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.
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.
What goes in a will?
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.
Writing Your Will
Now that you know what you should put in your will, you can start writing it. There are several templates 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 your will to be notarized in order to be official.
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?
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 wishes may have been. Either you can go through the process of establishing a secure 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. 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:
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 revisit and revise your estate plan periodically. Life event, such as the birth of a baby, marriage, divorce, or other changes that may occur, triggering the need for revisions. Talk with your beneficiaries about their inheritance, so they are generally aware of what your plan. By talking about these things openly with your loved ones now, it can help prevent significant disputes from happening in the future.