Nobody ever looks forward to the time when they have to start thinking about their mortality. Passing on is a part of life, but planning for your departure may not be the most simple task. An estate planning lawyer King of Prussia, PA residents rely on, like at Klenk Law, can help guide you through the basics of estate planning to help make things a little easier.
Most people are unprepared.
It is estimated that only up to one-half of Americans have written a will. As unpleasant as the task may feel, writing an estate plan can help ensure your loved ones receive a part of your legacy and that your wishes are carried out. Working with an estate planning lawyer in King of Prussia, PA can help prevent your family members from frustration and confusion if they have to handle your remaining assets on their own. Thinking about the estate legalities is the last thing your family will want to do during their grieving period.
We all know that at some point in our life we need to create a will. A will is an important document. By having working with an estate planning lawyer King of Prussia, PA trusts and preparing a will, it means that you get to dictate where your property goes or who is the guardian of your children, instead of the state. Everyone can agree that wills are crucial document to have, but many of us aren’t sure how to write it. In this post, we’ll walk you through some basic information on how to write a will and what things you should think about including.
The definition of a will is a legal document where the person states who they want managing their estate and how they want their personal property to be distributed after their death. While it may sound like something morbid to write, you would hate to be in a situation where you died suddenly and left your children and family members fighting with the state over your possessions.
Most people will update their will multiple times throughout their lifetime due to life events and changes. However, when getting started, there are some basic things you should include in your will. Working with an estate planning lawyer in King of Prussia, PA can help you get started on the right track.
There are also some things you shouldn’t include in a will. Don’t put conditions on your gifts i.e. I am giving this much money to my daughter if she gets married. It’s not fair to the recipient and it could hurt your legacy. Also, don’t leave property to your pets. It only makes things more complicated for your family members trying to deal with your estate.
Now that you know what you should put in your will, you can start writing it. There are several templates that you can use to help you write a will. You can use a will book or software built specifically to write wills, or you can find a form online to fill out. The bottom line is that your will needs to be a document that is formal and typed up.
Once you’ve settled on a template and have written the contents of your will, you need to make it legal. In order to make a will legal, first, you need to sign it. Signing the will makes this a legal document. However, just signing it yourself does not make it a binding will. You need to also have two witnesses sign your will. Many states also require a notary.
While it’s possible to write a will yourself, if you are at all worried about the format or legalizing your will, you can always reach out to an estate planning lawyer in King of Prussia, PA, who can help guide you through the process.
Now you have everything you need to start writing that first will. By writing a will, you’ll have peace of mind knowing that your family and assets are taken care of in case something happens to you. Learn about Why Do People Avoid Creating a Will?
A will is a written statement on how you want your assets to be divided amongst your loved ones after you pass away. If you were to die without a will in place, the state then decides what family members get. Your wishes are disregarded. Set up a plan that reflects your wishes or you can leave it up to the courts.
Begin thinking about your estate plan by brainstorming. Get a pen and paper and jot down the names of those closest to you, in addition to a list of all your assets. A King of Prussia, PA estate planning lawyer may also advise you to include names of people who you want to exclude from receiving any portion of your remaining assets. Good preparation can help make sure these people will not be able to contest your will in court. You may want to ask yourself and answer the following questions:
Once you have finished your will with the help of a King of Prussia, PA estate planning lawyer at Klenk Law, you will want to revisit and revise your estate plan periodically. Life events bring change. A baby’s birth, remarriage, divorce, or other changes that may occur. Life changes trigger the need for revisions. Talk with your beneficiaries about their inheritance, so they are generally aware of what your plan. Talking about these things openly with your loved ones now prevents significant future disputes.
If you or a loved one dies without a will, it is called dying “intestate.” Your property and assets will be divided amongst your heirs according to a fixed formula determined by the laws of the state in which you live. In other words, if you do not make a will, the inheritance statute defines who gets your assets. The inheritance statute contains a structured and rigid formula. The rules include no consideration or exceptions for anyone other than those who are named in the law.
When there is no will in place, the probate court appoints a personal representative. This person could be known or unknown to you. So a stranger may manage your entire estate. The cost involved with probate might be higher than if you had created a will. Further, the management of your estate may be subject to more court supervision.
If you have specific wishes about your property and assets, don’t let the intestacy laws divided your assets. By enlisting the assistance of an estate planning lawyer in King of Prussia, PA, your estate can be distributed in the way you wish. At Klenk Law, we understand the sensitivity and delicacy of creating plans for your estate. We aim to make this as comfortable as possible for you. Don’t end up having your estate subjected to the formula outlined in your state’s inheritance statute law.
As a King of Prussia, PA estate planning lawyer can explain, your loved ones can be burdened if you die without a will. Their loss of you is distressing enough, why compound the stress with concern about how assets and managing final affairs? It can be tense and traumatic. Passing without a will can cause other issues to arise, such as delays due to the probate process.
In truth, a will plans for more than just your assets. It also provides your loved ones with a clear direction concerning how you would like your estate distributed. Wills can outline your funeral instructions and who will fulfill guardianship over your children. Without no will in place, it is left to someone else to make these decisions. Judges usually appoint an executor, and the court will decide the best way to settle your estate.
Why let someone else who is appointed by a court make these crucial decisions? A will allows you to make your loved ones aware of your final wishes and can ensure that they are followed according to your intentions. An estate planning lawyer King of Prussia, PA clients recommend from Klenk Law can help with the creation of your will as so that your last wishes are clear, calculated, and can be carried out to the letter. Plus, we’ll do our best to make the process as quick and painless as possible. Schedule a consultation with one of our legal professionals today.
Peter and his associates made things easy for us.
Mr. Klenk has been easy to work with. I am confident he has given me good advice whenever I have called upon him. He has shown good work ethic and depth of knowledge in preparation of estate, wills, and trusts that I have worked with him on.
I contacted Peter through his website using the free consultation link for a question regarding a will. While I was expecting only a few minutes, it was a lengthy conversation. He made sure he understood the situation by asking many questions before offering advice. He then went through my options and results of each one. He left it up to me to decide if I wanted to proceed and did not push me toward one or another. His website has very useful information which I definitely researched before I called him. While I decided not to proceed at this time, I feel I had enough information to make that decision. I would not hesitate to hire him should I need to in the future.
Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.
I've worked with and known Peter Klenk and his associates for years. They are highly professional, diligent and truly experts in their field. By focusing on just wills, trusts, and estates, Klenk law has experienced every angle of estate planning and applied that knowledge to help prepare our clients with thorough and comprehensive documents.