At Klenk Law, there are common estate planning questions that many of our clients ask. The following are ones we hear frequently. Contact our Allentown, PA office for more detailed information and to find out how an estate lawyer can help with your estate plans.
What assets should be included in a will?
A last will and testament is an estate planning tool that individuals can use to designate who they want to receive their assets and property they leave behind when they die. Assets that should be included in a will are those that do not already have a beneficiary named. Other assets, such as life insurance policies, retirement accounts, assets contained in a living trust, and property or assets that are co-owned with others are excluded from wills.
What is a revocable living trust?
Living trusts are estate planning tools that many individuals take advantage of. The person who sets up the trust maintains control of the trust and assets placed in the trust and can change or revoke the trust at any time. A living trust is set up so that ownership of the contents of the trust will transfer to the beneficiary named. Transferring assets through a living trust instead of a will has several benefits, including avoiding the probate process.
Can I just use a living trust instead of a will?
As mentioned above, there are many benefits to transferring assets via a living trust instead of a will, however, a last will and testament is still an important document to have as part of your estate plan. There may still be issues that need to be addressed in a will. For example, if you have minor children, you can use your will to designate who you want appointed as guardian for your children.
Do I need an Allentown, PA estate lawyer or can I just write my own will?
Although there is no law that prohibits an individual from drafting their own will, there are multiple reasons why you should retain the services of a qualified estate lawyer for assistance. Each will must abide by the laws of the state you live in and failure to do so can invalidate the will. If the will is invalidated, then the estate will be distributed by the laws of the state and not the wishes of the of the person who died.
How many beneficiaries can I have in my will?
There is no limit to how many beneficiaries you name in your will. Even if you only have one beneficiary, it is recommended that secondary beneficiaries be named. For example, if your will states that your estate is to be divided up equally among your adult children, you may want to specify that if something should happen to one of those children, their share of the estate would then pass to any children they have. Otherwise, their share would automatically be divided between your remaining adult children.
For more specific information for your particular situation, contact an estate lawyer Allentown, PA clients recommend from Klenk Law today.
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
Peter is a model attorney who puts his clients first at all costs. His extensive expertise in estate planning and tax planning was a great comfort as we began, and have expanded, our family. He is very thoughtful, generous, and quick witted. His approach towards his business has been an inspiration to his peer group, and his zest for life is extremely infectious. Without reservation, I highly recommend Peter as trusted and cherished counsel
Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.
I met Peter soon after he started his practice in Philadelphia, PA. He and his team have always been there for me and my various inquiries throughout my life-changing events, corporate relocations. I have lived in various cities throughout the nation, I have never had a problem in contacting Peter or a member of his team. He and his office responds quickly and returns calls to me to fulfill my requests for information or to revise my estate needs while posing relevant thought-provoking questions that I need to consider to secure my future. One of Peter's best qualities is his ability to answer clients complicated questions in a simple way to ensure comprehension.