As questions swirled in Pennsylvania and across the nation about Philip Seymour Hoffman's reasoning behind his failure to name his children in his trust, the actor reportedly stated that he was concerned that his children would turn into "trust fund kids." He left everything to his girlfriend, the mother of all three children. His attorney repeatedly advised him to set up revocable trusts for his children. However, he did not heed his suggestions or those of his accountant.
In some instances of child custody disputes, a court system may find a parent or parents incapable of properly caring for their children. Under these circumstances, a child custody case could lead to a parent no longer having custody of their children. If this situation takes place, parents may wish to learn more about how they could potentially regain custody of their children before taking rash actions.
Residents of Pennsylvania may be wondering how credit card debt is handled after the cardholder dies. After death, debts do not disappear. Instead, they become part of the person's estate. If someone wrote a will before their death, it will name an executor to administer the estate. When someone fails to leave a will a probate court will name an administrator. This person often ends up being a child or spouse.
Because the late Lou Reed, singer and lead guitarist of The Velvet Underground, chose to use a will instead of a trust to distribute his lifetime earnings, Pennsylvania residents might be privy to the personal details of the distribution of his estate. However, estate planning alternatives could have spared him the public display of his wealth and how he decided to dispose of it.
For some Pennsylvania individuals, divorce proceedings can sometimes span over a considerable amount of time. This time period could be due to various factors of the divorce process, especially if separating parties do not agree on certain topics. Child support is one area the parents may have difficulty coming to agreements, but if the process is considered for the right reasons, the situation may go more smoothly.
As it was mentioned in a previous post on May 28, 2014 (Same-sex marriage and divorce no longer banned in Pennsylvania), the ban on same-sex couples seeking a marital union was struck down. As a result, same-sex couples who wished to marry in the state could, and individuals who had been married in other states would now have their same-sex marriages recognized as legal. This meant that both same-sex marriage and divorce were now possible in the state.
Baby boomers are estimated to be due to inherit $8.4 billion from their parents in the coming years, and this has led to an increase in court battles between family members over wills. While most disputes regarding wills are referred by courts to mediators, some cases take a long time to resolve in court.
As the decades roll on, the percentage of individuals over the age of 50 who are getting divorced is increasing. As a result, these divorce proceedings can at times be especially difficult. Not only do these couples typically have years of emotions to work through, but older individuals also typically have a number of assets as well as benefits that could soon be kicking in. Therefore, Pennsylvania residents going through high asset divorce may need to set their emotions aside in order to ensure that they are being treated fairly when it comes to financial and property division.
Making a will can be a great way to ensure that money and other assets are distributed to those that the creator of the will wants to receive them. However, it is possible to have a will invalidated in a Pennsylvania court for a variety of reasons. There are three key factors which could serve to undermine the document.