Wealth Preservation, Trusts and Estates

Is It Time To Get A Will or To Update Your Existing Will, Trust or Estate Planning Documents?

By: David M. Frees III JD

Has it been a few years since you last updated your will trust, or power-of- attorney?

Are you unsure that your IRA and 401k beneficiary designations still work with your will and trust?

Has an executor, guardian or trustee changed?

Need to make a change in the document?

Have you radically increased or decreased your life insurance coverage, retired or recently inherited money?

Tired of guessing how much it should cost and where to go?

Getting a will, Trust or Estate Plan

We have recently developed a quick quiz to let you know if you’re ok, if it’s time to update or upgrade, or if your situation is urgent.

After you take the quiz, this article will also tell you:

What you need to do,

How much it will cost, and

How and where  to get it done.

The advice ranging from using Legal Zoom, to hiring a local general practice firm, to getting the right level of legal experienc for your particular situation is spefically responsive to your ciustom score and your particular needs.

Whether you have

Children or grandchildren,
A family or other business,
Commercial real estate,
A home or vacation home

This valuable quiz and estate planning assessment tool will help you to answer your most pressing estate planning questions.

Interested?  Just click here or click below:

Dave!  I’m interested in getting a will or updating a will or estate planning documents and I’d like more information about my estate planning situation.

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Estate Planning Seems Hard, Costly, and
Time Consuming?

Can Estate Planning Be Any Easier?

Many recent polls have concluded that
fewer than half of all adult Americans (44%)
even have a will much less an estate plan that
coordinates wills and assets to achieve what
they really want.

And, many Americans responding to a recent
AOL online poll said that they were more
concerned about maintaining their weight
than in doing a will.

Yet, almost 75% of those
polled said that
they should have a will.

In other words, we all know
we should but most of us don’t

-or if we do, they are out of date.

So what’s the problem?

Why don’t people
get to signing and updating their wills
and estate plans especially when the failure
to do it right can be so costly?

And, if the process is too hard, is there
an easier way to get it done the right way?

Here are the answers to a few of the most
important questions that families need
to ask about the ease and effectiveness of
estate planning and about how and why to
get it done.

Why don’t American families get to estate
planning even though they know it needs to
be done and they want to protect their heirs?

Again, according to the polling data Americans
say that they are too stressed about their day
to day activities to get that will done, AND
the process seems too complicated.

According to the survey, most families
whether affluent or moderately well to to agree,
“It Has To Be Easy.”

Why not use the internet?
Isn’t it safe and easy?

Most Americans still don’t trust the internet
for something this personal and complex.
And, internet based programs are often
not much less expensive than a lawyer when you
add up all of the smaller charges.

Finally, such programs do a bad job of helping
people with sophisticated needs to coordinate
their  documents, assets, and trusts in a cohesive
and easy to understand system.

Well, as lawyers who spend their lives helping
people to complete their wills and estate plans
including wills, trusts (when needed),
powers of attorney, medical powers, living wills
HIPPA authorizations, and all of the essential stuff
that makes life easy for our surviving heirs, reduces taxes,
protects them from law suites and divorce and many
other risks, we listen.

It’s now easier than ever to get a simple estate plan
or a complex trust based estate plan in force from
a lawyer who meets with you personally, customizes
your plan and helps you to structure and to coordinate
your assets to make the plan actually work.

The truth is, we haven’t really had to make too many
changes to achieve these goals for our clients.

For years, our clients have been raving about
our proprietary process.  And, while it may take a few weeks
to get an appointment (because we are client friendly and
good at what we do), the whole process for most people -
from start to finish- only takes two appointments and a
a few minutes to fill out some paper work and to
answer some well thought out questions.

Do many affluent clients and families take longer?
Sometimes.  But usually, they get the basic planning
in place within a few weeks and with a few appointments.

In fact, even clients who use advanced techniques
such as Irrevocable Trusts, GRATs, and Qualified
personal residence trusts to move assets out of their
estates for tax purposes often get these done in a short
amount of time.

