Estate Planning Attorneys in Bucks County
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Estate planning is making legal documents to prepare for incapacity or death. This includes making Wills, Trusts, Powers of Attorney, and Advance Health Care Directives. For any effective estate plan, it is important to consult with an experienced estate planning attorney. An estate planning attorney can assist with the creation of a detailed estate plan and reducing the tax impact on any transfers of assets upon death. The Martin Law Firm, P.C. is a reputable estate planning law firm in Bucks County, PA that has been helping people with estate planning for over 20 years.
Last Will And Testament
A Last Will and Testament is the most common estate planning document. A Will sets forth in sufficient detail want will happen to your assets when you pass away. Having a Will prepared by an experienced estate planning lawyer in Bucks County is critical because the Will has to be done right, and it must be comprehensive enough to reach all your objectives. It is a legal way to make sure your wishes are followed. The following are some of the key benefits of having a Will:
- Naming a guardian for children
- Establishing trusts for minor children
- Naming trustees to administer trusts for children including how the trust funds should be distributed (e.g. health, maintenance, support and education of the children)
- Designating charitable or religious gifts
- Naming a personal representative (executor or executrix) to administer your estate
- Implementing tax savings strategies
Revocable Living Trust
Some people decide to hire our Bucks County estate planning attorney to make a Revocable Living Trust instead of a Will as an alternative plan for distribution of assets upon death. To make a Revocable Living Trust, the person making the trust (called the Settlor) writes up a trust document. Then, they put their things into the trust (like putting the name of the Trust on the deed to their house). The Settlor will name himself or herself as the Trustee of the Revocable Living Trust so that they do not lose control of their assets. The trust is revocable, meaning it can be changed or revoked at any time up until the death of the Settlor. When the Settlor dies, the trust cannot be changed or revoked anymore. The surviving Trustee must then manage the assets pursuant to the terms of the Trust.
In Pennsylvania, there is often debate about which is the more effective and efficient – the Will or the Revocable Living Trust. An estate planning attorney can discuss the advantages and disadvantages of both documents. For example, one big advantage of the Trust is that it can help you avoid probate, which can save money and time. In Pennsylvania, however, probate is not too expensive, and the process is not too difficult, so the benefits of the Trust might not be important. Having a word with a professional Bucks County estate planning lawyer at The Martin Law Firm, P.C. is always the best bet to figure out which option is best for you and your family.
Durable Powers of Attorney
Planning for death is just one piece of a complete estate plan. It is important to also consider what happens if you cannot make decisions for yourself. A Durable Power of Attorney is a document that allows you to appoint someone as your Agent. The Agent can make and carry out financial decisions and other important decisions for you if you cannot do it yourself.
Some people think they do not need a Durable Power of Attorney if they do not have a lot of money or if they share everything with their spouse or partner. But there are still things that your Agent will need permission to do, such as:
- Banking and paying bills
- Buying and selling real estate
- Running a business
- Making changes to life insurance or retirement plans
- Filing taxes
- Hiring workers for personal assistance
- Hiring lawyers or accountants
- Making gifts
- Creating or transferring assets to a trust
- Applying for work-related disability or income continuation benefits
- Applying for public benefits such as Social Security Disability
A Durable Power of Attorney created with the help of our estate planning attorney in Bucks County will give the Agent the power to handle these matters and other things. There are two options for how this can work. The first option is called “immediate power,” where the person can make decisions right away without any conditions. This is often chosen by married couples. The second option is called “springing power,” which means the person can only make decisions if they get a note from a doctor saying the other person is unable to make decisions for themselves.
Medical Powers of Attorney
A Medical Power of Attorney is very similar to the Durable Power of Attorney. A Medical Power of Attorney is a document that allows you to name an Agent to make medical decisions for you if you cannot make them for yourself. This person, called the Agent or Attorney-In-Fact, can decide things like what treatments you need or what medications to take if you are not able to make those choices yourself. It is important to have a detailed Medical Power of Attorney under the guidance of an experienced estate planning lawyer in Bucks County, PA that covers all the important things and any extra powers that might come up. Usually, the person you choose to be your Attorney-In-Fact is someone close to you, like a spouse, family member, or friend.
Living Will
A Living Will is a legal document that outlines the preferences of an individual for medical treatment in the event they become unable to communicate their wishes due to illness or incapacity. It typically addresses life-sustaining measures, such as the use of ventilators, feeding tubes, or resuscitation efforts, specifying whether the person wants these treatments to be administered if they are terminally ill or in a persistent vegetative state. A Living Will helps guide healthcare providers and family members in making medical decisions that align with the values and desires of the person, making sure their wishes are respected when they cannot speak for themselves.
Estate Planning Attorneys - The Martin Law Firm, P.C.
Standard Estate Planning
The following are some of the standard services offered by our Bucks County estate planning law firm:
Customized Estate Planning
Trust planning can play a vital role in making sure our clients reach their goals most effectively, particularly when it comes to asset protection and minimizing taxes in certain cases. This advanced estate planning may include:
Estate Planning For Children With Special Needs
If your child has special needs, a professional estate planning attorney in Bucks County, PA at The Martin Law Firm, P.C. can help you create a special trust just for them. This trust will make sure they can still get government benefits while also getting extra help from their parents.
Please call (215) 646-3980 to schedule an appointment.
Practice Areas
Our legal team provides individualized legal solutions for our clients by offering high quality legal counsel and representation in diverse areas of law. Our attorneys regularly represent clients throughout Southeast Pennsylvania, including Montgomery County, Bucks County, Chester County, Delaware County, and Philadelphia County.
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