Life can change in an instant. One day you’re here, but the next day you could be gone. But what’s worse is not knowing what the future holds for your family and loved ones when you’re gone. Unfortunately, many people do not plan for the future. The sooner you plan ahead, the less stress you will have worrying about the what-ifs.
The best way to secure the well-being of your family’s future is through a will. But where do you begin?
For starters, you should contact the Philadelphia will attorneys at Fellerman & Ciarimboli. For years, our estate planning lawyers have helped clients across Pennsylvania with drafting their wills. We understand how difficult this situation can be. That’s why we will take the time to walk you through the process and make sure the future is not a concern.
What is a Will?
When planning one’s estate, a will is used to express someone’s wishes as to how their property is to be distributed at death. A will is also responsible for naming the party who will manage the estate until its final distribution, otherwise known as an executor.
Having and executing a will is potentially the most crucial step in the estate planning process in Pennsylvania. If someone does not have a will when they pass away, the state will distribute your property. This is also true if a court finds your will invalid.
The Types of Wills
In Pennsylvania, there are several types of wills that can be prepared. Depending on which you choose is determined by a person’s unique circumstances. The types of wills include:
Simple will: This type of will contains no trust provisions and leaves the deceased’s belongings to one or more people. It is typically used when the estate left behind is small enough that there are no tax considerations, and the deceased has no children or are old enough that protection of a trust is not needed.
Will with a trust for children: This type of will contains provisions for your children and someone with a disability who needs the protection of a trust. It will be used when there are children and the estate left is small enough that there are no tax considerations like above.