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Media Pa Estate Law Misinformation
The best gift you can give your loved ones is to have your Estate Planning complete. Unfortunately, to a great extent, misinformation about critical terms such as inheritance tax, estate tax, probate, avoiding probate, simple will, living will, and living trust, tends to lead to misunderstandings of estate planning. These misunderstandings, in turn, tend to lead to mistakes in estate planning. These mistakes, again, in turn, tend to lead to unintended results after one’s death.
There are many factors that can affect the distribution of estate assets. In some cases, there may be a Pa Will that identifies you as a beneficiary; in other cases, there may not be a will at all. In still other cases, there may be a dispute involving the administration of the estate. For example, a beneficiary may disagree with how the executor or personal representative is distributing assets.
Pa Estate Administration is the process of settling a decedent’s affairs. When a loved one passes away, it can be an emotional time. In addition to grieving their passing, those that survive them must tie up all the legal and financial loose ends related to their life and estate. This includes addressing their Pa Last Will and following its instructions.
Pa Estate law comprises many areas of law. However, all of these areas of law focus on taking care of one’s person and property. Estate law is all of the laws that impact how a person makes decisions and issues directives about their personal affairs. A Pa Estate is anything that makes up a person’s net worth. Very simply, an estate is what a person has in their own name alone.
Most estates, especially when there is a proper will in place, are easily settled. Yet there are times when other factors complicate the issue, creating a situation that requires more careful consideration. For example, a family business, an estate that is in bankruptcy or an estate that holds significant amounts of real estate may become complicated quite quickly. This is where estate litigation comes into play.
An attorney who specializes in Pa Estate Planning can help you create a complete plan (including Pa Last Wills, Pa Powers of Attorney, and Pa Living Wills, etc.) to protect your spouse and children if you become unable to manage your financial affairs. Pa Estate Planning allows you to make decisions now so your wishes can be carried out if you die or become incapacitated.
When an individual acts in a fiduciary capacity such as a Pa Executor of a Pa Last Will or a Pa Trustee of the financial assets of another person or entity, they have the responsibility of keeping accurate financial records. Those records should show how money was spent, invested or distributed while under the fiduciary’s care and control. Proper accounting can bring to light the mismanagement or bad investment of funds should an issue arise with an interested party.
Guardianship is a legal situation granted by the court to appoint an individual to assist and protect the legal rights of someone who is physically or mentally unable to care for his or her own needs.
The Pa Probate process, itself, is a very simple process. However, it is merely the beginning of the Pa Estate Administration (also known as the Pa Estate Settlement) process, which involves settling a decedent’s affairs, and can (and does) involve many, many other steps, depending on many, many other things.