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.