A Last Will and Testament, commonly referred to simply as a “Will,” is a written declaration of a person’s intentions for the distribution of his or her property upon death. A Will directs how and to whom a deceased person’s property is to be distributed and is often the cornerstone to a Montgomery County, PA estate plan. A Pennsylvania Will can be changed as often as necessary during your lifetime.
Advantages to Having a Will in PA
There are many advantages to having a Will in Pennsylvania. A properly executed Will serves as legal assurance that your personal wishes for asset distribution will be honored, including specific bequests and disposition of the remainder of your estate.
If you die without a Will in Pennsylvania, PA state law will dictate how and to whom your properly is distributed, and the assets may pass to those you do not intend to benefit. For example, if a husband dies without a Will in Montgomery County, Pennsylvania, and he is survived by his wife and children, the surviving spouse will get the first $30,000 plus 1/2 of the balance of the husband’s intestate estate.
- You can name who you want to be guardians of your minor children and their property. Without a Will, a court will appoint a guardian.
- You can designate charitable or religious gifts.
- You can name a personal representative/executor to administer your estate.
- You can identify and implement tax savings strategies if your estate is subject to federal estate tax
- You can establish trusts for children which will specify how the trust assets, including principal and income, will be used such as for the child or children’s health, maintenance, support and education. In addition, the trust can specify when the remaining principal will be distributed to the child.
- You can name Trustees. Trustees wil be responsible for investing trust assets and using trust income and principal for the benefit of the children.
What is the Cost to Prepare a Will?
Our experienced Will lawyers usually charge a flat fee for preparing a Will along with your other estate planning documents, such as a Durable Power of Attorney and an Advance Health Care Directive (Living Will and Medical Power of Attorney). Our Will lawyers’ fee structure typically depends on whether tax planning must be incorporated into the Will. If not, preparing a “simple” Will by one of our experienced Montogmery County, PA Will lawyers is fairly inexpensive. Your Will lawyer will provide you with a quote during your free case evaluation.
Why Hire a Montgomery County, PA Will Lawyer?
Lawyers who regularly handle Montgomery County, PA estate planning and Will drafting can prepare a comprehensive Will document that carefully considers many issues. For example, most people who decide to prepare their own Will may not fully understand the impact of federal and PA state taxes.
For those with minor children, a trust should be carefully considered since passing assets outright to minors may lead to the child or children having full access to the estate when they reach the age of 18. Most “canned” Wills do not provide trust provisions. The cost to have a Montgomery County, PA Will lawyer prepare a proper Will is well worth the peace of mind that will result.
Contact A Will and Testament Lawyer in Montgomery County, PA
The experienced Montgomery County, PA Will lawyers at The Martin Law Firm have drafted hundreds of Wills for individuals, couples and families throughout Pennsylvania. Your Will deserves expert advice and trusted counsel from an experienced Montgomery County, PA Will lawyer. Creating a Last Will & Testament is important to protecting your family, streamlining the PA probate and estate administration process, and preserving your family’s wealth. Contact a Will lawyer at The Martin Law Firm today at 215-646-3980 to schedule an estate planning appointment.