Estate Planning Lawyer King of Prussia, PA Recommends Explains Estate Planning
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 at Klenk Law can help guide you through the basics of estate planning to help make things a little easier.
It is estimated that only up to one-half of Americans have actually 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. It can help prevent your family members from frustration and confusion if they have to handle your remaining assets on their own. The last thing your family will want to do during their grieving period is think about legalities and who should receive what.
Understanding Why an Estate Plan Is So Crucial
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 without regard to what your personal wishes may have been. Either you can go through the process of establishing a strong estate plan or you can leave it up to the courts to determine how your things will be divided.
Start a List
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 being receiving any portion of your remaining assets. This 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:
Update Your Will as Time Goes On
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 periodically revisit and revise your estate plan. This should be done whenever you experience a life event, such as the birth of a baby, marriage, divorce, or other changes that may occur. Talk with your beneficiaries about their inheritance so they are generally aware of what is planned for them. By talking about these things openly with your loved ones now, it can help prevent major disputes from happening in the future.