• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
< class="site-title" itemprop="headline">Flood & Masiuk LLC | Southampton Estate Planning Attorneys

Attorneys At Law

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Estate Planning
    • Asset Protection and Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning Services
    • Trust Administration and Probate
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law Resources
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Needs Checklist
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning FAQs
      • Trust Administration & Probate FAQs
    • LGBTQ Resources
    • Newsletters
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Blog
  • Contact Us
Home / Estate Planning / Do I Need More Than a Will?

Do I Need More Than a Will?

April 14, 2015 by Marianne Flood, Estate Planning Attorney

Do I Need More Than a Will?The document called a last will is the most common estate planning device. As most people are aware, you can use a will to state your wishes regarding the postmortem distribution of your property.

Before we look at the other documents that you may want to include in your estate plan, we should point out the fact that a will is not always the best choice as a primary vehicle of asset transfer. You should explore all of your options and act in a fully informed manner.

When you use a will, the executor or personal representative must admit the will to probate. The heirs to the estate do not receive their inheritances while this process is underway, and it can be time-consuming.

This is just one of the pitfalls. You could proactively implement probate avoidance strategies so that assets can be transferred to your heirs in a more timely manner.

Revocable living trusts are widely utilized by people who want to facilitate asset transfers outside of probate.

Incapacity Planning

A well constructed estate plan should also address the contingencies that you may face during the end of your life. Many people become unable to communicate their own decisions at some point in time, and you can account for this when you plan your estate.

There is another type of will called a living will. This document is used for incapacity planning purposes. You state your preferences regarding the utilization of life-sustaining measures when you create a living will.

If you do not have a living will in place, your next of kin would be forced to make this excruciating decision if you were on life-support.

Durable powers of attorney are also used by people who want to prepare for possible incapacity. With a durable power of attorney, you name someone to act on your behalf in the event of your incapacitation.

A durable financial power of attorney can be executed to account for financial decision-making, and you can also include a durable power of attorney for health care. The latter document is sometimes called a health care proxy.

When you have these documents in place, hand-picked decision-makers will be empowered to act on your behalf if and when it becomes necessary.

Schedule a Free Consultation

We have just scratched the surface with some general information in this blog post. There are numerous different estate planning documents that can be used to accomplish varying objectives. The optimal combination will depend upon the circumstances.

If you would like to discuss your unique personal situation with a licensed professional, our firm can help. We offer free consultations, and you can contact us through this page to set up an appointment: Southampton PA Estate Planning Attorney.

  • Author
  • Recent Posts
Marianne Flood, Estate Planning Attorney
Marianne Flood, Estate Planning Attorney
As the founder and managing partner of the Southampton, Pennsylvania law firm of Flood & Masiuk, LLC, Marianne Flood oversees a practice devoted to providing clients with personalized service and counsel in all aspects of estate planning.
Marianne Flood, Estate Planning Attorney
Latest posts by Marianne Flood, Estate Planning Attorney (see all)
  • What Is a Qualified Personal Residence Trust? - July 24, 2015
  • Will Medicaid Take My Home? - July 22, 2015
  • 2015 Estate Tax Exclusion Adjustment Released By IRS - July 18, 2015

Filed Under: Estate Planning

About Marianne Flood, Estate Planning Attorney

As the founder and managing partner of the Southampton, Pennsylvania law firm of Flood & Masiuk, LLC, Marianne Flood oversees a practice devoted to providing clients with personalized service and counsel in all aspects of estate planning.

Primary Sidebar

Blog Subscription

Flood & Masiuk LLC | Southampton Estate Planning Attorneys

112 Lakeside Park
Southampton, PA 18966
Phone: (215) 322-6330
Fax: (215) 322-9199

MAP

map for Flood & Masiuk LLC office

Opening Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

  • Disclaimer
  • Sitemap
  • Contact Us

© 2023 American Academy of Estate Planning Attorneys, Inc.

All Rights Reserved.
Attorney Advertisement

footer-logo
  • fb
  • twitter
  • linked-In