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Why Do I Need A Will? One of the most important legal activities each of us face is to decide how our assets will be used after death and who will benefit from them. Unfortunately we never know when we might die; but we can take steps to insure that our loved ones are not faced with legal uncertainty upon our demise. This can be accomplished through a carefully drafted Will. A Will is a legal document that determines the disposition of your estate and addresses other items that help put your affairs in order after you die. Estate planning is not just for the wealth and the few; in fact, every person over eighteen years of age should have a Will providing for the disposition of their home, money and other assets upon death. Even if you have limited assets, the Will can and should be used to give directives upon your death, such as naming a guardian for your minor children and an executor. Sadly, statistics indicate that about 70% of Americans die without a Will (referred to as dying Intestate).
What Are The Benefit of Having A Will?
What Happens If I Don't Have A Will? State law dictates how the Estate will be divided in all instances of death without a will. Without a Will, your money and possessions will be distributed according to a formula fixed by law. This fixed formula will not take into account any special needs of any individual or family member. This also means that your spouse may have to share your assets with other family members. Additionally, dying without a Will could mean that your minor children will be placed in the care of a guardian appointed by the court, rather than someone that you would have chosen to raise them. That is why it is so important for you to legally declare your intentions in a valid Will.
Why Do So Many People Die Without A Will? There is no good reason for not having a Will. Procrastination is most likely one of the principal reasons people die without a Will. Other common excuses for not having a Will include:
Is Estate Planning Expensive?
Not necessarily. Small or modest estates that
do not require extensive tax planning are very affordable and can usually be
done on a fixed fee basis. Most Americans can achieve affordable estate planning
that is tailored to their specific needs. Larger estates dictate more planning
for asset preservation; accordingly, they are generally billed on an hourly
basis, rather than a fixed fee basis. We offer affordable fixed fee estate plans
that not only includes a Will, but will also includes the other essential estate
planning documents: Durable
General Power of Attorney,
Health Care Power of Attorney and
Advanced Health Care Directive
(Living Will). To learn more about affordable estate plans click
here.
How Often Should I Update My Will?
You should review and update your Will whenever there is a significant event or
change in your life or in the lives of those impacted by your Will. These
include:
Changes in your marital status
Changes in where you live
Changes in persons you want to receive your property
Changes in your wealth
Changes in tax laws
Regardless, it is always a good idea to review your Will periodically to insure
that it still reflects your wishes. Contact us today to
further discuss your estate planning needs. The Law Offices of Marc Stolee is
licensed to practice law in Pennsylvania and New Jersey, although we help
individuals nationally, with the help of our network of law firms in other
jurisdictions. Select a topic below to learn more about our Estate Planning Practice Areas
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