Why You Need a Will
Regardless of how much you own, it is important to a simple estate plan in place in the event you should die. Putting together such a plan includes a will, the assignment of power of attorney (allowing someone to sign legal documents should you be unable to), and a living will. Additionally, have a trust may be a good idea as well. Having these documents in place will ensure that your dependents will receive whatever assets you have accumulated as well as direct your wishes should you be unable to do so.
As you sit down with an estate planning attorney in Harrisburg to write a will, take the time to take stock of all that you own: your insurance policies, your investments, any retirement savings and real estate. Any business interests you may have also should be considered. You want to think about who gets what should you die. Who do you want to make medical decisions for you if you can’t. If you die without a will, known as intestate, takes away your ability to dictate the distribution of your assets. Anything you own outside of a trust should be spelled out in a will. A trust allows you to condition how and when your wealth will be distributed to your heirs without the delay and cost of probate court.
Having an estate planning attorney in Harrisburg create a will is also healthy for your family as it can clearly spell out your desires. This goes a long way to keeping conflicts from exploding if inheritance is not clearly defined.
A tax consideration for having an estate planning attorney in Harrisburg help you is that if you die and leave all of your assets to your spouse, you increase that spouse’s taxable estate, meaning when your spouse dies and passes those assets to your children, they will owe more in taxes.
When you write a will, you will name someone to be the executor of that will. This means someone will make sure your wishes are carried out. Although you can name a friend or relative to be the executor of your will, this may not always be the best scenario. You want to make sure that person is trustworthy and competent. An estate attorney in Harrisburg can help you write a will and plan your estate, and they can be nominated as the executor.
These attorneys charge a flat rate or a percentage of the value of the estate both of which can be negotiated. They cannot be named a beneficiary of your will so that there will be no conflict of interest.
Estate planning attorney Harrisburg – Serratelli, Schiffman & Brown, P.C has extensive experience in matters of estate and trusts planning and can help meet all of your estate planning needs.