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Serving Philadelphia, Delaware County, Montgomery County, Bucks County and Chester County since 1996.
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Wills
A Will is a legal document that helps you to put your affairs in order at the time of your death. It allows you to express
your intentions regarding your estate (your home, money and other assets). Your Will identifies who will handle your estate
(your "executor"), to whom your assets will be distributed (your "beneficiaries"), and who will serve as guardian of your minor
children. If you have a potential beneficiary who has special needs (such as a disabled child), your Will can contain
instructions to your executor to make sure such a beneficiary is taken care of according to your wishes.
If you die without a Will, your estate will be distributed according to a formula established by state law. Your spouse may
have to share your estate with other family members. A court may name a guardian of your minor children of whom you would not
have approved. The state's formula does not take the special needs of a beneficiary into account.
Wills can be simple or complex; they will differ for single individuals or married couples, for people with minor children and for
people with no children, and for people who have a taxable estate and those who do not have a taxable estate. A variety of
techniques are available for use in a Will to minimize or eliminate estate taxes.
Your Will covers only probate property. Many types of property or
forms of ownership pass outside of probate. Jointly-owned property, property in trust, life insurance proceeds and property
with a named beneficiary, such as IRAs or 401(k) plans, all pass outside of probate.
How We Can Help
Whatever your needs, we can help. We will work with you to:
- determine how simple or complex a Will you need based on your personal situation.
- update an existing Will to reflect your current circumstances.
- make sure your Will is integrated with a Medicaid asset protection plan to ensure your estate is not subject
to Medicaid estate recovery.
Why Should You Have a Will?
Here are some reasons:
- First, with a Will you can direct where and to whom your estate (what you own) will go after your death. If you died
intestate (without a Will), your estate would be distributed according to state law. Such distribution may or may not accord
with your wishes.
Many people try to avoid probate and the need for a Will by holding all of their property jointly with their children.
This can work, but often people spend unnecessary effort trying to make sure all the joint accounts remain equally distributed among
their children. These efforts can be defeated by a long-term illness of the parent or the death of a child. A Will
can be a much simpler means of effecting one's wishes about how assets should be distributed.
- Second, a Will facilitates the smooth administration of your estate. Often, the probate process can be
completed more quickly and at less expense to your estate if there is a Will. With a clear expression of your wishes, there
are unlikely to be any costly, time-consuming disputes over who gets what.
- Third, only with a Will can you choose the person to administer your estate and distribute it according to your
instructions. This person is called your "executor" (or "executrix" if you appoint a woman). If you do not have a Will
naming him or her, the Register of Wills will make the choice for you. Usually the Register of Wills appoints the first person
to ask for the post, whoever that may be.
- Fourth, for larger estates, a well-planned Will can help reduce estate taxes.
- Fifth, and most important, through a Will you can appoint who will take your place as guardian of your minor children should
both you and their other parent both pass away.
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Call Us: (610) 446-9626
Fax Us: (610) 446-9985 |
Visit our offices:
17 Mifflin Ave. Suite 202
Havertown, PA 19083 |
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