It can be scary to think about, but at some point in your life you may become too old or infirm to competently manage your financial affairs. Mental incapacitation can leave you open for manipulation by an unscrupulous party seeking to siphon off your wealth, or at least, leave your finances vulnerable to other parties who may simply not have your or your family’s best interests at heart. That’s where a power of attorney comes in. You have the option of granting someone in Pennsylvania power of attorney duties to handle your estate in the event you are unable to do so.
Planning for the management of a sizable estate in Pennsylvania might well include establishing a charitable trust. This is a noble gesture as well as a potential tax relief. However, one must typically understand the way the court is involved in the maintenance and re-evaluation of trusts in order to ensure the longevity of the charitable pursuit.