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 provided outstanding advice and preparation of a will and trusts.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
Great friendly staff
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Answered my question quickly and referred me to a colleague that could handle my problem
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!
Peter provided outstanding advice and preparation of a will and trusts.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
You & your staff are the best thank you for everything.
Peter and his staff handled all of our needs in a very professional and timely matter.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
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.
Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.
Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
Peter and his associates made things easy for us.