Philadelphia Wills Lawyer

Comprehensive Estate Planning for Montgomery County Residents

Directing what happens to your assets when you die is an important responsibility that requires a great deal of thought and planning. Having a will or a trust is the best way that you can be sure that you have control of what happens to your property when you’re gone and who will be responsible for seeing to it that your wishes are carried out. It also provides you with the ability to minimize your tax burden and to express your core values.

The experienced legal team at the Law Office of Smith & Horwitz will listen carefully to your goals and work with you to establish a plan that has real meaning, as well as to update it as life changes occur. When it comes to planning your estate, there are several different types of instruments available to you. The most basic of these is the will. A will can be an extremely straightforward document, or it can be complex, depending upon what your wishes are for the disposition of your property. In addition to a will, you may also want to give consideration to the establishment of a trust.

Understanding Trusts: Living and Testamentary Options

There are two different types of trusts: living trusts and testamentary trusts. A living trust is put into place during your, the grantor’s, lifetime. It can be a revocable trust, in which assets continue to be controlled and you can revoke or make changes at any time. If you choose to establish an irrevocable trust, then you cannot make these types of changes but may have the benefit of reducing your taxes or protecting your assets from outside claims. This is because property in a living trust does not have to go through the probate process. A testamentary trust is established within the terms of a will and does not take effect until after the grantor’s death. Many of the same benefits offered by a living trust may also be available through a testamentary trust.

In addition to creating a road map and plan for your assets and property, there are other important ways that our experienced law firm can assist you in planning for and protecting your own future. These include:

• The establishment of a durable power of attorney, which would provide a trusted person of your choosing with the authority to act on your behalf in case you become disabled or are unable to attend to your financial matters for yourself.
• An advanced health care directive is also essential, as it clearly provides guidelines for your physician and your family if you are unable to make medical decisions for yourself.

The compassionate estate planning attorneys at Smith & Horwitz understand the importance of protecting your interests and planning, and we’re ready to offer you our guidance and support.

Wills Amendment Services for Montgomery County Residents

In Montgomery County, understanding the nuances of wills and amendments is crucial for ensuring that your estate is handled according to your wishes. Local resources, such as the Montgomery County Office of the Register of Wills, provide essential information on how to properly amend your will to reflect changes in your life circumstances, such as marriage, divorce, or the birth of a child. These changes can significantly impact your estate plan, and it’s vital to keep your documents up to date.

Residents often face challenges when navigating the complexities of estate planning, especially when it comes to ensuring that their assets are distributed according to their desires. Many individuals worry about the potential for family disputes or misunderstandings regarding their intentions. By working with the legal team at the Law Office of Smith & Horwitz, you can address these pain points head-on. Our attorneys are familiar with the local laws and regulations that govern wills and amendments in Montgomery County, allowing us to provide tailored advice that meets your specific needs.

Additionally, we understand that many residents are concerned about the tax implications of their estate plans. Our team can guide you in making informed decisions that align with both your financial goals and your family’s future.

Whether you are looking to amend an existing will or create a new one, our compassionate attorneys are here to help you navigate the process with confidence. We are committed to ensuring that your estate plan reflects your values and protects your loved ones.

Commonly Asked Questions About Wills

What is the difference between a will and a trust?

A will outlines how your assets are distributed after death, whereas a trust allows for asset management during your lifetime and can bypass the probate process. Living trusts can be amended, while testamentary trusts take effect after your death. A trust may offer tax benefits and protect assets from claims.

Why should I create an advanced health care directive?

An advanced health care directive ensures your medical treatment preferences are followed if you become unable to make decisions for yourself. It provides clarity for your physician and loved ones, giving peace of mind in critical situations.

What is a durable power of attorney and why do I need one?

A durable power of attorney grants someone you trust the authority to manage your financial matters if you are incapacitated. This legal tool ensures that your financial affairs are handled according to your wishes if you're unable to do so yourself.

Contact us today by calling (215) 515-8464 to learn more about how we can help.