And, the savings and protection can be substantial.

Do some families require more meetings or a
family meeting?

Sometimes families with closely held businesses or family
vacation homes will need or request an extra meeting and/or
one of our famous family meetings.  When family
meetings are used they usually help to improve the result
and help the next generation to understand and to more
easily do what needs to be done when the time comes.

Family meetings can involve as much or as little
financial detail as you want to share but they are
great at eliminating family disputes and the delays,
costs, and problems that arise when no one knows
what to do.

How does your process ensure that we get an
estate plan or will customized to our family’s needs
and goals at a fair price?

Well, a “fair price” is in the eyes of the beholder.
But, we don’t want or expect you to take a chance that
what we think is fair seems too high to you.

So we offer prospective clients the ability to meet with us,
to hear all the options, and to get a flat fee in advance for all
of the specific planning that they have selected. There is
no fee for that consultation.  We take all the risk.

How can we do that?  The truth is that almost everyone
who has one of those appointments hires us.

We know, from listening to clients that this
removal of risk makes for a trusting and effective
relationship right from the start.

And, if you want to know more before you start
working with us, you are also free to review our
extensive library of informative
reports, videos and articles on our two sites:

http://www.utbf.com/trust-estate

and

http://www.PaEstatePlanners.com

Watch, listen, and read what we write and produce
on a variety of topics and judge for yourself and
read what clients and other lawyers say about us
on rating services such as AVVO.com.

Want to read what other lawyers say about Dave?
AVVO Peer Comments* See notes below.

You can also see that David Frees has been a
“Top Lawyer” in the Main Line Today’s rating
of Trust and Estate lawyers, and that he has been
a SuperLawyer for many years.

How much homework is required?

We have created, based on over 25 years
of client appointments and experience, a
document – sent to you before your appointment -
that will walk you through the most important things
that you need to think about.  After your appointment,
we’ll review what  needs to be done and what you want
to do or what you want the lawyer to do for you.

If you’re so experienced, then isn’t this
very expensive too?

In the Trust, Estate, and Wealth Preservation
Section of the firm, this is what we do every day.

We invest hundreds of thousands of dollars
in software, training, and hiring of talented
people that make up the team that helps you.

Paralegals, an effective system and a focused
practice allows us to offer services that are
often very reasonable or appropriately expensive
depending on how advanced and sophisticated your
estate planning needs may be.

But, you’re never surprised by a bill
because you get to select your specific planning
tools and you always know, before you commit
to any costs, exactly what the fees will be.

I hope that this helps you to move out
of the majority of Americans who have no
will or an old and defective estate plan and
into the elite group of families and individuals
that have estate planning that will accomplish your
specific goals.

For a copy of our copyrighted Enhanced
Estate Planning Questionnaire or
any of our consumer reports or Affluent
Family Series of Reports, call 610-933-8069
or email dfrees@utbf.com.

For more reports and information call
David Frees at 610-933-8069.

*Please note, that at least one person mentions
the word “expert” when referring to David as a
trust and estate lawyer.  However, while this
is not true in all states, Pennsylvania lawyers
may not refer to themselves as experts in any field.
David limits his practice to trusts and estates but
wants to inform you that their is no such thing
as a trust and estates “expert,” in Pennsylvania.

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In our practice we have the experiences representing Executors  that are necessary to help present clients avoid future problems occurring after death.  Everyone wants and expects that their wishes as set out in their  Last Will will be followed and will be properly carried out.  In some cases, clients want to divide their estate in a way that might not follow the traditional “family line.”

As a result, we know that this might not sit well with all of the beneficiaries when the time comes to divide the estate.  Those beneficiaries might be so upset or might have such a substantial economic stake that they might consider contesting the will.  A Will contest  will likely be very expensive and time consuming.  We should take steps now to avoid that future possibility.

There are a number of things that can be done to head off potential will contests.  One such measure is to actually address the issue now with those who will be impacted.  This is a surprisingly novel idea.  Many people are reluctant to talk about their Wills with their children or loved ones, especially with those who might be negatively impacted by the Will contents.

