets.
It is not generally recommended that a formal trust be established for the care of a pet. A better approach may be to discuss this issue with a family member or friend and obtain their agreement to care for the pet upon your death or disability. In this scenario, a specific sum of funds is set aside in your Will to provide for the expenses related to your pet’s ongoing care. This eliminates the need to establish a formal trust account which would require additional, unnecessary expenses. The informal animal care approach is certainly is the more cost effective approach.
COVID 19 Impacts That May Require Estate Planning Review
February 26, 2021
There are many compelling reasons to review your Estate Plan. The impact of COVID-19 is currently among the most important reasons. We offer specific factors here. The attorneys at Pyfer Reese are ready to assist you with your Estate Plan needs.
In reviewing your Estate Plan, you may want to consider the following: