Lake Wallenpaupack Wills Attorney
Nearly every estate plan has a will. For some people, a will might be the only estate planning document they need, allowing them to wrap up their affairs in an efficient manner. A will allows you to decide who will inherit your property when you die, but it also does so much more than that. Even if you are young, chances are you need a will so that you can protect you and your family.
A Will Names the Personal Representative for Your Estate
At death, someone needs to collect your property, pay creditors, and file your taxes. This person will be the personal representative for your estate. If you die without a will, then the probate court will name someone, usually a close family member. However, you can also use your will to nominate someone. Ideally, you will pick someone who is good with money and is sufficiently careful and trustworthy. To be safe, you should also name an alternate in case your first choice cannot serve, for whatever reason.
A Will Identifies Who Will Receive Property
You have many choices for how to leave your property. It isn’t true that you need to leave property to your children or that you need to leave everything to your spouse. Instead, you decide. You should also name contingent beneficiaries in case your original choice dies.You don’t leave all property through a will. For example, if you have life insurance or retirement accounts, then you can designate your beneficiaries to those assets on the policy itself. However, you can leave cash, personal effects, and even real estate in a will.
A Will Identifies the Guardians for Your Minor Children
If you die, your spouse will need to raise your children. But what if you both die in a tragic accident. In this situation your guardians will raise your children, and you can name them in your will. We recommend that new parents create a will so that they are covered in the event tragedy strikes.
A Will Requires Careful Planning
Everyone has seen Do-It-Yourself software programs or websites where people can create a will in 5 minutes or less. Unfortunately, it is very easy to make mistakes when using these programs, and the directions for making sure your will satisfies the state’s formalities are not always clear.Also, a will requires more than entering in a few names and items of property. In some situations, your heirs will benefit more if you leave assets in a trust or by creating a joint tenancy with right of survivorship. In other situations, you might want to make a gift while you are living or buy extra life insurance. To fully understand your best option, you should meet with an experienced Lake Wallenpaupack wills attorney for a free consultation.
Contact Farley & Weed, LLC Today
If you are interested in estate planning, you should do it the right way and hire an experienced attorney to help you. Our firm has drafted wills for countless clients, and we are eager to assist you, too. For more information about our services, please contact us for a free consultation.