Do I Need a Will, a Living Will, and a Power of Attorney?
- Why you need a will
- Why you need a power of attorney
- Why you need a living will
1) Why Do I Need A Will?
When a person dies without having a valid will, his or her property passes by what is called "intestate succession" to their heirs according to state law. In other words, if you don't have a will, the state will decide how to distribute your property and to whom. Unfortunately, the state’s method of distribution can differ dramatically from what you would have wanted. Even if you let your children or friends know what your wishes are, no exceptions are made where no valid will exists.
For example, in Pennsylvania, when someone dies leaving a spouse, but has no children or living parents, the spouse will receive the entire estate. But suppose there are children from a previous marriage and children from a second marriage that you never adopted but that you help raise and for whom you have a great deal of affection? If there is not a valid will, the current wife and children from a previous marriage will be included but the children that you raised with your current wife will be excluded. Or suppose your son or daughter chose not to have any contact with you for the last 20 years and you do not wish to leave any money to that child. If you do not have a will, the state will distribute a portion of your estate to that child regardless of your desires.
A will is the only way that someone has to make sure that their assets are distributed according to their preferences after their death . A will eases the transition for survivors by transferring property quickly and minimizing tax consequences. Wills vary from extremely simple single-page documents to elaborate documents, depending on the estate size and preferences of the person making the will. At Pachtman Law Office, we think having a will is so important, we’ll draft your will and the other documents you need at special low rates. While it is difficult to contemplate mortality, many people find that great peace of mind results from putting their affairs in order.
2) Do I Need A Durable Power of Attorney?
What if you someday become seriously ill and unable to handle your affairs? Who would act on your behalf to pay bills, make bank deposits, and watch over other aspects of your life? Preparing a document called a durable power of attorney is a simple, inexpensive and reliable way to ensure that your finances stay in the hands of a trusted person you choose.
When you create and sign a power of attorney, you give another person legal authority to act on your behalf. This person is called your "attorney-in-fact." The word "attorney" here means anyone authorized to act on another's behalf; it's most definitely not restricted to lawyers.
A "durable" power of attorney stays valid even if you become unable to handle your own affairs because you are incapacitated. Commonly, people give an attorney-in-fact broad power over their finances. But you can give your attorney-in-fact as much or as little power as you wish. Whatever powers you give the attorney-in-fact, the attorney-in-fact must act in your best interests, keep accurate records, keep your property separate from his or hers and avoid conflicts of interest.
If you do not have a power of attorney and you develop Alzheimer’s or dementia, your relatives will be forced to seek a guardianship through the court. To establish a guardianship will be far more time consuming and expensive and the person that the court grants the power to may not be the person that you would have chosen to handle your affairs.
3) Why A Living Will Is So Important
Living wills are not really wills at all. Instead, a living will – also known as a healthcare directive or directive to physicians - is a document that expresses a person's desires and preferences about medical treatment in case he or she becomes unable to communicate these instructions during terminal illness or permanent unconsciousness. Many people mistakenly believe that living wills only direct health care providers to withhold treatment. However, a living will also allows a person to ask for all available treatment options and medical techniques, or to choose some medical options and reject others. Without a living will, family members may end up arguing over what treatments should or should not be provided. Doctors will only consult family members on health care decisions; if a person prefers that a friend or unmarried partner participate in his or her health care decisions, a living will (and durable power of attorney) enable that person to make those decisions for themselves.
Pachtman Law Office has been helping people with wills and estates since 1984 We’ll handle the estate with sensitivity, and the lowest fees in the area. Call Marc Pachtman, Esquire today to set up an appointment to discuss the administration of an estate or the drafting of your Will, Living Will, or Durable Power of Attorney, or click here for more information. 610-859-3700
Pachtman Law Office serves people who need assistance with elder law and estate law questions, estate administration, probate administration, estate planning, preparation of wills, living wills, and power of attorneys throughout the Delaware Valley, including Delaware County, Chester County, Montgomery County, Bucks County and Philadelphia, Pachtman Law Office has offices convenient to all of the following areas: Aston, Boothwyn, Brookhaven, Chester, Chester Township, Chichester, Collingdale, Crum Lynne, Darby, Eddystone, Essington, Folcroft, Folsom, Havertown, Holmes, Lansdowne, Lenni, Lower Chichester, Media, Milmont Park, Morton, Nether Providence, Parkside Manor, Norwood, Parkside, Propect Park, Ridley Park, Secane, Swarthmore, Springfield, Tinicum, Trainer, Upland, Upper Chichester, Upper Darby, Woodlyn, Yeadon, Philadelphia, Center City, Old City, Society Hill, Rittenhouse, South Philadelphia, North Philadelphia, Northern Liberties, Girard, West Philadelphia and the surrounding suburbs.
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