Legal Planning 101
It is September and students and teachers are back in school. Even if we are not students ourselves, or have students in our lives, most of us can remember how it feels to start the new school year with sharpened pencils and high hopes. But have you considered taking this time of renewal to review your legal needs to make sure that you planned adequately for the future?
Planning can take many forms from the perspective of a lawyer. It might mean making sure that someone’s business is incorporated so that the owner does not lose everything they own per2s0o1n name how their estate is to be distributed. A Will can stabilize an estate, particularly when there is a closely held business or young children left behind. al» ly MiO n RE tAhT e FeAvCeEnB t OOthKa.CtOM/TIMESHERALDPA We tend to think AND TWITTER.CTOhMer/ of a e TIaMrE e SmHEaRnA y LrDePaAsons something untoward happens. Will when we think of estate to have a Will but it is not It also might mean planning. A Will is very impossible to handle an estate having a contract reviewed, important to bring clarity without one in place. or getting assistance in selling to the distribution of your Powers of Attorney, on the or buying real estate. assets at your passing. A other hand, are documents Planning may be necessary parent of young children that set up a plan for during when someone is facing should have a Will to state life since incapacity or could be facing long who will assume guardianship can happen as suddenly as term care and must figure for the child or children a stroke or a car accident. out how to pay for the costs if you pass while the Parents of high school graduates involved. However, there is children are still minors should realize that basic planning that everyone (18 years in Pennsylvania), they have no more say in needs whether you are and no living parent their child’s healthcare decisions. 18 years old or 95 years old, or previously appointed legal Privacy regulations namely, determining who guardian is still living. prevent medical professionals will be able to speak for Property that is not jointly from sharing information you if you cannot speak for owned by spouses does not with parents once the yourself. In other words, everyone automatically go to the surviving child is 18 years old without 18 years old and up spouse, unless there authorization under the should have Power of Attorney is a beneficiary listed, per HIPA A laws. Older persons, documents for finances the laws of intestacy. Those such as parents or other relatives, and healthcare. in second marriages should may need assistance with healthcare or financial issues. The adult must give someone (or hopefully several persons in succession) written authorization in the form of Power of Attorney documents while they are able. Otherwise, it may be necessary to obtain guardianship, which is expensive, intrusive and takes time to accomplish. The principal no longer has any say regarding his or her care or finances, and who is making decisions for him or her.
Parents, if your child is off to college or trade school, or even working in the area, consider having him or her execute Powers of Attorney. Children, pay attention to whether your parents or other relatives that you care for have these documents in place. For any adult, make sure that your life planning includes the necessary legal documents. Call your attorney or call OWM Law for assistance (610-323-2800). Don’t wait until it is too late.
The legal advice in this column is general in nature, Consult your attorney for advice to fit your particular situation.
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