Through proper estate planning, you have the ability to make sure that your wishes are known. By preparing a will, you have the ability to ensure that the people or organizations you choose will benefit from your estate and you also have the opportunity to choose the person or persons who will administer your estate when you pass away.
Powers of attorney are documents where you can name individuals to help manage your finances or make health care decisions for you if it is inconvenient for you to do so, or you are unable to do so. Powers of attorney are an absolutely vital component to a complete estate plan. Because Pennsylvania’s power of attorney laws have changed significant recently, it is important to work with an attorney to ensure your documents are up to date and drafted appropriately.
Estate planning is not a one-size-fits-all process. While some families have clear goals and can appropriately use a simple plan, other families have more complex issues to resolve. At the Law Offices of Lutz & Petty, we are able to assist in complex estate planning cases that involve special needs planning for disabled children or grandchildren, Federal estate tax complications, and the use of various types of trusts.
Estate administration is the process of wrapping up a person’s affairs after they pass away. The process involves acquiring authority to work on behalf of the estate, marshaling the deceased’s assets, determining who is entitled to the assets, managing any potential liabilities of the estate and paying appropriate debts and taxes, and distributing the assets to the intended beneficiaries.
Whether an estate is large or small, when you are named as executor of an estate it is prudent to work with an attorney to help you through the estate administration process and the attorneys at the Law Offices of Lutz & Petty are here to help.