Wealth Preservation, Trusts and Estates

When Do I Show My Estate Planning Documents To My Family?
By: David M. Frees III

The question of when, or even whether or not, to show adult or mature children your will or estate planning documents has no easy answer.

The best answer is that it depends.

In this, and a series of brief up coming posts, we’ll explore that question and the pros and cons of each option. In my experience (over 25 years of drafting estate planning documents for families and advising families at all levels of affluence), the answer varies depending on your personal circumstances and the particular documents. My answer, for example about when and how to share a broad durable power of attorney may be different than my answer about sharing and discussing a living will and medical power of attorney.

We will examine when to share the will, when to give an agent a copy of a medical or durable power of attorney, and when to share trusts and other documents.

Today we start with your question about when to share a will with family members.

In the case of wills, many clients never share the particulars of the will. They realize, that this document may change trough time and that who gets what assets may also change. Since no one really needs to see the document before your death, it may be enough to make sure that the family knows how to get your original will if you pass away. If you have only one or two children, and they are both appointed as co-executors, sharing that fact with them may also be prudent.

My clients who do not share the specifics of their wills, or copies of the documents, usually have a memo, or a binder. This documents contains copis of the necessary documents (in case of emergency) as well as instructions, locations or originals, passwords, and related information such as who the accountants, lawyers, insurance and financial advisers are and how to contact them.

More on these issues to come.

David M. Frees III is a lawyer with over 24 years of advising clients in the areas of trusts, estates, estate planning, and related legal matters. He has law offices in Malvern, Phoenixville, and West Chester and serves clients throughout Pennsylvania including Exton, Devon, Wayne, Chester Springs, Ardmore, Berwyn and many surrounding communities.

For a complimentary consultation call 610-933-8069 and mention PAESTATEPLANNERS as the code for your free consult.

It is important to continuously review your estate planning documents such as Wills, Trusts, Powers-of-Attorney and Living Wills, to insure that they name the correct Executors, Trustees, Guardians, Beneficiaries and Power of Attorney. It is not enough to sign these documents once. You must continuously review your present needs, the needs of your family and the people you have trusted to take on significant resposibilities. Read this legal guide written by Douglas L. Kaune to review some of the reasons you might need to update your estate planning documents.

Contact Douglas L. Kaune, Esq. at 610-933-8069 or dkaune@utbf.com to discuss your estate planning documents and the need to update them to best provide for you and your family.

Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices serving Collegeville, Royersford, King of Prussia, Berwyn, Wayne, Newtown Square, Media, Paoli, Frazier, Chester Springs, Spring City, Valley Forge, Kennett Square, Exton, Lionville, Downingtown, Chadds Ford, Norristown, Devon, Radnor, Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

A recent Pennsylvania Supreme Court case raised the issue of whether or not an agent under a power of attorney can change the beneficiaries of the principal’s retirement plans. Be sure that your power of attorney is accurate under the new ruling.

By: David M Frees III, Esquire
Since the recent Supreme Court ruling in Slomski, you might want to check your power of attorney with your will, trust, or estate planning lawyer to make sure that it still accurately reflects your intentions. Click here to read the Slomski case on our web site www.PaEstatePlanners.com.

First, you have to ask yourself whether or not someone should have that power. And, while your initial answer may be no, there may also be reasons why an agent should have that power. For example, if your spouse is the beneficiary of your IRA and retirement plans, it might seem like you would not want that to be changed. But, what if you became incapacitated and your spouse became very ill. He or she might want to change the beneficiary from himself or herself, to one or more of your children.

And, what if you were incapacitated and one child became very wealthy, while another, due to sever illness was unable to work. Might you want your spouse, as an agent under your POA, to be able to change the beneficiaries.

There is no right or wrong answer.

But, what we do know, is that thanks to the Supreme Court’s ruling in the Shlomski case, your power or attorney may no longer do what you wanted.

If we drafted your power of attorney, please feel free to call for an telephone consult to see if you need or want to revise it.

If our firm did not draft your power of attorney, please contact your counsel, or, schedule an appointment to review your estate plan.

There is no charge for the initial consultation, and if we are doing a will, trust, or other documents for you, we will update your power of attorney for no additional charge.

To get an appointment or phone consultation with one of our lawyers, please call and mention this code DavidFrees2010. Call Donna, Denise, or Beth for an appointment or for a pjone consultation about this important issue. 610-933-8069

David M Frees III is the Chairman of the Trust, Estates, and Wealth Preservation Section of
Unruh, Turner, Burke and Frees

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

The firm maintains law offices in Malvern, Phoenixville and West Chester. These offices are convenient to Devon, Exton, Chester Springs, Downingtown and many surrounding communities.

This article is a quick read and very informative on the issue of how and why to work with your advisers to make sure that your estate planning works.

BY: David M Frees III, Esquire
dfrees@utbf.com
610-933-8069
Offices conveniently located in Chester County, Malvern, Phoenixville and West Chester