It can be very overwhelming to even think of planning for your own death. However, it can be extremely beneficial to do so. This can be done through the creation of a comprehensive estate plan. With this, an individual can plan for what will happen to their assets when their life is over. An estate plan allows them to protect their assets and ensure they are passed down to the people of their choosing when the time comes.
When creating an estate plan, people often write a last will and testament. This is a document that outlines a person’s final wishes for their estate when their life ends. It includes how they want the assets to be taken care of in addition to how they should be distributed. It can be helpful to retain the services of an experienced attorney while creating an estate plan, as they can navigate the process and ensure the best outcome.
Why is a Will Important?
People who have a long and full life often collect several cherished belongings. Often times, they want these assets to continue to be taken care of even after their life is over. A will allows a person to pass down their belongings to loved ones who will keep them safe. With the creation of a will, the individual is able to name their beneficiaries and ensure their assets do not fall into the wrong hands. This prevents any difficulties or disagreements about where the assets should belong in the event that a will was not created.
When a person creates a will before they die, they are known as “testate.” If a will is not created, a person is known as dying “intestate.” People often write a will to avoid dying intestate. This is because when they do, there is no written plan of where their assets are intended to go. Because of this, the deceased’s loved ones do not have control of their estate. When this happens, the estate is controlled by the state through the use of a succession schedule. This decides where the deceased’s assets end up based on the surviving family members of the deceased. This can include children, parents, grandchildren, siblings, and more.
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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.