However, giving the impacted beneficiary or beneficiaries notice of the intentions in advance of death, you can pre-address the common arguments made by those contesting wills.  Common bases of will contests are lack of capacity or undue influence.  If you address and defeat these and other arguments now, you can virtually eliminate the will contest option for the omitted or affected beneficiary.  This is not to say other options such as the Interrorum Clause  should not be utilized, but this might be a practical solution to a forseeable problem.

If you would like to review potential will contest issues or other planning concerns, please call or contact Douglas L. Kaune at 610-933 8069 or dkaune@utbf.com.

Douglas is a partner with Unruh, Turner, Burke & Frees, P.C. having three convenient locations in Phoenixville, Malvern and West Chester, Pennsylvania (PA) serving clients in Chester, Montgomery, Delaware, Bucks, Berks, Lehigh and Philadelphia Counties.

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Guardianship allows a person to manage the affairs and assert the rights of another person who is unable to do these things.

There are two common ways in which a guardian is appointed:

• For an adult who is incapacitated. The person might be in a coma from an injury or they might be suffering from dementia. Usually this is done by the court but you can do it if it’s in advance in a well drafted Power of Attorney.
• As summer fades and school approaches please read our article on Why Your College Student Needs a Power of Attorney before they leave for school.

• For minor children. If both natural parents die or become incapacitated and they have minor children, a guardian will be appointed by a court for the children. However, parents can also appoint a guardian for minor children in their will.

In this article we will examine the issue of Guardians for Minors. When one parent dies or is unable to act and there are minor children, the surviving natural parent is the guardian of the children. If you die leaving children from a previous relationship, unless that parent’s custodial rights have been terminated by a court that parent will probably be appointed the guardian of the children.

It is so important for you to indicate by will who you would want to act as your children’s and your guardian. Without this vital designation, the court will decide.

How to Appoint a Guardian

-For Your Minor Children-

If you have minor children, you should nominate a guardian for them and yourself in your will. Remember the other parent may not survive you. If neither natural parent of minor children survives or is available, the courts will appoint a guardian. Although the courts are not required to appoint the person you nominate in your will as guardian, they place great weight on the parent’s selection. Make sure you do this.

Who Should You Choose as a Guardian

In naming a guardian for yourself (under a power of attorney) and your children (under your will), there are several important points to keep in mind:

• The guardian should be a person who is well equipped to handle the situation from making important medical decisions to rearing children and or to  providing a stable and nurturing home life for your children. Make sure the person you pick has the ability to take on these emotional situations and that they will be able to co- update with trustees managing your funds for your children.

• Will he or she be able to financially cope with the burden of additional children or the incapacitation of their loved one? It might be wise to provide assets through your will or life insurance to bear the expense of raising your children and care for incapacitation.

• You should try to select someone close to your age.  Your parents may be excellent grandparents but they may not be able to follow through with the at time difficult job of being a Guardian (they may be in nursing home care at that time).

• Check with the person you want to name as guardian to make sure they are willing to take on the responsibility of being a Guardian. It may also be a good idea to have a backup Guardian so if at the time they are needed (which hopefully is NEVER)  they are unable you have planned a backup.

• Naming a husband and wife as co-guardians can get complicated. You do not want to place your children at risk of being fought over in a divorce custody battle. It is better to nominate the person you would want your children to reside with like your sister or brother and not that person’s spouse as well.

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For Executors and Maybe Trustees

Losing a loved one is hard. But if you’re an executor or trustee hopefully this step-by-step guide to Estate Administration will ease the burden of knowing the business of what to do when a close family member or friend dies.

Whether or not your loved one has a will or trust their estate may be still have to go through the probate process in Pennsylvania.

Each estate administration varies in complexity and you may have more to do than these basic steps but this is a great starting point to get you familiar with what needs to happen after the death of a loved one.

