Nazareth, PA Will And Trust Attorney
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What Is A Will?
A will is a legally binding record of your directions for what will happen to your assets and possessions upon your death; essentially, a document laying out who will inherit what. There are many different types of wills, but the most common kind and the one that typically comes to mind when you hear the word “will” – a last will and testament – only goes into effect upon your death.
What Is A Trust?
A trust is a financial and legal entity that owns assets within the entity, outside of your name. You can create the terms of the trust and move assets into it. You can designate a trustee (which may be yourself) to handle the assets for the benefit of a beneficiary (who may also be yourself); that way, you still have access to all of the assets in the trust, but you do not technically own them – the trust does. When you pass away, the trust’s assets can pass to people who you designate as beneficiaries. Trusts, unlike wills, can take effect upon creation.
Why Do You Need Them?
Not only do wills and trusts provide numerous benefits, but they also prevent numerous negative consequences. Most people realize that they should probably have a will at some point, even if they keep putting it off, but most people have a misconception of trusts as being only for “rich people”. In reality, both wills and trusts are necessary for any Pennsylvania resident who owns property and has family; our Nazareth will and trust attorney has seen firsthand the consequences of what happens when neither of these documents are created before someone passes away or encounters a medical/family emergency.
Wills help you answer questions like “Who will raise my kids if I died in an accident unexpectedly?”, and “Which child should inherit my house when I pass away?”, and the like. A will can clarify your wishes so your family doesn’t have to wonder about what you wanted, and so your estate doesn’t have to be distributed according to Pennsylvania’s “intestacy” (without a will) laws, which don’t take into account your unique family history or dynamics. However, if you only have a will, your estate may still have to go through a Pennsylvania court process known as probate before your possessions can be distributed to your family. Probate is expensive, and time-consuming, and it can even result in lawsuits or other hassles for your loved ones.
That’s why having a trust is also smart (or at least, one of the reasons) – trusts do not have to undergo probate, and can transfer your assets to their intended beneficiaries privately, quickly, and painlessly. Trusts can also manage your assets while you are still alive, and provide protection in the case of your incapacitation or in the case of other unexpected events (like divorce, bankruptcy, needing to enter a nursing home and qualify for Medicaid, etc.).
Types Of Wills And Trusts
There are many different types of wills and trusts to choose from. Some of the most popular types include:
- Last wills and testaments (traditional wills)
- Living wills (advance directives for medical care)
- Pour-over wills (move assets to a trust upon execution)
- Joint wills (shared between spouses)
- Revocable trusts (flexible trust terms)
- Irrevocable trusts (inflexible trust terms)
- Charitable trusts (for certain charitable giving)
- Special needs trusts (to protect disabled individuals)
What type you need will depend on your specific goals and circumstances.
Why Choose Our Nazareth Will And Trust Attorney To Help You
Making a will and trust can be complicated, which is why it’s never wise to attempt a “DIY” approach using downloadable templates or advice you find on the internet. Online information isn’t always accurate or up-to-date with the most recent Pennsylvania state laws, and it’s not customized to your life. If you make any mistakes, you could render both documents ineligible, and they will be essentially useless when your family needs to use them most. Working with our Nazareth will and trust attorney avoids this risk!
At Daly Law Offices, we have 15 years of experience helping people protect what matters most to them and get the right will and trust strategy in place. We focus on offering professional integrity, practical solutions, and peace of mind to all of our clients. Our lead lawyer, Attorney Joshua N. Daly, is a member of the Estate Planning Council of the Lehigh Valley and the National Academy of Elder Law Attorneys (NAELA); he was awarded to Lawyers of Distinction in 2022. You can rely on his skill and knowledge to draft effective documents that allow you to enjoy the present without worry!
Call For A Free Consultation Today
When you’re ready to get your affairs in order, call Daly Law Offices to schedule a free consultation. You can get all of your questions about wills and trusts answered, and you can learn more about what options you have. Our team will take the time to get to know you so we can tailor anything we make for you to your individualized family dynamics and financial status. Don’t wait! Call now to get started.
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Nazareth, PA Practice Areas
Worked together on a relative’s Estate Planning. Very easy to work with and knowledgeable. So glad we chose Josh. Thank you.
Josh we wanted to take a moment to thank you from the 3 of us from the bottom of our hearts. You are a gift and you have such a gift in what you do and they way you actually do it.
A total class act with the perfect personality for your profession. We can’t tell you enough how much we appreciate you and honestly thank so much. And it won’t be the last you see of us. Much Appreciation. The Stine/DiGiovanni family
*We highly recommend Joshua Daly for Elder Law, wills, etc. This is something that people don’t know what can happen when your parents pass away or what to do. Josh helps prevent as much as you legally can the home and assets being taken by elder care home and/or govt.
What a great experience on a subject people don’t like to talk about but is so important. Josh makes this process pleasant. We are recommending Josh to all our friend and family and friends. Everyone should get their ducks in a row. I am glad we met Josh & finally did this!
Thank you Josh
Why Choose Us?
14+ Years Of Experience
Dedicated Small Firm Attention