Klenk Law knows all too well that putting together a will can feel like a daunting process for many people. This is why the help of an estate lawyer Allentown, PA relies on is recommended when doing so. Putting off a will can have a significant impact on your loved ones in the event you pass away before you are able to create one. Most people do not want to leave their loved ones with such a burden during a time that is sure to be filled with grief. Not to mention the fact that if you leave children behind there may be no plan in place for where they will go. Here are some tips to keep in mind when creating your will:
Tip #1: Use a Lawyer
Although there are a variety of different ways to put together a will, using a PA estate lawyer is always an attractive option. An estate lawyer can ensure that yours will adheres to the laws within your state. They can also create a will that is unique to your specific situation. It can be a less expensive and often more appealing option to go with an online tool to create your will, however, it does not take into account laws within your state. In some cases you may risk your will being invalidated altogether.
Tip #2: Know Your Beneficiaries
Beneficiaries are people who will inherit your assets when you pass away. It’s important to stay up-to-date regarding your beneficiaries. An estate lawyer in Allentown, PA can help you to include and manage the beneficiaries you have listed in your will. You will also want to include beneficiaries on any payable on death (POD) accounts you may have. This may make it easier to distribute funds to beneficiaries when you pass away.
Tip #3: Outline all of Your Assets
Take an inventory of all your assets so that you are able to clearly list them out when you meet with a PA estate lawyer. Consider everything that you own and ensure that you have a plan for it. You will also want to make sure that jointly owned property has both you and your spouse’s names on it. This may include bank accounts as well as property.
Tip #4: Have a Plan for Your Children
Always make sure that you have a plan for what will happen to your children in the event that they are minors. You will want to have someone identified to take guardianship in the event of your passing. Doing so, may eliminate familial conflict or confusion. It may also prevent family members from fighting over your children. You will want to also make sure that you have a plan financially for how they will be cared for. In most cases you may want to identify both a guardian and a trustee. Before doing so, speak with the person you have appointed as guardian to make sure that they are up for the task. In case there are changes, it is also recommended to identify someone to take their place if needed.
Tip #5: Update Your Will Regularly
Don’t just create it and forget it; make sure that you review your will on a regular basis. As you move throughout your life, it’s normal for changes to occur. You may have a change in your financial situation, your marriage, or someone you identified as a guardian, or, your beneficiary or executor may pass away. Reviewing your will every year can prompt you to make any changes needed to prevent confusion down the road.
The reality is, creating a will doesn’t have to be as terrible as it’s made out to be. The process can go quickly and smoothly with an estate lawyer Allentown, PA trusts to make certain your will is created how you want. Contact Klenk Law to ensure your final wishes are stated so that your loved ones have a clear picture of how you would like your estate managed.