Please note that this blog is for entertainment purposes only and is not intended to be legal advice. Individual circumstances may vary, and your specific situation could warrant different treatment. You should not rely on these answers to provide specific answers to your situation.
How old do I have to be to create a Will? Why do I need one?
A: Anyone who is over the age of 18 and is of sound mind may legally make a will under Pennsylvania Law. (20 Pa. C.S. 2501.) Generally, wills are useful tools for individuals of any age because they can help address things such as:
- Appointing your preference of who should take care of your minor children in your absence
- Creating a testamentary trust to hold the assets for a minor beneficiary until they reach a specified age
- Determining who should be permitted to take possession of and distribute your assets
- Making specific gifts of property
In the absence of a will, some of these situations can create complications for you and your loved ones. It is ideal for everyone to have a Will.
Do I need to draft new Estate Planning documents when I change residences?
A: It really depends. There are a variety of factors to consider when you find yourself in this situation, like:
- How far you may have moved and whether it was in between states or within the same state.
- Whether you possess assets which may be tied to specific states, such as real estate or business interests.
- Whether you have changed your familial relationships.
What is a Financial Power of Attorney?
A: A Power of Attorney usually grants an individual you choose, referred to as an agent, the powers to make certain decisions on your behalf. Financial Powers of Attorney grant your agent the power to access bank accounts, request information from investors, enter into contracts, and even administer your business interests.
What is a Medical Power of Attorney?
A: Medical Powers of Attorney give your agent the power to make medical decisions on your behalf, like accessing medical records and even granting authority to consent to treatment. These MPOAs typically include a Living Will as well. A Living Will sets forth your wishes for what treatments you as the client would consent and not consent to – like CPR, Mechanical Ventilators, Dialysis, and Tube Feedings.
What is a Guardianship?
A: A guardianship is the process by which the court declares a person to be “legally incapacitated,” which means that they are unable to act on their own behalf, usually because of a physical or mental condition. The Court will assign an individual, typically a family member, to act on the incapacitated person’s behalf. Guardianships are split into two separate entities in Pennsylvania – A Guardianship of the Estate and Guardianship of the Person.
Guardian of the Estate focuses on whether a person is able to make financial decisions on their own, like what to do with their income or how to pay their expenses. Guardianship of the Person encompasses every other decision a person may need to make – such as where to live, how to schedule doctor’s appointments, and even what doctors they should be seeing.
If you have questions that relate to any of the above – please reach out to the Attorneys of Kreitz Gallen-Schutt to assist with your estate planning needs.