Will Archives

Estate Planning and Your “Stuff”

November 19, 2019 By WKC Law

As the comedian George Carlin taught us, we are always on the lookout for a place to put our stuff. This does not change after we pass on and those in charge of our estate are left to deal with the items we have left behind.

This recent article from abovethelaw.com — “Stuff: What To Do with It in My Last Will and Testament?” — provides some direction as you make this consideration.

We are, of course, always ready to help you plan your estate. If you need to do this or review your current plan for updates, please call 215-257-5114 or contact us online to schedule an appointment.

Common Estate Planning Mistakes: Dying without a Will

April 18, 2018 By WKC Law

According to the AARP (citing a study from caring.com), fewer than 60% of adults living in the United States have a will. That means that 4 out of every ten don’t have a will. A will is simply the document that directs your property to the people you wish to receive it after your death. Many people think that their surviving spouse or children will handle everything, or that they do not have much, so they do not need a will. However, the answer is clear: “Yes. Yes, you need a will.”

Why? Specifically, a will directs how your “probate assets” are distributed in the event of your death. “Probate assets” are assets that you own by yourself, they are not jointly owned with someone else and do not have beneficiary designations. For example, if you own a car or a house in your name alone, this item would be a probate asset. If you have a 401k that designates your children as beneficiaries, then this is not a probate asset. If you have a joint bank account with your spouse, it is not a probate asset if you are survived by your spouse. That bank account, however, becomes a probate asset following the death of your surviving spouse. These are just a few scenarios where it is extremely helpful to your loved ones for you to have a will in place.

When you die without a will, you are referred to as having died “intestate.” When you die intestate, the disposition of your probate property is controlled by the Pennsylvania Law of Intestate Succession, meaning that your money and possessions will be distributed by a pre-determined formula fixed by Pennsylvania law, regardless of whether you are survived by a spouse, children, or any other relatives. Dying intestate means that your spouse may have to share assets with other family members not of your choosing. To state it bluntly, if you have not prepared a will dictating the distribution of your assets and property after your death, then the Commonwealth of Pennsylvania has already decided for you.

Please give yourself and your family peace of mind. It may not be a pleasant task, but Mike will guide you through the process. Make the time to have a will properly prepared and executed to ensure that your wishes and desires are memorialized and that your assets and property are placed with loved ones of your choosing.

If you’re not sure where to begin, let’s start with a conversation. Contact Mike via email or call 215-257-5114. We look forward to being of service.

Mike Frisbie concentrates on Estate Planning; Estate Administration; and Business Formation, Organization, and Counseling. He takes pride and pleasure in helping people and businesses solve their problems.

Email Mike.
Follow Mike on Twitter@TrustinFrisbie.

This article is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Do I Really Need a Will?

April 28, 2015 By WKCLawBlog

So, you may be asking yourself, “Do I really need a will if I have little property or money?”

Many people think that their “children will handle everything” or that they “don’t have much” so they don’t need a will.

However, the answer is a clear “Yes. You need a will.”

A will is simply a legal declaration of a person’s intentions of what they would like performed after their death. If you have a will properly prepared and executed in place prior to your death, then you can determine how you would like your assets divided. It provides you the opportunity to name an Executor who will carry out your intentions after your death. If you have minor children, you can express your intentions on selecting a guardian for your children.

At an initial Estate Planning Consultation, we sit with you and discuss what you would like to happen to your home, property, and any other assets. We work with you to prepare a will that expresses what you want to happen, and make sure that the will is properly executed under Pennsylvania law so that it will be followed.

Alternatively, without a will, your money and possessions will be distributed by a pre-determined formula fixed by Pennsylvania law. This means that your spouse may have to share assets with other family members not of your choosing. Without a will in place, there can be delays in the final distribution of assets. And, importantly, it could result in your minor children being placed in the care of a court-appointed guardian rather than with the people you would prefer to care for them.

You should take the time to plan and prepare a will, and we can discuss other helpful estate planning documents, including a Power of Attorney and an Advanced Care Directive. Please give us a call.

Mike Frisbie provides individuals and businesses with top level legal services for their everyday situations and problems. Together, they plan and prepare solutions with a litigator’s eye toward avoiding litigation. He takes pride and pleasure in helping people and businesses solve their problems.

This blog is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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Estate Planning and Your “Stuff”

Common Estate Planning Mistakes: Dying without a Will

Do I Really Need a Will?

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