Evey Black Attorneys logo

Hollidaysburg: 814-317-6914 

Roaring Spring: 814-317-6254

Reasons an estate plan may be incomplete

On Behalf of | Mar 20, 2018 | Estate Planning |

Pennsylvania residents and others who haven’t updated their estate plans recently may find that they don’t necessarily meet their needs anymore. For instance, a plan may be missing key documents such as an advanced medical directive and a financial power of attorney. That should be accompanied by a will in almost all cases. Failing to review an estate plan may result in outdated beneficiary designations.

Over time, an individual may want to add a grandchild to an estate plan or remove a former spouse. By designating a grandchild to receive a 401k or IRA, it may allow that person to inherit the account tax-free. Furthermore, money may be allowed to remain in those accounts where the cash can compound in future years. It may also be a good idea to make sure that the person chosen to be the estate’s executor is still the right choice to fulfill that role.

If a family member or friend has been named as a trustee, he or she might not be best suited to fulfill that role. Instead, a bank or other financial institution can be called upon to fill it. Those who own property in multiple states may have to go through probate in each state where the property is located. Putting those properties in a living trust may help to avoid probate.

By using wills and trusts as part of an estate plan, it may be possible to avoid probate or reduce the tax burden on those receiving assets. Individuals may also gain more control over where assets go and how they are used after they pass. An attorney may be able to help a person create estate plan documents or review those that already exist, which may reduce the odds of a legal challenge.

FindLaw Network
Blair County Chamber of Commerce Hall of Fame, 2004

X

YOU MAY ONLY UTILIZE THE ONLINE PAYMENT SYSTEM TO PAY INVOICES ISSUED BY EVEY BLACK ATTORNEYS LLC.

Clients may NOT use the online payment system to pay any bankruptcy matter or inheritance tax imposed in an estate administration matter (Evey Black Attorneys LLC will not issue an invoice for these matters). Additionally, any municipal authority/township/borough sewer and/or water customer may NOT make any payment related to any delinquency for which this firm is collecting. Bankruptcy, estate administration tax matters and payments related to sewer and/or water delinquencies must be paid by cash, money order, certified bank check or personal check (personal checks in sewer/water delinquency matters or for inheritance tax payments may not be allowed in certain circumstances).

USE OF THE ONLINE PAYMENT SYSTEM IN VIOLATION OF THE ABOVE WILL RESULT IN EVEY BLACK ATTORNEYS LLC REFUNDING TO THE CREDIT CARD THE AMOUNT OF MONEY ORIGINALLY CHARGED, MINUS ANY TRANSACTION FEES EVEY BLACK ATTORNEYS LLC IS CHARGED, AND A $10 SERVICE CHARGE WILL BE IMPOSED. IN THE CASE OF A BANKRUPTCY PAYMENT, THE ENTIRE BALANCE WILL BE CREDITED AND THE CLIENT WILL REMAIN RESPONSIBLE TO PAY THE TRANSACTION FEES EVEY BLACK ATTORNEYS LLC IS CHARGED PLUS A $10 SERVICE CHARGE.

By clicking to proceed below, you are acknowledging you have read and understood the above restrictions on the use of the online payment system and agree to the charges set forth herein if you make a payment in violation of such restrictions.

PROCEED