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One of the more unpleasant realities of modern life is the possibility of getting a divorce.  Among the many issues that a divorce brings is its effect on your estate plan.  Pennsylvania law automatically invalidates bequests to ex-spouses and designations of ex-spouses as beneficiaries. Under Pennsylvania law, it is presumed that any provision in a person’s Will that leaves part of the estate to his or her spouse becomes ineffective...

A general power of attorney (also known as a “financial power of attorney”) is an essential part of estate planning. It guarantees that if you become unable to handle your finances, whether it be managing your investments or just paying your bills, someone else will have the legal authority to handle them for you.  That person is called your “agent.” There are two basic types of financial powers of attorney:...

Prenuptial agreements, also known as prenups, are not usually a popular topic of conversation.  Most people associate prenups with divorce.  These agreements, however, can be useful in estate planning as well. There are some common situations where a couple might sign a prenuptial agreement.  They might do so if one person is significantly wealthier than the other or–the opposite–if one person is entering the marriage with...

A recent article in the New York Times, available here, discusses an interesting pattern among wealthy Americans. Many people who would benefit from the higher estate tax exemption and lower tax rates that went into effect last winter have opted not to make the gifts necessary to take advantage of them. One of the reasons, according to the article, is that people are hesitant to leave large amounts of money to children and...

UPDATE (May 16, 2011): The Pennsylvania Department of Revenue has just updated its guidelines regarding entry into safe deposit boxes after the owner’s death.  Effective May 11, 2011, the executor or administrator of an Estate may conduct an inventory of a safe deposit box without an attorney, bank employee, or Department of Revenue employee present after giving notice to the Department of Revenue.  The requirements of the...