A Living Trust Can Protect You When You Are At Your Most Vulnerable

Although it may be unpleasant to think about becoming disabled or incapacitated, without a plan to protect yourself you could become a victim of financial abuse. A revocable living trust is a valuable tool that can safeguard your assets and interests. A power of attorney for finances is also an important estate planning document that can help to ensure a trustworthy person manages your money should you become incapacitated. Regardless of your age, creating a plan with an experienced lawyer who provides estate planning services can give you peace of mind.

Benefits of a Revocable Living Trust

When you create a revocable living trust, you (the grantor) can transfer ownership of almost anything to the trust itself. As the grantor of the trust, you have control over the assets in the trust and may remove or add assets to the trust at any time. You must also name a successor trustee, who will automatically take control of the assets in the trust in the event of your incapacity.

In addition, you may offer specific instructions about the circumstances in which a successor trustee should take over. You can specify how the trust assets should be invested, the type of care you wish to receive, and which expenses you want the trustee to pay. When a living trust is created properly, there should be no need for court involvement to manage your assets.

Choosing A Successor Trustee

It is vital to choose wisely when naming a successor trustee. The person should be someone you know has your best interests in mind. It may be tempting to select someone just because they are your child or relative, but if they are not reliable or trustworthy, you could risk losing your financial security when you are at your most vulnerable. A good trusts lawyer will discuss your circumstances and options with you and give you a candid, objective perspective on who may be the best person to manage your finances. If you do not have a family member or close friend to serve as your successor trustee, you can name a fiduciary such as a financial institution, accountant, or attorney to manage the trust. Because it is a revocable trust, you can replace the successor trustee with someone else at your discretion.

Living Trust vs. Power of Attorney for Finances

Although a durable power of attorney for finances also allows you to appoint someone to take over your financial affairs if you become incapacitated, it does not shield your assets. A revocable living trust enables the assets in the trust to avoid going through probate upon your death and protects your privacy, as it is not part of the probate process or public record. A successor trustee can still manage the assets in the trust after your death, but a power of attorney is no longer in effect if you pass away.  A probate or estate lawyer can help you understand the benefits and purposes of each document and advise you on what may best meet your needs.

Do you need assistance with estate or incapacity planning? The experienced team at Carosella & Associates can help you create a plan that protects you and your family.

This blog was originally posted https://carosella.com/a-living-trust-can-protect-you-when-you-are-at-your-most-vulnerable/

What Happens If You Die Without a Will?

A well-drafted will is a vital part of any estate plan. However, millions of Americans die without a will each year. Failing to have a will in place at the time of your passing can make things challenging for your loved ones and may result in your estate being distributed in manner that is not aligned with your wishes. Discussing your estate planning goals with a wills and trusts lawyer and creating a will can give you peace of mind and ensure that your legacy lives on as intended.

What Is Intestate Succession?

It is a common misconception that all property goes to the Commonwealth of Pennsylvania when someone dies without a will. In actuality, this is a rare occurrence. In Pennsylvania, when someone dies without a will their assets are distributed according to the laws of intestate succession. This means that the probate court will distribute your estate to your closest relatives in a particular order of succession. Typically, the order is as follows:

• Surviving spouse of the decedent
• Children or grandchildren of the decedent
• Parents of the decedent
• Siblings or nieces and nephews of the decedent
• Grandparents of the decedent
• Decedent’s aunts, uncles, and their children and grandchildren
• Commonwealth of Pennsylvania

Each case is unique. There are specifics that are taken into consideration when distributing an estate, such as whether or not a decedent’s children are also the children of the surviving spouse. An estate lawyer can help you understand the laws of intestate succession so you have an idea of what could potentially happen if a close family member has died without a will.

Probate

Most estates in Pennsylvania must pass through probate, even if there is a valid will. Some assets that typically do not have to be probated include proceeds from life insurance, retirement accounts, joint bank accounts, and living trusts. Joint tenancy property is also exempt from probate in most cases. If your estate has to be probated without a will, your loved ones will most likely have to hire a lawyer to explain the probate process and guide them through it. If there is a family conflict or other issues surrounding the estate, probate can be a long, costly process. In addition, if you are the only surviving parent of minor children, the court will appoint guardians for them, which can leave your children in the charge of people who may not have their best interests in mind.

Benefits of Having a Will

The best way to plan for your future and properly provide for your loved ones is to create a comprehensive estate plan. This is particularly important if you own a business. Using a full-service law firm with business attorneys and estate planning lawyers who work collaboratively can help to ensure all your legal bases are covered and your beneficiaries’ inheritance is maximized. Even if you have a very simple estate with few assets, having a lawyer help you draft a will is an affordable, easy way to make your wishes known and take some of the burden off your loved one’s shoulders.

This blog was originally posted https://carosella.com/what-happens-if-you-die-without-a-will/

Contesting A Will Due To Undue Influence

Those with nefarious intentions often manipulate the elderly and other vulnerable people in our society. If someone convinces a loved one to change their will, power of attorney, or other vital documents you may not find out until after their death. Although this situation can be frustrating and upsetting, you can take action to prove undue influence and contest the will. If you need to contest a loved one’s will, it is vital to seek the counsel of an experienced wills and trusts attorney who understands the elements involved in proving undue influence.

What Is Undue Influence?

When someone in a confidential relationship with a testator (signer of a will) who has a weakened intellect convinces them to change their will, it can be considered an undue influence in Pennsylvania. This kind of manipulation often happens when a person suffers from dementia, Alzheimer’s, or another condition that affects their ability to make decisions.

Contesting a Will in Pennsylvania

Will contests are heard in the probate court (orphan’s court in PA). If a will has not been filed with the probate court, filing a caveat with the Register of Wills in the county where the testator lived at the time of their death puts a hold on the probate process until the challenges to the will are addressed. If a will has already been filed, you must file an appeal with the Register of Wills. Once an estate is open, it is important to act fast if you are going to contest a will.

Proving Undue Influence

To establish grounds to contest a will for undue influence in Pennsylvania, three elements must be established:

Confidential relationship – This means that the person who exerted influence over the testator was in a position of trust that inspired good faith. The person in the confidential relationship may be a relative, caregiver, doctor, accountant, attorney, or someone else who has access to the testator.

Substantial benefit – You must show that the person who influenced the testator would receive a large or considerable benefit from the changes to the will.

Weakened intellect –There are quite a few ways to describe a weakened intellect. In Pennsylvania, it has been successfully argued that a weakened intellect is one that is inferior to normal minds in reasoning power, factual knowledge, freedom of thought and decision, and other characteristics of a fully competent mentality.

To prove undue influence you must provide evidence. A seasoned probate attorney will know what type of evidence to collect and how to present it to show that undue influence occurred. This evidence may include medical records, statements from a decedent’s attorney, medical provider, family and friends, and the expert testimony of medical professionals, forensic accountants, and others. A judge will consider all the arguments and evidence and determine whether undue influence occurred. If fraud, physical or mental coercion, or other wrongful acts are proven, the court may void the will and enforce a previous will or distribute the estate according to the laws of intestate succession.

Involving your loved ones in estate planning can help protect your interests and avoid problems with your will after your passing. If you need assistance with contesting a will, our experienced team at Carosella & Associates can help.

This blog was originally posted https://carosella.com/contesting-a-will-due-to-undue-influence/