1.      The Will- Find the Will, any living trusts, any amendments to the will or trust, and any previous wills.  It may be necessary to ask a sick or dying loved one where the Will is so that you do not have to find it when they are gone. If there is no will the state “intestate law,” will govern who acts as the administrator, and who inherits.

2.      Contact an Attorney- Call an estate planning and estate administration attorney to help you navigate through the process.  Even if there is No probate required there are many rules about what gets paid and what still gets taxed. You may have many meetings with the attorney so make sure you are comfortable with the attorney and their location. www.avvo.com is a great website where you can search for local, competent, and highly knowledgeable lawyers.

3.      Gather Documents And Information- When you meet with the lawyer bring the Will and any amendments to it or previous wills. Also bring income tax returns (from the past few years if possible), bank account statements, retirement accounts, and any bills due. Also make a list of your loved ones valuables like real estate, CD’s, bank and investment accounts and insurance and annuities.

4.      The Probate Process- Your attorney will determine what assets must be probated. Things like jointly held assets, assets in a trust, IRA’s, annuities or life insurance and the beneficiaries named do not go through probate and are automatically distributed.

*Make sure the attorney tells you an estimate of the Pennsylvania inheritance tax and federal estate tax that may be due even on non-probate assets.

5.      Executor Duties- The executor is named in the Will. The executor will need to go with the attorney to the Register of Wills office, one is located in every county, and the original will and death certificate must be presented and any county fees must be paid depending on the size of the estate and other considerations. The executor has many duties and some have deadlines so make sure you get legal guidance to make sure the job is getting done.

6.      Advertising the Estate- The estate must be advertised for several weeks in two local newspapers. The reason this must be done is so that any creditor is notified and can make a claim on the estate. Also notices are sent out to all possible beneficiaries of the estate.

7.      Inheritance Tax Discount- The estate should consider paying the Pennsylvania inheritance tax or at least an estimate within three months to get a 5% discount. The full amount of the Pennsylvania Inheritance tax and the federal estate tax (if you owe this) is due within 9 months of your loved ones death. It is not always desirable to pay this so make sure to review this issue with your adviser to avoid paying tax on funds you may never receive.

8.      Estate Distribution- The executor with the attorney’s help will divide the assets and pay bills due on the estate. This must be done before you can distribute and close the estate. At the end of the estate you should protect yourself from liability by getting a court order OR a family settlement agreement.

* Family Settlement Agreements (FSA’s) cannot be drafted by anyone but a lawyer. However, this is one of the only ways to avoid personal liability other than through the probate court.

This is simply a beginner step-by step guide to Estate Administration, the process that follows after a person passes. There are many more detailed steps.

For more information click here to read our entire report  The Ten Most Common Mistakes Executors Make…and How To Avoid Them.

This may seem like a lot for someone, the executor, to do while trying to cope with the loss of family or a loved one and often times it can be very overwhelming. If you have been named an executor find out exactly what that entails to make sure you have the time and energy to follow the required steps involved.

A law firm is an excellent source of knowledge. Try to find one that offers  consultations and  fixed or hourly fees to make sure you understand the legal and financial and liability ramifications of being an executor and or what all is entailed in an estate administration so you can prepare yourself and or family and loved ones so there is less time to struggle with these steps and more time to grieve for the loss of your family or loved one.

We hope this Estate Administration 101 Guide has helped you understand your role as executor or trustee and or understand what happens after a loved one dies.

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In just 20 Minutes You Can Have A Free Will Review and
Make Sure That Your Old Will, Trust, and Power of Attorney
Aren’t Out of Date or Invalid

Old Will May Be Better Than No Will - But if your will looks like this it may be time for an update

Unruh, Turner, Burke and Frees Offers Free Will Reviews This Fall

Have you been wondering if that old will, trust, or living will and power of attorney are still good?

Do they still work?

Are they out of date?

Have the legal changes of the last few years rendered any of them obsolete?

If you’ve been wondering, you can now put your mind at ease.  And to make it even better, you can get the answer for free and it only takes 20 minutes to find out.

Unruh, Turner, Burke and Frees is now offering a limited number of will reviews this fall.

