One of the elements of a will for most people focuses on specific bequests of personal property. In layperson’s terms, this is the part of a will that designates who is designated to receive specific items of personal property. For example, a person may desire a piece of jewelry to go to a specific person when he or she passes away.
There are a number of considerations to bear in mind when it comes to addressing the specific bequests of personal property. This includes a strategy that makes it easier for you to amend these types of specific bequests.
Specific Bequests: A Personal...
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February2016
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February2016
In the commonwealth of Pennsylvania, a conservatorship is defined as the legal designation of an individual to oversee the financial affairs of another person. In some cases, the conservatorship involves a person incapable of responsibly managing finances. In other instances, that individual may be capable but unavailable to manage his or her finances. For example, a person with certain types of assets who ends up on a military of duty likely will be unable to directly deal with certain financial matters. Finally, there are situations in which a person may be neither disabled nor...
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February2016
The term revocable living trust typically refers to a trust that is created during the lifetime of a particular individual, according to the American Bar Association. At its essence, a revocable living trust is based on a legal instrument through which certain assets are transferred to the ownership of the trust itself. A trustee is designated within the trust instrument itself. The trustee is the individual designated to manage the affairs of the trust on behalf of the beneficiary or beneficiaries. The trust instrument also identifies that individual or those individuals who are the...
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