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November 2016 Archives

The many uses of a will

Many Pennsylvania residents might be among the 60 percent of Americans that a 2011 survey found had no will. Some people may think they do not need one because they are too young, but death can occur unexpectedly at any age. Not having a will means that state intestacy law will govern how a person's assets are distributed, and that may not reflect the decedent's wishes. A will can also be used to leave money for charitable organizations.

After 2 years of marriage, Naya Rivera files for divorce

Pennsylvania residents who were fans of 'Glee" are probably familiar with actress Naya Rivera, one of the TV show's stars. On Nov. 21, reports emerged that Rivera had filed for divorce after two years of marriage to her husband, actor Ryan Dorsey. Rivera and Dorsey are the parents of a 1-year-old son.

Divorce rate continues to decline

According to a report issued by the National Center for Family & Marriage Research at Bowling Green State University on Nov. 17, the divorce rate has dropped for the third year in a row. It has been more than three decades since the divorce rate was this low in Pennsylvania and throughout the U.S.

Estate planning for the business owner

Pennsylvania entrepreneurs might want to put some thought into the disposition of their business ownership interests after they die. Simple steps taken now can be of great benefit to those who wish to continue to nurture their business and their family after their demise.

Power of attorney for spouses

A power of attorney is a legal document that permits another person to make decisions on the behalf of an incapacitated individual. It is important that married Pennsylvania couples have at least one power of attorney. Having certain types of these documents on hand before a situation arises can ensure that someone they trust will be making any important decisions.

Tips for creating a conflict-free estate plan in Pennsylvania

Often when a person passes away, his or her relatives may disagree about the estate plan, especially if they were unaware about provisions outlined in the will or trust. However, there are several simple things testators can do before they die that can help to deter family feuding regarding their will.

Incentive trusts to encourage heirs in life

Pennsylvania residents who do not want to leave their estate in the hands of a probate court might look into the option of creating a trust for management of important assets after they die. However, there could be some concerns about how money or other assets would be handled by some heirs, especially those who may have demonstrated poor skills in doing so in the past. Others might want to encourage their heirs to reach certain goals before receiving an inheritance. An incentive trust is an excellent option to consider in this case.

Divorce and the intentional wasting of assets

In contentious divorce cases, one spouse may attempt to squander marital assets to avoid splitting it with the other spouse. Pennsylvania residents who are facing the end of a marriage should be able to recognize if a spouse is wasting assets and may want to know what remedies can be sought.

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