Wills and Trusts
We prepare all types of Wills including:
• Simple Wills
• Pour-over Wills used in conjunction with Living Trusts
• Wills with contingent trusts and guardianship appointments for minor children
• Wills with testamentary trusts for adult children to accomplish asset protection objectives
• Wills with pet trusts
• Wills with trusts to attain other objectives
Administration of Estates
A person who dies in Pennsylvania with a properly prepared will and estate plan has already done a great deal to protect the interests of those he or she cares about. However, those the Deceased party has entrusted with the responsibility of carrying out his or her wishes- the Executor of the Estate- now must administer the Estate in accordance with the terms of the will and the laws of the Commonwealth. Assets must be identified and processed; bills and taxes paid; filing and other requirements met and, ultimately, distribution must be made to the beneficiaries of the Estate, all within the deadlines set forth by Pennsylvania and, at times, Federal law. If the Executor fails to perform his or her job properly, there may be a risk of personal liability to that person. It is critical that the Executor be represented by a law firm such as Krisa law that is experienced in the administration of Estates.
Intestate Estates/Dying without a Valid Will
When a person dies in Pennsylvania without a valid Last Will and Testament, the Commonwealth provides a series of laws that govern who may be in charge of the Decedent’s affairs; who stands to inherit; and how the Estate is to be administered. Proper estate planning can protect against such a result. However, there are times where such planning never took place or other problems with a person’s estate plan arise. Our firm is knowledgeable and experienced in this area of the law and can help you successfully navigate the laws and procedures that apply in these cases.
Our firm also represents Executors and Administrators where the Decedent died living in another state but has real or personal property in Pennsylvania.
In addition to these services, Krisa Law can represent you to enforce your rights as an Estate beneficiary or intestate heir and to contest the probate of a will where forgery, fraud, undue influence or other problems exist that may invalidate the will.
Powers of Attorney, Advanced Health Care Directives
We also prepare the following critically important documents to ensure that your affairs can be taken care of should you be unable to take care of them:
• Durable Power of Attorney
• Medical Power of Attorney
• Directives to Physicians (Living Will)
• Designations Pursuant to the Standby Guardianship Act
These documents, when properly drafted, can save your family and you a great deal of anguish during an already difficult time and can also potentially result in significant financial savings to your family.
Living Trusts
A common theme among clients is the desire to avoid probate. A properly funded and managed Living Trust can eliminate the need for probate, providing the privacy and continuity of management sought by many families.
A Revocable Living Trust is a trust that can be changed by the trust creator or grantor during his or her lifetime. The grantor is also the lifetime beneficiary and, in most cases, is the initial trustee. Upon the grantor’s incapacity, death, or resignation, a successor trustee, often a child or corporate fiduciary, assumes responsibility for the trust’s administration. After the grantor dies, the trust property is distributed outright to the beneficiaries or held in trust to be invested and distributed according to its terms. At this point in time, the trust becomes irrevocable and can provide asset protection to the beneficiaries.
Importantly, the trust agreement only controls the investment and distribution of trust property. Therefore, it is important when using a Living Trust to make sure that the trust is properly funded and to check all investment account beneficiary designations to make sure they are correct. This involves deeding property into the trust, updating financial accounts, and assigning personal property.
An irrevocable trust, unlike a revocable trust, generally cannot be modified or changed without the consent of its beneficiaries. Such trusts may be appropriate when other considerations, such as asset protection, are the principal concern of the grantor.
If you are interested in learning more about Wills and Trusts, call us today for your initial consultation.