Legal Question in Wills and Trusts in Pennsylvania

Do I need a will? Nothing in my name. Checking, savings & investments in TOD's


Asked on 8/29/17, 8:32 am

1 Answer from Attorneys

Miriam Jacobson Law Offices of Miriam N. Jacobson

You don't mention whether you have a family or not. Disposing of wealth, whether it's little or a lot, is not the only reason for a will. You probably also have personal property, which can't be transferred by TOD planning. If you have children, you should be appointing guardians for them in a will, and making sure that any property of whatever kind is left for them in a trust for as long as they are minors.

You also need to have advance medical directives, stating what medical treatments you want to receive or not receive, and also a health care power of attorney, appointing an agent to carry out your directives if you are unable to speak for yourself. You should also have a general durable power of attorney, so that if you are ever incapacitated, someone else will be able to step in and manage your affairs if you are not able. If you anticipate needing medicaid, or if you have children or loved ones who are or will become eligible for medicaid or similar disability programs, you may want to set up special trusts, known as Supplemental Needs Trusts, to provide for their supplemental needs without making them ineligible for the governmental benefits that they do qualify for. In all of these documents, you appoint agents to carry out your plans on your behalf. Wills are just the starting point.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

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Answered on 8/29/17, 2:24 pm


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