According to UBS Wealth Management Americas, roughly $40 trillion is expected to be transferred to heirs by 2050. However, only have of people surveyed in a recent study say that they have discussed inheritance plans with their children. For the other half who have not yet discussed future plans with their children, there may be multiple reasons for this.
Many Pennsylvania fans of the late Robin Williams may have heard that the actor had set up a solid estate plan for his family. By creating a revocable trust, Williams ensured that the details of his estate would remain private and avoided using a will that would get tied up in California probate court.
Many Pennsylvania residents may have known an overprotective parent in their lifetime. These parents may choose to keep their children from participating in certain activities or from seeing certain people for various reasons. However, this gatekeeping tactic can sometimes be used by divorced parents who have gone through child custody proceedings in hopes of keeping the other parent away.
As the new school year quickly approaches, various emotions may be running high. Pennsylvania children may be dreading class and homework while looking forward to seeing their friends, and parents may be feeling stressed over reworking schedules to accommodate child custody arrangements. Luckily, there are a few steps that parents can take to help reduce the stress for all involved.
Pennsylvania residents may be interested in a recent piece discussing some of the reasons why they may want to consider adding a living trust to their comprehensive estate plan. This type of trust has several advantages and drawbacks that should be considered.
There are many estate planning options for those who want to protect both their privacy and their assets after passing on. Creating a revocable living trust provides the protection of a trust with the flexibility of a will. The revocable trust can be changed at any time and provides the peace of mind of knowing that a public probate session is not needed.
If a Pennsylvania resident has been through a divorce, they may understand that the process of dividing marital property can at times be difficult. Therefore, if they are considering getting remarried, they may wish to take precautionary measures that could help such proceedings move more smoothly in the event of another divorce. Creating certain legal documents could better ensure that property division does not become overly drawn out.
When a Pennsylvania resident decides to go through with divorce, they will likely have many aspects to consider. High asset divorce cases could lead to individuals hoping to determine which property and accounts they could remain in ownership of. However, it is important for parties to remember that property division is only one aspect of the proceedings, and focusing on other issues may also be important.