30 have already been filled but another ten are still available to non-clients.  These will reviews are not contracted out to young lawyers; they are performed by David Frees and Douglas Kaune, partners of the Trust, Estates and Wealth Preservation Section of the firm.

Why would a firm and two very busy lawyers make this offer?

We want our clients to be sure that their documents are up to date.

We want you to have peace of mind.

And, many times when we review these documents they turn out to be fine.

In those cases, where some updates or changes are needed, you’ll always get a flat fee quote for that work and there is never any fee unless you decide to make those changes or important updates.

There are a limited number of these dates for both clients of the firm and for those who aren’t yet clients.

So, if you’re interested in more information about registering for one of our will reviews, call for a review by David Frees of Doug Kaune.

Call 610-933-8069 and mention the FALL WILL REVIEWS OFFER to get one of the twenty-minute free spots.

You can also email Lisa at info@utbf.com or lsnyder@utbf.com

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Reasons to Update and Clauses You Probably Need but Might Not Have

Any good will should have a revocation clause. A will should not be thought of as set in stone. Times and circumstances change. You should review and change your will on a regular basis in order to keep it current. You may not realize that it should be modified whenever something changes in your life. And when it does change, make sure the new will revokes the old one under Pennsylvania law.

Here are some common reasons to change your will:

Personal Changes

• A change in marital status
• Divorce
• Birth of a child, great grandchild, or the addition of step-children, or grandchildren
• Moving to another State (each states laws on wills may be different)

Financial Changes

• Receiving an inheritance
• Buying a new home
• Creating, buying, or selling a business
• Natural growth of assets and investments through time

Legal Changes

• Changes in Pennsylvania law
• Changes in Income Tax law
• Changes in Federal Law

Key Players Change’s

• Death of a spouse
• Death of another beneficiary
• You want to change or include other beneficiaries or an executor
• A trustee, guardian, or executor is no longer appropriate

It is important that your will state your most recent intentions. And that when you update a will, you also review your beneficiary designation and assets to ensure that the planning still works to accomplish your specific desires.

So how do you revoke your will?

Do you cross out what you don’t want and write in your changes?

No, this is not a good way to revoke your will. The court may have a hard time understanding what part of the will you want and what part you do not want, and what if they misread what you have crossed out or have written changes that can be interpreted in different ways. Also, state laws might not interpret these changes in the same way as you or might invalidate them for failing to comply with the formalities of creating a valid will.

The best way to change your will is by either revoking your current will and writing a new one or executing a codicil to the will for minor changes. A codicil is a formal supplement to your will and must follow the same rules and regulations your will had to adhere to.

Having a revocation clause, a statement indicating your intent to revoke any prior wills, will protect your intentions in case an old will is found or someone still has copies of an old will or codicils.

A will is a way to have your intentions carried out after you are gone. Make sure that you update your will when needed and when you do, that  you have a revocation clause so your most recent intentions are followed. Remember when there is a major change in your life make sure your will reflects that or your will may not end up working how you want it to.

David M. Frees III

P.S. Are you unsure if your will is up to date? As a client or reader of Unruh, Turner, Burke, and Frees Attorney’s at Law’s  Estate and Trust Blog, you qualify to claim one of our free will reviews. These reviews are scheduled during the summer months.

However, days are limited in number and once the will review days are full you will have to call for a separate appointment.

If you have been wanting to see if your will is outdated or needs an update you can get a free twenty minute will review. Even if we did not draft your will.

You will only be billed if you later decide to hire the firm to help you. But the will and advice are free. We hope to see you.

P.P.S. For a free will review by David M. Frees III or Douglas Kaune call 610-933-8069 to find an available will review date and time.

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Many spouses express fear and grave concerns that they would not
know what to do if a spouse or loved one dies.  They are terrified
when you don’t have a will, trust, or estate plan and a list of
people and instructions to guide them.

And, if you are the primary bread winner and/or have responsibility
for handling finances or investments, then this fear and concern can
be even more profound.

