CHOOSING GUARDIANS FOR YOUR CHILDREN I work with a lot of parents of young children, and the main reason they have decided to do estate planning at all is because they want to name guardians for their children in case something happens to both of them.  For some people, it is a gut feeling—they just know who they trust to raise their children.  For many couples, however, it is a long and difficult decision making process, as each...

No one likes to think about dying—especially once you have kids.  It’s hard enough to find a babysitter that you trust, much less think about your kids navigating the world without you.  When you aren’t prepared, though, not having a Will and Trust created for your children can be the kind of thing that keeps you up at night.  Taking care of your estate planning gives you the reassurance that your children will be protected if...

Did you know that the Federal Government has a blog?  It does, and it recently had a blog post here suggesting that everyone have a “social media will.”  As the post explains: Social media is a part of daily life, but what happens to the online content that you created once you die? . . . Just like a traditional will helps your survivors handle your physical belongings, a social media will spells out how you want your...

The New York Times recently ran a thought-provoking Op-Ed piece: Taking Responsibility for Death.  The author argues that more people should take the time to have living wills and health care powers of attorney.  These documents, which can be separate but are often combined, allow you to spell out what types of medical treatments you would like if you aren’t able to make decisions about your own medical care, and also allow you...

Having an estate plan that fits your needs is an ongoing process. Although it can feel satisfying to have completed your Will, Financial Power of Attorney, and Health Care Power of Attorney and Living Will (the three estate planning documents that everyone should have), your documents should be updated as your personal and financial situation changes over time. You should consider asking an estate planning attorney to review your Will...

One of the more unpleasant realities of modern life is the possibility of getting a divorce.  Among the many issues that a divorce brings is its effect on your estate plan.  Pennsylvania law automatically invalidates bequests to ex-spouses and designations of ex-spouses as beneficiaries. Under Pennsylvania law, it is presumed that any provision in a person’s Will that leaves part of the estate to his or her spouse becomes ineffective...

A general power of attorney (also known as a “financial power of attorney”) is an essential part of estate planning. It guarantees that if you become unable to handle your finances, whether it be managing your investments or just paying your bills, someone else will have the legal authority to handle them for you.  That person is called your “agent.” There are two basic types of financial powers of attorney:...

Prenuptial agreements, also known as prenups, are not usually a popular topic of conversation.  Most people associate prenups with divorce.  These agreements, however, can be useful in estate planning as well. There are some common situations where a couple might sign a prenuptial agreement.  They might do so if one person is significantly wealthier than the other or–the opposite–if one person is entering the marriage with...

A recent article in the New York Times, available here, discusses an interesting pattern among wealthy Americans. Many people who would benefit from the higher estate tax exemption and lower tax rates that went into effect last winter have opted not to make the gifts necessary to take advantage of them. One of the reasons, according to the article, is that people are hesitant to leave large amounts of money to children and...

UPDATE (May 16, 2011): The Pennsylvania Department of Revenue has just updated its guidelines regarding entry into safe deposit boxes after the owner’s death.  Effective May 11, 2011, the executor or administrator of an Estate may conduct an inventory of a safe deposit box without an attorney, bank employee, or Department of Revenue employee present after giving notice to the Department of Revenue.  The requirements of the...