John B. Whalen, Jr., J.D., LL.M. ~ AV Rated ~ Bar Register

Estate Planning ~ Powers of Attorney ~ Living Wills ~ Trusts ~ Wills ~ Probate ~ Taxes

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Answers ~ Estate Planning (Paoli PA)

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Estate Planning is merely the process of planning one's final affairs during one's life.

  • This is contrasted to the process of Probate and the Estate Administration, which involves the settling of one's affairs after one's death.  The Estate Planning process involves - very simply - with your understanding of - what I refer to as the "who" - the "what" - and the "where."
  • Know the "who" by reviewing the people in your life that you would like to involve in the process.  Know the "what" by understanding your assets (and, very importantly, the specific asset titles and beneficiary designations on those assets).  Lastly, know the "where" by deciding "who" gets "what."  If you look at the Estate Planning process by virtue of this very simple equation, its undertaking will not seem so overwhelming.

There are four primary Estate Planning Documents that tend to form the foundation of most good Estate Plans.

  • Although each document has a different purpose, each Estate Planning document is similar in that they each designate the terms and/or the instructions that are to be followed in a given situation.
  • Further, each Estate Planning document has a person(s) who is/are in charge of the terms of that Estate Planning document.  The law refers to these person(s) as a "Fiduciary" and who I refer to as the "Boss," and who is in charge of carrying out the terms and/or instructions of that particular Estate Planning document.

The four (4) primary Estate Planning documents are:

  • Power of Attorney | "Durable" | "Springing" | "Limited"
  • Living Will | "Advance Directive for Health Care" in Pennsylvania
  • Trust | "Revocable" | "Irrevocable" | "Testamentary"
  • Will | "Last Will" | "Last Will and Testament"

Under Pennsylvania law, the proper terms for the "Bosses" of your Estate Planning documents are:

  • Agent | Under a Power of Attorney
  • Surrogate | Under a Living Will
  • Trustee | Under a Trust
  • Executor | Under a Will

Be aware that most Estate Planning misunderstandings and issues have more to do with situations rather than documents.

  • Assets | Title your assets with utmost care (i.e., joint ownership, beneficiary designations, etc.)
  • Transfers | Get professional advice before you "re-title" or "transfer" assets (before the "bombs" go off)
  • Fiduciaries | Pick those "in charge" of your Estate Planning documents ("Fiduciaries") carefully (do they possess the required "traits"?)
  • Documents | Know the content and location of your Estate Planning documents and keep them up-to-date (laws, taxes, people change).

Although a technical knowledge of the Estate Planning terms can be useful, it should not be your primary focus.

  • Rather, the focus should be the qualities - or "traits" - that each of these "Bosses" possess.  First and foremost, the "Bosses" of all of your Estate Planning documents should possess the primary traits of being able and willing.  Without these two critically vital qualities, you risk the effectiveness of that particular Estate Planning document at the worst time - the time it is needed most.
  • As you continue through the section, there are additional traits that I list with each separate Estate Planning document that I have found should greatly affect your choice of the "Bosses" of that particular Estate Planning document.

The traits that I have found should be possessed by your Fiduciaries are summarized as follows.

  • Agent | Able | Willing | Levelheaded | Familiar
  • Surrogate | Able | Willing | Stoic | Strong
  • Trustee | Able | Willing | Attentive | Decisive
  • Executor | Able | Willing | Honest | Diplomatic

Be aware that Common Law Marriage was abolised in Pennsylvania.

  • Historically, Common Law Marriage was recognized by the Pennsylvania Supreme Court approximately 135 years ago, questioned by the Pennsylvania Supreme Court approximately 10 years ago, and abolished by the Pennsylvania Commonwealth Court approximately 5 years ago.
  • Consequently, Common Law Marriage was rendered proactively invalid by the Pennsylvania Legislature.  After January 1, 2005, and by statute (23 § 1103), Pennsylvania has stated that "[n]o common-law marriage contracted after January 1, 2005, shall be valid. Nothing in this part shall be deemed or taken to render any common-law marriage otherwise lawful and contracted on or before January 1, 2005, invalid."  (Nov. 23, 2004, P.L.954, No.144, eff. 60 days)).  For a more in-depth, historical analysis of Common Law Marriage in Pennsylvania, please view my article Common Law Marriage Abolished in Pennsylvania in my Web Site

Estate Planning ~ Powers of Attorney ~ Living Wills ~ Trusts ~ Wills ~ Probate ~ Taxes

Mr. Whalen serves his his clients by providing quality and timely legal services in the areas of Estate Planning Law (Powers of Attorney, Living Wills, Trusts, Wills); Estate Administration Law (Probate, Ancillary Probate, Inheritance, Taxation, Settlement); Guardianship Law (Proceedings, Administration); and Burial and Cemetery Law.  Mr. Whalen serves clients in Chester County PA, in Delaware County PA, in Montgomery County PA, and in Philadelphia County PA, and Mr. Whalen has served clients in Ambler PA, in Ardmore PA, in Aston Pa, in Audubon PA, in Avondale PA, in Berwyn PA, in Blue Bell PA, in Bridgeport PA, in Broomall PA, in Bryn Mawr PA, in Chadds Ford PA, in Chester Springs PA, in Chesterbrook PA, in Coatesville PA, in Collegeville PA, in Conshohocken PA, in Daylesford PA, in Devon PA, in Downingtown PA, in Doylestown PA, in Drexel Hill PA, in Eagleville PA, in East Brandywine PA, in Easttown PA, in Elkins Park PA, in Exton PA, in Fort Washington PA, in Frazer PA, in Glenside PA, in Great Valley PA, in Haverford PA, in Havertown PA, in Jeffersonville PA, in Kennett Square PA, in King of Prussia PA, in Lansdale PA, in Limerick PA, in Linfield PA, in Linwood PA, in Lower Merion PA, in Lower Providence PA, in Malvern PA, in Media PA, in Merion PA, in Narberth PA, in Newtown Square PA, in Norristown PA, in Oaks PA, in Overbrook PA, in Oxford PA, in Paoli PA, in Parkesburg PA, in Philadelphia PA, in Phoenixville PA, in Plymouth Meeting PA, in Pottstown PA, in Radnor PA, in Ridley Park PA, in Rosemont PA, in St. Davids PA, in Springfield PA, in Strafford PA, in Swarthmore PA, in Thorndale PA, in Tredyffrin PA, in Trooper PA, in Upper Dublin PA, in Upper Merion PA, in Upper Providence PA, in Valley Forge PA, in Villanova PA, in Wayne PA, in West Brandywine PA, in West Chester PA, in Westtown PA, in Whitemarsh PA, in Willistown PA, and in Wynnewoood PA.