Newtown Square, PA asked in Estate Planning for Pennsylvania

Q: I am a senior citizen with no immediate family in the area & want to get a will, beneficiary, living trust for property

Since I have no family and on a limited income; I want to make my best friend my beneficiary & once everything is liquidated; she will delegate certain amounts to charities & people that I want to leave a little something to. Also, can I have a backup beneficiary since we're always together & just in case something happens to both of us? I'm not familiar with the process but want to be able to donate to those who have helped me, without the state taking everything I have worked all my life for. Thank you.

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1 Lawyer Answer
Nina Whitehurst
Nina Whitehurst
PREMIUM
Answered
  • Estate Planning Lawyer
  • Crossville, TN

A: You are on the right path, and the things you are wanting to do are do-able. An experienced estate planning attorney can help you see this through. Most likely you are going to want to create a revocable trust with a will just in case. I would also recommend a general durable power of attorney and a medical power of attorney along with a living will or advance directive and possibly other things like a personal care plan and a dementia directive. If you are really serious about preserving your legacy, an irrevocable trust might also be in the mix.

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