And you, like many clients are justifiably so busy with work, paying
tuition, mortgages, and in some cases the demands of running a
business, professional practice, or corporation that you just can’t
find the time to get to a will, trust, or estate planning.

But, deep down you know that getting this done is a reasonable
request by a spouse.

And, you certainly want to protect yourself, and your minor or adult children.
If you have just been waiting for a way to make this happen that is easy,
methodical and turn key then your wait is over. And the price is a fixed
fee.

David M. Frees III on Wills, Trusts, Estates and Estate Tax

Find our more about our risk free, simple, easy, and refreshingly effective
estate planning by clicking one or more of our programs:

Enhanced Estate Planning (TM) (for basic family needs) which
also can include our Elder Law Solutions for those facing nursing
home care.

Business Class Estate Planning(TM) (for those with businesses,
professionalpractices or more complex planning needs), and

Our premier First Class Estate Planning (TM) (for families
planning to pass on substantial wealth, complicated business or
real estate interest or for those with major philanthropic goals).

You can also schedule a risk free appointment for any one of these programs
or to find out which is right for you.

Simply call 610-933-8069 or contact David Frees at dfrees@utbf.com
and ask for your free materials and a no risk appointment with David Frees or
Douglas Kaune and mention the New Year’s Resolution Offer.

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Are you are a business owner or professional, a real estate investor or
entrepreneur who has been putting off your estate planning because
it’s too time consuming, costly, or complicated?

Have you been promising a spouse, children or other loved ones that
you’re going to “get around to” this but just never do?

Has it been more than five years since your last business and estate
planning?

Do you believe that the changes to the federal estate tax law will now
automatically protect your family and spouse?

If you answered yes to any one of these questions, then you’re probably
ready to hear about moving up from coach to a Business or First Class
Estate Plan(TM).

To us, that is planning that respects that you’re a busy person with many
people relying on you.  That you demand a high ROI from whatever you
are spending time doing,and that you need services that are efficient, with
limited or no risk and that will work to carry out your goals with a high
level of accuracy and at a reasonable price.

Well, you just don’t get that with a coach class ticket or a simple will.

My partner Douglas Kaune and I have developed a plan to help busy
business people just like you. To find out what we can do for you, and
to upgrade your estate planning from “coach” to our Business Class Estate
Plan or our First Class Business Plans(TM) call 610-933-8069.

Mention: Business Class Estate Planning to claim your no cost
and no risk consultation and flat fee pricing.

If you’d like to read a bit more about our
estate planning programs, click here

David Frees is a Pennsylvania lawyer with offices in Malvern,
West Chester and Phoenixvillle Pennsylvania.  His practice is
limited to trusts, estates, wills and probate and related matters
such as elder law and asset protection for your heirs.

He is a Super Lawyer and has been recipient of Main Line Today
Magazine’s Top Lawyer honor for multiple years.  He is the
developer of Business Class Estate Planning and First Class
Estate Planning (TM) which are both designed for families and
individuals who expect high return on their investment of time
and money and who want to pass on family wealth and
values.

He can be reached at dfrees@utbf.com or by calling 610-933-8069.

Mention Business Class or First Class Estate Planning for your no
obligation and no cost consultation.

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David Frees on Gifting, Estate Planning, Wills and Trusts At The End of The Year

Click here to read more about estate planning, wills, trusts, gifting and the changes to the federal estate tax in 2011.

David M. Frees III – Pennsylvania SuperLawyer and AVVO Top Rated Lawyer
Chairman: Unruh, Turner, Burke and Frees
Trusts, Estates and Wealth Preservation Section

Contact Information:
610-933-8069
dfrees@utbf.com

David Frees’ practice focuses on wills, trusts, powers of attorney and living wills as well as family business succession planning,
and related issues such as asset protection planning.

His law offices are located in Phoenixville, West Chester, and Malvern Pennsylvania.

These offices serve many communities such as Ardmore, Berwyn, Malvern, Exton, Devon, Chester Springs,
and surrounding areas

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